Description

BSE announces changes to Long Term ASM Framework effective October 13, 2025, including 7 new securities shortlisted, 11 securities moving out, and stage changes for 2 securities.

Summary

BSE has announced updates to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective October 13, 2025. The circular identifies 7 securities newly shortlisted for LT-ASM, 11 securities moving out of the framework, 1 security moving to a higher ASM stage, and 1 security moving to a lower ASM stage. The LT-ASM framework applies enhanced surveillance measures to securities exhibiting certain risk characteristics.

Key Points

  • 7 new securities shortlisted in Long Term ASM Framework: Classic Filaments Ltd, Cubical Financial Services Ltd, Ishan Dyes and Chemicals Ltd, Palred Technologies Ltd, Rajnish Retail Ltd, Shahlon Silk Industries Ltd, and Trio Mercantile & Trading Ltd
  • Raj Packaging Industries Ltd moved from current stage to ASM Stage II (higher surveillance)
  • Vintron Informatics Ltd moved to ASM Stage I (lower surveillance)
  • 11 securities moving out of LT-ASM Framework including Alpine Housing Development Corporation Ltd, Beeyu Overseas Ltd, Ceinsys Tech Ltd, and others
  • No securities shortlisted for Direct Stage IV Long Term ASM Framework
  • Securities moving out include those transitioning to Trade for Trade, GSM Framework, ESM Framework, or IBC Framework

Regulatory Changes

The Long Term ASM Framework continues BSE’s surveillance mechanism to identify and monitor securities with specific risk profiles. Securities under LT-ASM are subject to enhanced surveillance conditions including potential restrictions on trading activities, margin requirements, and settlement obligations. The framework operates in multiple stages with progressively stricter measures.

Compliance Requirements

  • Market participants must note the revised LT-ASM list effective October 13, 2025
  • Trading in affected securities will be subject to LT-ASM conditions including applicable price bands, margin requirements, and settlement obligations
  • Brokers and investors should review positions in affected securities and ensure compliance with stage-specific requirements
  • Securities marked with special symbols (*, #, $, &, ~) have additional framework applicability that must be considered

Important Dates

  • Effective Date: October 13, 2025 - All changes to LT-ASM Framework become applicable

Impact Assessment

Market Impact: The inclusion of 7 new securities in LT-ASM will result in enhanced surveillance measures that may reduce liquidity and increase trading costs for these stocks. Investors holding these securities should expect stricter margin requirements and potentially restricted trading conditions.

Operational Impact: The movement of Raj Packaging Industries Ltd to Stage II indicates escalating concerns requiring heightened surveillance, while Vintron Informatics Ltd’s move to Stage I suggests improved risk profile. The exit of 11 securities from LT-ASM (some moving to other surveillance frameworks like ESM, GSM, IBC, or Trade for Trade) indicates ongoing risk assessment and framework optimization.

Investor Impact: Shareholders of affected securities should monitor their holdings closely. Securities entering LT-ASM typically experience reduced trading volumes and higher volatility. Those exiting to stricter frameworks (ESM, IBC, Trade for Trade) face even more severe restrictions.

Impact Justification

Affects 20 securities with surveillance measure changes that impact trading conditions and investor behavior, but limited to specific stocks rather than market-wide impact