NSE introduces additional surveillance measures on 60 firms undergoing insolvency process

The National Stock Exchange (NSE) on Saturday decided to introduce additional surveillance measures for companies that are undergoing insolvency resolution process (IRP) as per the Insolvency and Bankruptcy Code (IBC). The exchange has listed out 60 companies that are a part of this process.

These would come into effect from June 11, 2018.

Stocks such as ABG Shipyard, Amtek Auto, Bhushan Steel, IVRCL, Jaypee Infratech, Monnet Ispat, Lanco Infratech, Orchid Pharma, Ruchi Soya Industries, Viceroy Hotels, Alok Industries, Tecpro Systems, and Zenith Computers, among others will be under the surveillance measures.

“The aforesaid securities shall be monitored on a pre-determined objective criteria and Margin shall be levied at the rate of 100 percent once the criteria gets satisfied. These securities shall be further monitored for an objective criteria and shall be shifted to Trade for Trade segment once the criteria gets satisfied,” the exchange said in a circular.

The exchange further said that the market participants may note that the aforesaid surveillance measures shall be in conjunction with all other prevailing surveillance measures being imposed by the exchanges from time to time.