Description
BSE announces changes to Long Term ASM Framework including new securities entering surveillance, stage movements, and securities exiting the framework effective October 30, 2025.
Summary
BSE has announced updates to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective October 30, 2025. The circular identifies securities being newly placed under LT-ASM surveillance, securities moving to higher or lower ASM stages, and securities exiting the framework due to inclusion in other surveillance mechanisms like Trade for Trade, GSM, ESM, or IBC frameworks.
Key Points
- 2 securities newly shortlisted in Long Term ASM Framework: Jetking Infotrain Ltd and Novelix Pharmaceuticals Ltd
- 2 securities moved to higher ASM Stage II: A-1 Ltd and CarTrade Tech Ltd
- 4 securities moving out of LT-ASM Framework: Classic Filaments Ltd, Ganon Products Ltd, Mahip Industries Ltd, and Shree Vatsaa Finance & Leasing Ltd
- No securities moved to lower ASM stages
- No securities directly placed in Stage IV LT-ASM Framework
- Consolidated list includes multiple securities across different ASM stages
Regulatory Changes
The LT-ASM Framework is designed to monitor securities with unusual price movements or abnormal trading patterns over an extended period. Securities under this framework are subject to enhanced surveillance measures including:
- Higher margin requirements
- Restricted trading conditions
- Staged escalation based on continued unusual activity
- Potential graduation to stricter frameworks (Trade for Trade, GSM, ESM, IBC)
Compliance Requirements
- Trading members must ensure compliance with enhanced margin requirements for securities under LT-ASM
- Investors should be aware that securities in LT-ASM stages may have trading restrictions
- Clearing members must implement appropriate risk management measures for LT-ASM securities
- Market participants must monitor stage movements as they affect trading conditions
Important Dates
- Effective Date: October 30, 2025 - All changes to LT-ASM Framework take effect
Impact Assessment
Market Impact: The inclusion of new securities and stage movements affects liquidity and trading dynamics for the affected stocks. Securities moving to higher stages face stricter surveillance and higher margins, potentially reducing trading volumes.
Investor Impact: Investors holding or trading these securities will experience changed margin requirements and trading conditions. Securities exiting LT-ASM to more restrictive frameworks (ESM, GSM) face even tighter constraints.
Operational Impact: Brokers and trading members must update their systems to reflect new surveillance classifications and margin requirements for affected securities by the effective date.
Detailed Security Lists
Part A - New Securities in LT-ASM
- Jetking Infotrain Ltd (517063, INE919C01019)
- Novelix Pharmaceuticals Ltd (536565, INE314I01036)
Part B - Securities Moving to Higher ASM Stage
- A-1 Ltd (542012, INE911Z01017) - Moving to Stage II
- CarTrade Tech Ltd (543333, INE290S01011) - Moving to Stage II
Part D - Securities Exiting LT-ASM Framework
- Classic Filaments Ltd (540310, INE181U01018) - Moving to ESM Framework
- Ganon Products Ltd (512443, INE162L01017) - Moving to GSM Framework
- Mahip Industries Ltd (542503, INE00CX01017) - Moving to ESM Framework
- Shree Vatsaa Finance & Leasing Ltd (532007, INE981C01019) - Moving to ESM Framework
Impact Justification
Affects multiple securities through surveillance framework changes with trading implications for listed companies and investors