NSE has issued Circular Ref. No. 268/2026 (Download Ref No: NSE/SURV/73738) dated April 13, 2026, notifying the applicability of Additional Surveillance Measure (ASM) under the Insolvency and Bankruptcy Code (IBC) framework. Two securities — BIL VYAPAR LIMITED (BILVYAPAR) and Morarjee Textiles Limited (MORARJEE) — are being newly shortlisted under ASM IBC Stage I with effect from April 15, 2026. No securities are being excluded, upgraded, or downgraded under this circular.

Key Points

• Two securities shortlisted under ASM IBC Stage I effective April 15, 2026: BILVYAPAR (INE071A01013) and MORARJEE (INE161G01027)
• No securities shortlisted under “Receipt of corporate announcement / disclosure” category
• No securities moving from Stage I to Stage II
• No securities moving from Stage II to Stage I
• No securities excluded from ASM IBC framework
• ASM IBC framework operates in conjunction with all other prevailing surveillance measures
• Shortlisting is purely for market surveillance purposes and should not be construed as adverse action against the company

Regulatory Changes

This circular is issued under the ASM IBC framework established by earlier circulars: NSE/SURV/37979 (June 8, 2018), NSE/SURV/52368 (May 20, 2022), NSE/SURV/55582 (February 10, 2023), and NSE/SURV/70074 (September 5, 2025). The criteria for inclusion and exclusion remain unchanged; this circular notifies new applications of the existing framework.

Compliance Requirements

• NSE members must note the updated ASM IBC shortlist and apply applicable surveillance restrictions to trading in BILVYAPAR and MORARJEE from April 15, 2026
• Members should ensure the revised price bands are applied to affected securities upon inclusion in ASM Stage I
• Upon future removal from the framework, price bands must be reinstated to the applicable pre-ASM band, unless the security remains subject to another surveillance measure
• Queries may be directed to surveillance@nse.co.in

Important Dates

• April 13, 2026: Circular issued
• April 15, 2026: Effective date for ASM IBC Stage I applicability for BILVYAPAR and MORARJEE

Impact Assessment

BILVYAPAR (BIL VYAPAR LIMITED, INE071A01013): Placed under ASM IBC Stage I. Trading will be subject to tightened price bands and enhanced surveillance conditions, likely restricting daily price movement.

MORARJEE (Morarjee Textiles Limited, INE161G01027): Placed under ASM IBC Stage I. Similar trading restrictions will apply, increasing scrutiny over this scrip.

Market participants trading or holding positions in these two securities should be aware of the revised price band restrictions effective April 15, 2026. Liquidity may be impacted due to surveillance-related constraints. The inclusion signals that both companies have satisfied the IBC-based criteria for heightened exchange oversight, typically associated with insolvency proceedings or related corporate disclosures.