Description

BSE updates securities list under Long Term ASM Framework effective October 21, 2025, with 5 new inclusions, 3 securities moving to higher stages, and 1 security moving out.

Summary

BSE has issued an update regarding securities under the Long Term Additional Surveillance Measure (LT-ASM) Framework, effective October 21, 2025. The circular includes four parts: Part A lists 5 new securities being shortlisted into LT-ASM, Part B identifies 3 securities continuing in LT-ASM but moving to higher ASM stages, Part C addresses securities moving to lower stages (currently nil), and Part D covers direct Stage IV inclusions (currently nil). Additionally, one security (Gujarat Raffia Industries Ltd) is moving out of LT-ASM Framework due to inclusion in ESM Framework.

Key Points

  • 5 securities newly shortlisted in Long Term ASM Framework: Bits Ltd, Croissance Ltd, Parshva Enterprises Ltd, Richfield Financial Services Ltd, and Trescon Ltd
  • 3 securities moving to higher ASM Stage II: Krishna Capital and Securities Ltd, Rajeshwari Cans Ltd, and Softrak Venture Investment Ltd
  • 1 security moving out of LT-ASM: Gujarat Raffia Industries Ltd (moving to ESM Framework)
  • Consolidated list includes over 544 securities under various ASM stages
  • Changes effective from October 21, 2025

Regulatory Changes

The Long Term ASM Framework continues BSE’s surveillance mechanism to identify securities with abnormal price movements or volume patterns. Securities under this framework face enhanced surveillance measures including:

  • Staged progression (Stage I through Stage IV) based on continued surveillance triggers
  • Potential movement between stages based on trading behavior
  • Exit from LT-ASM when securities move to other frameworks (Trade for Trade, GSM, ESM, or IBC)
  • Special marking for T+0 scrips shortlisted based on parent company criteria

Compliance Requirements

  • Market participants must note the revised surveillance status of affected securities
  • Trading in newly included securities will be subject to LT-ASM restrictions from October 21, 2025
  • Securities in higher ASM stages face progressively stricter trading conditions
  • Brokers and investors should review positions in affected securities and understand applicable restrictions

Important Dates

  • Effective Date: October 21, 2025 - All changes to LT-ASM Framework take effect

Impact Assessment

The inclusion of securities in LT-ASM Framework typically results in reduced liquidity and increased margin requirements for affected stocks. The 5 new inclusions will face surveillance restrictions, while the 3 securities moving to Stage II will experience tighter trading conditions. Gujarat Raffia Industries Ltd’s move to ESM Framework indicates more serious surveillance concerns. Market participants holding these securities should be prepared for potential trading limitations and increased compliance scrutiny. The consolidated list of 544+ securities under various ASM stages reflects BSE’s ongoing effort to maintain market integrity and protect investors from securities with unusual trading patterns.

Impact Justification

Affects trading conditions for multiple securities under surveillance framework with staged restrictions