Description

NSE announces applicability of Additional Surveillance Measure (ASM) under the Insolvency and Bankruptcy Code (IBC) framework, with Prime Focus Limited moved from LTASM to IBC framework and Neueon Corporation Limited added to Stage I, effective May 12, 2026.

Summary

NSE’s Surveillance department (Circular Ref. No. 344/2026, Download Ref No: NSE/SURV/74148) has announced updated applicability of the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). Two securities are newly included effective May 12, 2026: Prime Focus Limited (PFOCUS), which is moved from the Long-Term ASM (LTASM) framework to the IBC framework, and Neueon Corporation Limited (NEUEON), which is added to ASM IBC Stage I. No securities are being excluded or moved between stages in this update.

Key Points

  • PFOCUS (Prime Focus Limited, INE367G01038): Moved from LTASM to ASM IBC framework (corporate announcement/disclosure category), effective May 12, 2026.
  • NEUEON (Neueon Corporation Limited, INE333I01044): Newly shortlisted under ASM IBC Stage I, effective May 12, 2026.
  • No securities are moving from Stage I to Stage II, Stage II to Stage I, or being excluded from the IBC ASM framework in this update.
  • The ASM IBC framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges.
  • Shortlisting under ASM IBC is purely for market surveillance purposes and should not be construed as an adverse action against the concerned company.

Regulatory Changes

This circular is issued under the framework established by prior circulars: NSE/SURV/37979 (June 08, 2018), NSE/SURV/52368 (May 20, 2022), NSE/SURV/55582 (February 10, 2023), and NSE/SURV/70074 (September 05, 2025). The current update applies the IBC-based ASM criteria to reclassify PFOCUS from LTASM and newly include NEUEON at Stage I.

Compliance Requirements

  • All NSE members must take note of the revised ASM IBC applicability for PFOCUS and NEUEON effective May 12, 2026.
  • Members must ensure trading activity in these securities complies with applicable ASM IBC restrictions (e.g., trade-to-trade settlement, price bands as per stage).
  • Queries may be directed to surveillance@nse.co.in.

Important Dates

  • Circular Date: May 11, 2026
  • Effective Date for New Inclusions: May 12, 2026

Impact Assessment

Traders and investors holding or intending to trade in PFOCUS and NEUEON will face heightened surveillance conditions under the IBC ASM framework starting May 12, 2026. PFOCUS’s transition from LTASM to IBC ASM represents a reclassification rather than a fresh restriction, but may carry different stage-specific trading conditions. NEUEON’s Stage I inclusion imposes trade-to-trade settlement obligations. The consolidated ASM IBC list now includes AGSTRA (AGS Transact Technologies Limited, Stage I), BILVYAPAR (BIL VYAPAR Limited, Stage I), and CLCIND (CLC Industries Limited, Stage I) as previously listed securities continuing under the framework. No securities received relief in this update.

Impact Justification

Directly impacts trading conditions for named securities under IBC-based ASM framework; Stage I and IBC reclassifications impose trading restrictions on affected stocks effective next trading day.