NSE has issued Circular No. 337/2026 (Ref: NSE/SURV/74109) dated May 07, 2026, updating the list of securities under the Additional Surveillance Measure (ASM) framework for companies undergoing proceedings under the Insolvency and Bankruptcy Code (IBC). One new security — Perfect Infraengineers Limited (PERFECT) — has been added to ASM IBC Stage I effective May 08, 2026. No securities are being excluded or moved between stages in this update.

Key Points

• PERFECT (Perfect Infraengineers Limited, ISIN: INE925S01012) added to ASM IBC Stage I w.e.f. May 08, 2026
• No securities added via “Receipt of corporate announcement/disclosure” route in this update
• No securities moved from Stage I to Stage II or Stage II to Stage I
• No securities excluded from ASM IBC in this update
• 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 adverse action against the company

Regulatory Changes

This circular updates the ASM IBC framework under reference circulars:

• NSE/SURV/37979 dated June 08, 2018 (original ASM IBC framework)
• NSE/SURV/52368 dated May 20, 2022
• NSE/SURV/55582 dated February 10, 2023
• NSE/SURV/70074 dated September 05, 2025

The update applies enhanced surveillance measures to securities of companies satisfying the ASM IBC criteria, which are triggered by corporate insolvency proceedings under the Insolvency and Bankruptcy Code.

Compliance Requirements

• NSE Members: Must note the updated ASM IBC applicability for the listed securities and communicate applicable trading restrictions to clients
• Market Participants: Must be aware that PERFECT (Perfect Infraengineers Limited) is now under ASM IBC Stage I, which typically involves additional margin requirements and/or trade-for-trade settlement
• Queries may be directed to surveillance@nse.co.in

Important Dates

• Circular Date: May 07, 2026
• Effective Date: May 08, 2026 (ASM IBC Stage I applicability for PERFECT and consolidated list changes)

Impact Assessment

Newly Added (Stage I from May 08, 2026):

Consolidated ASM IBC Securities (as of May 08, 2026):

Securities placed under ASM IBC typically face enhanced margin requirements and/or trade-for-trade (T+0) settlement, reducing liquidity and increasing the cost of trading. Investors holding these securities should note the heightened risk given active IBC proceedings. The measure is a surveillance action and does not constitute a regulatory finding against the company.