Description

BSE announces changes to securities under Long Term ASM Framework effective October 20, 2025, including new additions, stage movements, and securities moving out of the framework.

Summary

BSE has issued a circular detailing changes to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective October 20, 2025. The circular identifies 3 new securities entering the framework, 1 security moving to a higher ASM stage, 4 securities moving to lower ASM stages, 1 security entering directly at Stage IV, and 16 securities exiting the framework (mostly due to inclusion in Trade for Trade framework).

Key Points

  • 3 securities newly shortlisted for LT-ASM Framework: Ather Energy Ltd, Gujarat Raffia Industries Ltd, and Shree Vatsaa Finance & Leasing Ltd
  • Ashram Online.Com Ltd moving from current stage to Stage II ASM
  • 4 securities moving to lower ASM stages, including Sunrakshakk Industries India Ltd (to Stage I)
  • Ironwood Education Ltd directly placed in Stage IV LT-ASM Framework
  • 16 securities moving out of LT-ASM Framework, with majority (13 securities) moved to Trade for Trade framework
  • All changes effective from October 20, 2025

Regulatory Changes

New Entries to LT-ASM (Part A):

  1. Ather Energy Ltd (Scrip Code: 544397, ISIN: INE0LEZ01016)
  2. Gujarat Raffia Industries Ltd (Scrip Code: 523836, ISIN: INE610B01024)
  3. Shree Vatsaa Finance & Leasing Ltd (Scrip Code: 532007, ISIN: INE981C01019)

Moving to Higher Stage (Part B):

  • Ashram Online.Com Ltd (Scrip Code: 526187) - Moving to Stage II

Moving to Lower Stage (Part C):

  1. Sunrakshakk Industries India Ltd (Scrip Code: 539300) - Moving to Stage I
  2. Ambo Agritec Ltd (Scrip Code: 543678) - Moving to Stage II
  3. Marsons Ltd (Scrip Code: 517467) - Moving to Stage II
  4. Sri Adhikari Brothers Television Network Ltd (Scrip Code: 530943) - Moving to Stage III

Direct Stage IV Entry (Part D):

  • Ironwood Education Ltd (Scrip Code: 508918, ISIN: INE791H01011) - Placed directly in Stage IV based on Non Promoter Holding criteria

Exiting LT-ASM Framework (Annexure II): 16 securities exiting, including Abhinav Capital Services Ltd, Akshar Spintex Ltd, Citi Port Financial Services Ltd, Frontier Springs Ltd, Gayatri Sugars Ltd, Hindustan Agrigenetics Ltd, Ishan Dyes and Chemicals Ltd, Jeena Sikho Lifecare Ltd, Organic Coatings Ltd, Palred Technologies Ltd, Rajnish Retail Ltd, Seasons Textiles Ltd, Skyline Millars Ltd, Sujala Trading & Holdings Ltd, Trio Mercantile & Trading Ltd, and True Green Bio Energy Ltd.

Compliance Requirements

  • Trading members must note the stage-wise surveillance measures applicable to securities in LT-ASM Framework
  • Enhanced margin requirements and price-to-price delivery obligations apply based on ASM stage
  • Securities in higher stages face stricter trading restrictions
  • Members must update their systems to reflect new classifications
  • Clients trading in these securities must be made aware of surveillance measures
  • Trade for Trade framework restrictions apply to 13 securities moving out of LT-ASM

Important Dates

  • Effective Date: October 20, 2025 - All changes to LT-ASM classifications become effective
  • Circular Issue Date: October 17, 2025

Impact Assessment

Market Impact:

  • High impact on liquidity for 3 newly added securities entering surveillance framework
  • Trading restrictions will increase for Ashram Online.Com Ltd (moving to Stage II)
  • Improved trading conditions for 4 securities moving to lower ASM stages
  • Severe restrictions for Ironwood Education Ltd entering directly at Stage IV
  • 16 securities gaining relief from LT-ASM, though 13 face Trade for Trade restrictions

Operational Impact:

  • Brokers must adjust margin requirements for affected securities
  • System updates required to implement new surveillance parameters
  • Client communication necessary for position holders in affected securities
  • Increased compliance monitoring for Stage IV securities
  • Enhanced due diligence required for securities entering higher surveillance stages

Risk Considerations:

  • Stage movements indicate regulatory concerns about price volatility or market manipulation
  • Direct Stage IV placement suggests significant surveillance triggers met
  • Securities exiting to Trade for Trade framework face 100% delivery obligations
  • Investors should exercise caution when trading in LT-ASM securities

Impact Justification

Significant trading restrictions affecting 25+ securities with stage movements in surveillance framework, directly impacting liquidity and trading operations for affected stocks.