Description

NSE announces applicability of Additional Surveillance Measure under Insolvency and Bankruptcy Code (IBC) effective May 18, 2026. Astron Paper & Board Mill Limited (ASTRON) is newly shortlisted under the ASM IBC framework.

Summary

NSE’s Surveillance Department has issued Circular No. 364/2026 (Download Ref: NSE/SURV/74241) dated May 15, 2026, announcing updates to the Additional Surveillance Measure (ASM) framework for companies under the Insolvency and Bankruptcy Code (IBC). Effective May 18, 2026, Astron Paper & Board Mill Limited (Symbol: ASTRON) has been shortlisted under the ASM IBC framework due to receipt of a corporate announcement/disclosure from the company.

Key Points

  • ASTRON (Astron Paper & Board Mill Limited, ISIN: INE646X01014) is shortlisted under ASM IBC w.e.f. May 18, 2026, in the category “Receipt of corporate announcement/disclosure from the company”
  • No securities have been shortlisted under ASM IBC Stage I
  • No securities have moved from Stage I to Stage II or Stage II to Stage I
  • No securities have been excluded from the ASM IBC framework in this update
  • The ASM IBC framework operates in conjunction with all other prevailing surveillance measures imposed by the 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 in reference to earlier Exchange 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 new regulatory framework changes are introduced; this is a periodic update to the existing ASM IBC shortlist.

Compliance Requirements

  • NSE members must note the updated ASM IBC shortlist and apply applicable price band restrictions for ASTRON effective May 18, 2026
  • Upon a scrip moving out of the ASM IBC framework, the price band shall be reinstated to the band applicable before shortlisting, unless the scrip is under another surveillance measure (in which case that measure’s price band prevails)
  • Market participants must treat ASM IBC in conjunction with all other applicable surveillance restrictions
  • For queries, members may contact NSE Surveillance at surveillance@nse.co.in

Important Dates

  • Circular Date: May 15, 2026
  • Effective Date: May 18, 2026 (ASM IBC restrictions apply to ASTRON from this date)

Impact Assessment

ASTRON (Astron Paper & Board Mill Limited): The stock has been shortlisted under the ASM IBC framework effective May 18, 2026, following a corporate announcement/disclosure related to insolvency proceedings. This will result in price band restrictions being applied to the security, limiting intraday price movement. Traders and investors in ASTRON should be aware of reduced liquidity and restricted price movement. The shortlisting signals that the company has made disclosures related to IBC proceedings, which may affect investor sentiment. No other securities are newly added or removed in this update, limiting the broader market impact to ASTRON specifically.

Impact Justification

Directly affects trading conditions for ASTRON (Astron Paper & Board Mill Limited) with price band restrictions effective May 18, 2026 under the IBC surveillance framework. ASM IBC designation is significant as it restricts price movement and signals insolvency proceedings involvement.