Description

NSE updates the list of securities under Additional Surveillance Measure (ASM) for companies undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), effective May 05, 2026. Osia Hyper Retail Limited (OSIAHYPER) is newly shortlisted for receipt of corporate announcement.

Summary

NSE’s Surveillance Department has updated the list of securities subject to Additional Surveillance Measure (ASM) under the Insolvency and Bankruptcy Code (IBC) framework, effective May 05, 2026. One security — Osia Hyper Retail Limited (OSIAHYPER) — has been newly shortlisted under the ‘Receipt of Corporate Announcement/Disclosure’ category. No securities have been added to or moved between Stage I and Stage II, and no securities have been excluded from the ASM-IBC framework in this update.

Key Points

  • OSIAHYPER (Osia Hyper Retail Limited, ISIN: INE06IR01021) is newly shortlisted under ASM-IBC in the ‘Receipt of Corporate Announcement/Disclosure’ category effective May 05, 2026.
  • No securities have been added to ASM-IBC Stage I or moved between stages (Stage I to II or II to I) in this update.
  • No securities have been excluded from ASM-IBC in this update.
  • The ASM-IBC framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.
  • The shortlisting is purely for market surveillance purposes and must not be construed as adverse action against any company or entity.
  • The consolidated ASM-IBC list currently includes: AGSTRA (AGS Transact Technologies Limited, Stage I), BILVYAPAR (BIL VYAPAR LIMITED, Stage I), CLCIND (CLC Industries Limited, Stage I), DHARAN (DHARAN INFRA-EPC LIMITED, Stage I), EMBDL (Embassy Developers — details truncated in source), among others.

Regulatory Changes

This circular updates the operational list under the existing ASM-IBC framework established through prior circulars:

  • NSE/SURV/37979 dated June 08, 2018 (original framework)
  • NSE/SURV/52368 dated May 20, 2022
  • NSE/SURV/55582 dated February 10, 2023
  • NSE/SURV/70074 dated September 05, 2025

No changes to the ASM-IBC framework rules themselves; this is a periodic list update.

Compliance Requirements

  • NSE Members: Take note of the updated ASM-IBC security lists (Annexure I and Annexure II) and apply applicable surveillance restrictions for the listed securities.
  • Market Participants: Ensure awareness that trading in OSIAHYPER and other consolidated ASM-IBC securities is subject to heightened surveillance measures.
  • Queries: Direct any further queries to surveillance@nse.co.in.

Important Dates

  • Circular Date: May 04, 2026
  • Effective Date: May 05, 2026 (all changes in Annexure I and Annexure II take effect)

Impact Assessment

The impact is limited in scope, affecting traders and members dealing in the specific securities listed under ASM-IBC. The primary new addition is OSIAHYPER (Osia Hyper Retail Limited), which will now be subject to additional surveillance requirements due to corporate announcements related to insolvency proceedings. Existing ASM-IBC securities such as AGSTRA, BILVYAPAR, CLCIND, and DHARAN continue under Stage I restrictions. The ASM-IBC designation increases scrutiny but is not a trading halt; however, it typically results in additional margin requirements, price bands, or other restrictions that may affect liquidity and volatility in the affected securities. No securities were removed from the ASM-IBC list in this update, indicating no improvement in IBC status for any previously listed company.

Impact Justification

Routine periodic ASM-IBC framework update affecting a limited number of specific securities undergoing insolvency proceedings; one new addition (OSIAHYPER) and no exclusions this cycle. Impacts only traders holding or intending to trade these specific stocks.