Published Oct 17, 2024
The Securities and Exchange Board of India (SEBI) and Exchanges have continuously introduced enhanced surveillance measures to improve market integrity and protect investors. These measures include actions such as:
The main objectives of these measures are to:
1. Graded Surveillance Measure (GSM)
In continuation of the various surveillance measures already implemented, SEBI and the Exchanges, following discussions in joint surveillance meetings, have decided to introduce additional Graded Surveillance Measures for securities whose prices are not aligned with their financial health and fundamentals, such as earnings, book value, fixed assets, net worth, P/E ratio, market capitalization, etc.
For the list of affected securities and Exchange circulars on the Graded Surveillance Measure, click HERE
2. Additional Surveillance Measure (ASM)
In continuation of the various surveillance measures already implemented, SEBI and the Exchanges, following discussions in joint surveillance meetings, have decided to introduce Additional Surveillance Measures (ASM) for securities that raise surveillance concerns. These concerns are based on objective parameters such as price/volume variation, volatility, etc.
The shortlisting of securities for placement in ASM is based on an objective criterion jointly decided by SEBI and the Exchanges, covering the following parameters:
For the list of affected securities and Exchange circulars on Additional Surveillance Measures, click HERE
3. Insolvency resolution process (IRP )
IRP stands for Corporate Insolvency Resolution Process. It is a process under the Insolvency and Bankruptcy Code (IBC), 2016. The Insolvency and Bankruptcy Code, 2016, is the bankruptcy law of India.
In the event that a corporate debtor defaults in the repayment of dues to creditors, the financial creditor(s) have the authority to initiate the insolvency resolution process. This process occurs in stages.
The two categories under this framework are:
For the list of securities and Exchange circulars related to the Insolvency and Bankruptcy Code (IBC) / Inter-Creditor Agreement (ICA), click HERE
4. Enhanced Surveillance Measure (ESM)
SEBI and the Exchanges, in a joint meeting, have decided to introduce the ESM (Enhanced Surveillance Measure) framework for Micro-Small Companies (listed on the main board with a market capitalization of less than ₹500 crores), effective from June 5, 2023.
For more details, you can refer to Exchange circulars HERE
For Consolidated list of Surveillance indicators click here
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