Description
NSE updates the list of securities under Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC), effective May 06, 2026. Embassy Developments Limited (EMBDL) is excluded from ASM IBC; no new securities are added.
Summary
NSE’s Surveillance Department issued Circular 327/2026 (Download Ref: NSE/SURV/74055) on May 05, 2026, updating the list of securities subject to Additional Surveillance Measure (ASM) for companies under the Insolvency and Bankruptcy Code (IBC). Effective May 06, 2026, no new securities are being added under any ASM IBC category, while Embassy Developments Limited (EMBDL) is being excluded from the ASM IBC framework.
Key Points
- No new securities have been shortlisted under ASM IBC Stage I, Stage II, or any transition category with effect from May 06, 2026.
- Embassy Developments Limited (EMBDL, ISIN: INE069I01010) is removed from ASM IBC effective May 06, 2026.
- The ASM IBC framework operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.
- Shortlisting under ASM IBC is purely a market surveillance action and should not be construed as an adverse action against the concerned company.
- Five securities remain on the consolidated ASM IBC list under Stage I as of this circular.
Regulatory Changes
This circular references and builds upon prior NSE circulars:
- NSE/SURV/37979 dated June 08, 2018
- NSE/SURV/52368 dated May 20, 2022
- NSE/SURV/55582 dated February 10, 2023
- NSE/SURV/70074 dated September 05, 2025
No structural changes to the ASM IBC framework itself have been introduced in this circular; it is a periodic securities list update.
Compliance Requirements
- NSE Members must take note of the updated ASM IBC lists (Annexure I and Annexure II).
- Members must ensure trading in the listed securities complies with applicable ASM restrictions.
- For queries, members may contact surveillance@nse.co.in.
Important Dates
- Circular Date: May 05, 2026
- Effective Date: May 06, 2026 (changes to the ASM IBC securities list take effect)
Impact Assessment
Securities Excluded (Annexure II):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | EMBDL | Embassy Developments Limited | INE069I01010 |
Consolidated ASM IBC List (Stage I) as of May 06, 2026:
| Sr. No. | Symbol | Security Name | ISIN | Stage |
|---|---|---|---|---|
| 1 | AGSTRA | AGS Transact Technologies Limited | INE583L01014 | I |
| 2 | BILVYAPAR | BIL VYAPAR LIMITED | INE071A01013 | I |
| 3 | CLCIND | CLC Industries Limited* | INE376C01038 | I |
| 4 | DHARAN | DHARAN INFRA-EPC LIMITED | INE278R01034 | I |
| 5 | GENSOL | Gensol Engineering Limited | — | I |
Securities under ASM IBC are subject to enhanced surveillance and may have trading restrictions such as reduced price bands or mandatory margins. EMBDL’s exclusion signals that it no longer satisfies the IBC-related criteria and reverts to normal trading conditions.
Impact Justification
Routine periodic surveillance update under the ASM IBC framework. No new securities are being added this cycle; one stock (EMBDL) is being removed. The consolidated list still carries five companies under Stage I, which affects trading conditions for those securities.