Reliance Infrastructure submitted a representation to the Securities and Exchange Board of India (SEBI), the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) seeking a review of the surveillance framework linked to the Insolvency and Bankruptcy Code (IBC). It asked regulators to reassess the Additional Surveillance Measure (ASM) framework and related trading restrictions that it said have harmed its zero point seven million (0.7 million) retail public shareholders. It urged measures that preserve investor confidence and enable fair market price discovery.

Reliance Infrastructure argued that the existing arrangement, which restricts trading to once a week within a narrow plus or minus five per cent price band, produces price movements that are largely mechanical and predictable and may not reflect business fundamentals or long-term value creation. The company noted that its shares are otherwise actively traded and that the restrictions have disproportionate effects on public shareholders, particularly during lower circuit phases when exits are constrained. It said the weekly erosion of value can impose near fixed losses for those investors.

The representation recalled that the ASM trigger applied despite the National Company Law Appellate Tribunal (NCLAT) staying the insolvency admission order and the corporate insolvency resolution process (CIRP) and that no resolution professional has taken control, leaving the board to manage affairs in the normal course. Reliance Infrastructure proposed retaining core risk mitigation such as gross settlement, 100 per cent margin requirements, an Additional Surveillance Deposit and price band safeguards while restoring more effective price discovery. It suggested alternatives including a periodic call auction mechanism or a wider and graded price band to enable genuine two-sided trading.

The company said it will continue to engage constructively with market institutions and regulators while focusing on long term value creation for shareholders. It described the request as a calibrated approach to balance surveillance objectives with investor protection. Reliance Infrastructure outlined its continued operations through Special Purpose Vehicles (SPVs) across power, roads and metro rail and its ongoing role in engineering and construction and power distribution.