Description

BSE circular detailing securities added to, moved within, and removed from the Long Term Additional Surveillance Measure framework effective October 09, 2025.

Summary

BSE has announced changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective October 09, 2025. Four new securities have been shortlisted for inclusion in LT-ASM, three securities are being moved to higher ASM stages, three securities are being moved directly to Stage IV, and two securities are exiting the framework due to inclusion in Enhanced Surveillance Measure (ESM) framework.

Key Points

  • 4 securities newly shortlisted in Long Term ASM Framework: Bharat Seats Ltd, Earthstahl & Alloys Ltd, GTT Data Solutions Ltd, and Sujala Trading & Holdings Ltd
  • 3 securities moving to higher ASM stages: Ambo Agritec Ltd (to Stage III), Mcleod Russel India Ltd (to Stage II), and Sunrakshakk Industries India Ltd (to Stage II)
  • 3 securities moving directly to Stage IV under LT-ASM: Indo Thai Securities Ltd, KIOCL Ltd (both regular and T+0 scrip)
  • 2 securities exiting LT-ASM due to inclusion in ESM Framework: Hiliks Technologies Ltd and Sahara Housingfina Corporation Ltd
  • No securities are being moved to lower ASM stages
  • Consolidated list includes over 8 securities currently in Stage I ASM

Regulatory Changes

The Long Term ASM framework continues to apply enhanced surveillance measures to securities exhibiting unusual price movements or trading patterns. Securities in this framework face restrictions including:

  • Price bands and trading limitations based on ASM stage
  • Higher margin requirements for trading
  • Reduced liquidity due to surveillance designation
  • Stage IV represents the highest surveillance level with most stringent restrictions

Compliance Requirements

  • Market participants must be aware of the surveillance status of these securities before trading
  • Brokers should communicate ASM applicability to clients trading in affected securities
  • Enhanced due diligence required for transactions in Stage III and Stage IV securities
  • T+0 scrips marked with ~ are subject to LT-ASM based on their parent company classification

Important Dates

  • Effective Date: October 09, 2025 - All changes to LT-ASM framework become applicable

Impact Assessment

Market Impact: Securities newly included in or moved to higher stages of LT-ASM will experience reduced liquidity and higher transaction costs due to increased margin requirements. Investors holding these securities may face difficulty in executing trades at desired prices.

Operational Impact: Brokers and trading members must update their systems to reflect the new surveillance classifications and ensure appropriate margin collection. Securities moving to Stage IV face the most restrictive trading conditions.

Investor Impact: Retail investors should exercise caution when trading in LT-ASM securities, particularly those in higher stages, as these face enhanced scrutiny due to concerns about price volatility or unusual trading patterns. The two securities exiting to ESM framework (Hiliks Technologies and Sahara Housingfina Corporation) will face even stricter surveillance measures.

Impact Justification

Affects trading conditions for multiple securities through surveillance framework changes, impacting liquidity and investor participation