Description

BSE updates list of securities under Long Term Additional Surveillance Measure framework effective September 10, 2025.

Summary

BSE has updated the list of securities under the Long Term Additional Surveillance Measure (LT-ASM) framework effective September 10, 2025. The circular includes 10 new securities entering LT-ASM Stage I, 3 securities moving to higher ASM stages, and 1 security (S.A.L. Steel Ltd) exiting the framework.

Key Points

  • 10 securities newly shortlisted for Long Term ASM Framework Stage I
  • 3 securities continuing in LT-ASM but moving to higher stages (Stage II)
  • 1 security (S.A.L. Steel Ltd) moving out of LT-ASM due to inclusion in ESM Framework
  • Changes effective from September 10, 2025
  • Framework includes various ASM stages with different surveillance levels

Regulatory Changes

  • Enhanced surveillance measures applied to identified securities
  • Securities classified into different ASM stages based on risk assessment
  • Some securities moved between different surveillance frameworks (ESM, GSM, Trade for Trade)
  • Consolidated list provided showing current ASM stage for all securities under surveillance

Compliance Requirements

  • Trading members must comply with enhanced surveillance requirements for listed securities
  • Additional margin and monitoring requirements applicable for securities under LT-ASM
  • Specific trading restrictions may apply based on ASM stage classification
  • Market participants must be aware of securities under different surveillance measures

Important Dates

  • September 10, 2025: Effective date for all changes in LT-ASM framework
  • All new inclusions, stage changes, and exclusions become effective from this date

Impact Assessment

Market Impact: Medium - affects trading liquidity and accessibility for securities under surveillance. Operational Impact: Trading members need to update their systems and processes to handle enhanced surveillance requirements. Securities moving to higher ASM stages face increased scrutiny and potential trading restrictions. Exit of S.A.L. Steel from LT-ASM to ESM indicates escalated surveillance concerns.

Impact Justification

Affects trading in multiple securities under surveillance framework with enhanced monitoring requirements