Description

BSE circular listing securities shortlisted for Long Term ASM Framework, securities moving to higher/lower stages, and securities moving out of the framework effective October 16, 2025.

Summary

BSE has issued an update on securities subject to the Long Term Additional Surveillance Measure (LT-ASM) Framework, effective October 16, 2025. The circular includes: 7 securities newly shortlisted for LT-ASM, 1 security moving to a higher ASM stage (Stage II), 1 security moving out of the framework due to ESM inclusion, and a consolidated list of all securities currently under various ASM stages.

Key Points

  • 7 securities newly shortlisted in Long Term ASM Framework: Cambridge Technology Enterprises Ltd, Ironwood Education Ltd, Machhar Industries Ltd, Sanathnagar Enterprises Ltd, Tata Investment Corporation Ltd, and Xelpmoc Design and Tech Ltd
  • Lexoraa Industries Ltd moved from Stage I to Stage II in LT-ASM Framework
  • Raj Packaging Industries Ltd moved out of LT-ASM Framework due to inclusion in ESM Framework
  • Changes effective from October 16, 2025
  • Consolidated list includes securities across multiple ASM stages with varying surveillance levels

Regulatory Changes

Securities in the Long Term ASM Framework are subject to enhanced surveillance measures based on various risk parameters. The framework operates in stages (I, II, III, IV) with increasing restrictions. Securities can move between stages, be newly included, or exit the framework based on their risk profile or inclusion in other surveillance frameworks (Trade for Trade, GSM, ESM, IBC).

Compliance Requirements

  • Market participants must be aware of the ASM stage applicable to each security
  • Trading in LT-ASM securities is subject to stage-specific restrictions and additional margins
  • Investors should exercise due diligence when trading in securities under surveillance measures
  • Brokers must ensure clients are informed about the surveillance status of these securities

Important Dates

  • Effective Date: October 16, 2025 - All changes to LT-ASM Framework take effect

Impact Assessment

The inclusion of securities in LT-ASM Framework results in trading restrictions, higher margins, and reduced liquidity. Securities newly added face Stage I restrictions, while Lexoraa Industries experiences stricter Stage II measures. Raj Packaging Industries’ move to ESM represents a more severe surveillance category. Investors holding these securities should be prepared for reduced trading flexibility and potential price impact due to lower market participation.

Impact Justification

Affects trading in specific securities under enhanced surveillance with stage-based restrictions; limited to identified stocks but requires immediate attention from holders and traders