Description

BSE circular updating the list of securities under Long Term Additional Surveillance Measure framework effective August 12, 2025.

Summary

BSE has updated the Long Term Additional Surveillance Measure (LT-ASM) framework effective August 12, 2025. The circular lists securities being added to, moved within, or removed from the LT-ASM framework across different stages.

Key Points

  • One new security added to LT-ASM: Decorous Investment & Trading Co Ltd
  • One security moved to higher ASM Stage II: Aryan Share and Stock Brokers Ltd
  • One security moved out of LT-ASM due to ESM inclusion: Gayatri BioOrganics Ltd
  • Comprehensive consolidated list of all securities currently under LT-ASM provided
  • Framework includes multiple stages (I, II, etc.) with varying surveillance levels

Regulatory Changes

  • Updated LT-ASM framework lists across four categories:
    • Part A: New securities shortlisted for LT-ASM
    • Part B: Securities moved to higher ASM stages
    • Part C: Securities moved to lower ASM stages (currently nil)
    • Part D: Securities shortlisted for Direct Stage IV (currently nil)
  • Securities may exit LT-ASM due to inclusion in other frameworks (Trade for Trade, GSM, ESM, IBC)

Compliance Requirements

  • Listed companies must comply with enhanced surveillance requirements
  • Trading members must adhere to additional monitoring and reporting obligations
  • Specific compliance varies by ASM stage assigned to each security

Important Dates

  • Effective Date: August 12, 2025
  • All changes to LT-ASM framework take effect from this date

Impact Assessment

  • Enhanced surveillance may impact trading volumes and liquidity for affected securities
  • Investors may face additional scrutiny and margin requirements
  • Movement between ASM stages indicates regulatory assessment of security behavior
  • Exit from LT-ASM (like Gayatri BioOrganics) may indicate transition to other regulatory frameworks with different implications

Impact Justification

Affects multiple securities with enhanced surveillance measures but limited to specific stocks