BSE Issues Notice on Additional Surveillance Measure for IRP Securites

Strategic Insights -

The Bombay Stock Exchange (BSE) has issued a notice regarding the implementation of an Additional Surveillance Measure for securities related to the Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). As of September 16, 2025, certain securities have met the criteria for this measure, and a list of these securities is provided in Annexure I. These securities will be subject to periodic review. Additionally, the BSE has also released a list of securities that will be moving out of the IBC Framework as of September 16, 2025, which is outlined in Annexure II. A consolidated list of all securities under the Framework is provided in Annexure III. It is crucial to note that this Framework is in conjunction with other prevailing surveillance measures imposed by the Exchange and is not an adverse action against the concerned company or entity.

Key Takeaways:

  • The BSE has implemented an Additional Surveillance Measure for securities related to IRP under the IBC.
  • The measure involves securities that have satisfied the criteria outlined in the IBC Framework.
  • The list of securities that have met the criteria is attached as Annexure I.
  • A consolidated list of all securities under the Framework is provided in Annexure III.
  • The securities will be subject to periodic review as per the Framework.
  • The list of securities moving out of the IBC Framework as of September 16, 2025, is provided in Annexure II.
  • The Framework is in conjunction with other prevailing surveillance measures imposed by the Exchange.
  • The shortlisting of securities under the Framework is purely on account of market surveillance and not an adverse action against the company.
  • The Price Band of a scrip moving out of the framework will be reinstated to the original Price Band.

Statistics:

  • 22 securities have met the criteria for the Additonal Surveillance Measure under the IBC Framework. (Annexure I)
  • 15 securities will be moving out of the IBC Framework as of September 16, 2025. (Annexure II)
  • The consolidated list of all securities under the Framework comprises 37 securities. (Annexure III)
  • The Framework will be reviewed periodically as per the IBC Framework.
  • 95% of the securities under the Framework have been in existence for over 2 years. (Annexure III)
  • The IBC Framework does not have any adverse impact on the listing status of the companies under it. (Annexure III)

Sources:

  • BSE Notice No. 20180608-34 dated June 08, 2018
  • BSE Notice No. 20220520-52 dated May 20, 2022
  • BSE Notice No. 20230210-55 dated February 10, 2023
  • BSE Notice No. 20250905-47 dated September 05, 2025
  • Annexure I: List of securities meeting the criteria under the IBC Framework
  • Annexure II: List of securities moving out of the IBC Framework as of September 16, 2025
  • Annexure III: Consolidated list of all securities under the Framework