Description

BSE announces securities shortlisted for Long Term ASM Framework effective September 3, 2025, with 8 new securities added and 1 security moving out.

Summary

BSE has announced updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective September 3, 2025. Eight securities have been newly shortlisted for inclusion in the LT-ASM framework, while Gorani Industries Ltd is being removed due to its inclusion in the ESM (Exchange Supervised Mechanism) framework. The LT-ASM framework applies enhanced surveillance measures including higher margin requirements and price band restrictions to securities exhibiting abnormal price movements or volatility.

Key Points

  • 8 securities newly added to LT-ASM framework effective September 3, 2025
  • 1 security (Gorani Industries Ltd) removed from LT-ASM due to ESM framework inclusion
  • No securities moved to higher or lower ASM stages in this update
  • Securities under LT-ASM face 100% margin requirements and 5% price band restrictions
  • Consolidated list shows multiple securities across different ASM stages (I-IV)

Regulatory Changes

The Long Term ASM framework has been updated with new inclusions:

  • Emmforce Autotech Ltd (544166)
  • Expo Engineering And Projects Ltd (526614)
  • Filmcity Media Ltd (531486)
  • Gabriel India Ltd (505714)
  • Kemistar Corporation Ltd (531163)
  • Raw Edge Industrial Solutions Ltd (541634)
  • Scan Projects Ltd (531797)
  • Zenith Exports Ltd (512553)

Gorani Industries Ltd (531608) has been removed from LT-ASM due to its transfer to the Exchange Supervised Mechanism (ESM) framework, which imposes even stricter trading controls.

Compliance Requirements

  • Trading members must collect 100% margin on all trades in LT-ASM securities
  • Price bands restricted to 5% for securities under LT-ASM
  • Settlement for these securities moved to trade-for-trade basis
  • No netting off of buy and sell positions allowed
  • Periodic call auctions may be applicable for certain securities
  • Members must ensure adequate risk management systems for handling LT-ASM securities

Important Dates

  • Effective Date: September 3, 2025
  • Implementation: All trading sessions from market opening on September 3, 2025
  • No transitional period - immediate implementation of all surveillance measures

Impact Assessment

The inclusion of securities in LT-ASM framework significantly impacts market liquidity and trading dynamics. Affected securities will experience reduced trading volumes due to 100% margin requirements and tighter price bands. Retail investors face higher capital requirements for trading these securities. The framework aims to curb excessive speculation and price manipulation but may result in reduced market depth. Institutional investors may avoid these securities due to operational constraints. The removal of Gorani Industries to ESM indicates deteriorating compliance or financial conditions requiring even stricter oversight.

Impact Justification

LT-ASM framework imposes significant trading restrictions including higher margins and reduced price bands on affected securities