NSE has announced the applicability of Additional Surveillance Measure (ASM) for companies undergoing proceedings under the Insolvency and Bankruptcy Code (IBC). Effective April 10, 2026, five new securities are being added to ASM Stage I, while the consolidated list covers nine securities under Stage I and several more under the ‘Receipt of corporate announcement / disclosure’ category.

Key Points

• 5 securities newly shortlisted under ASM Stage I (IBC) effective April 10, 2026: AGSTRA, CLCIND, DHARAN, EMBDL, RELINFRA
• No securities moved from Stage I to Stage II
• No securities moved from Stage II to Stage I
• No securities excluded from ASM IBC list
• No securities moved to ‘Receipt of corporate announcement’ category in this update
• Consolidated ASM (IBC) list now contains 9 securities under Stage I and multiple securities under enhanced disclosure monitoring

Regulatory Changes

Under NSE’s surveillance framework aligned with SEBI guidelines, companies subject to IBC proceedings are placed under ASM to protect investor interests. This circular updates the ASM IBC list in two stages:

• Stage I: Enhanced surveillance with periodic margin and price band restrictions
• Receipt of corporate announcement / disclosure: Monitoring category for companies that have made relevant IBC-related disclosures

Compliance Requirements

• Trading members must note revised surveillance conditions applicable to securities newly added to ASM Stage I
• Applicable margin requirements and price band restrictions per ASM Stage I framework will apply to AGSTRA, CLCIND, DHARAN, EMBDL, and RELINFRA from April 10, 2026
• Investors and brokers should exercise caution when trading in listed ASM (IBC) securities

Important Dates

• Effective Date: April 10, 2026 — All changes to ASM (IBC) list come into force
• Circular Date: April 9, 2026

Impact Assessment

Newly Added to ASM Stage I (IBC) — effective April 10, 2026:

Consolidated ASM (IBC) Stage I List:

The addition of high-profile companies such as Reliance Infrastructure Limited under ASM Stage I is notable and may have significant market impact. Trading in these securities will be subject to enhanced surveillance, potentially affecting liquidity and price discovery.