Description

BSE circular announcing changes to the Long Term Additional Surveillance Measure (LT-ASM) framework, including securities being added, moved between stages, and removed from surveillance effective November 03, 2025.

Summary

BSE has announced updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 03, 2025. The circular identifies securities being newly added to LT-ASM, those being moved to higher or lower ASM stages within the framework, securities moving directly to Stage IV, and those being removed from the framework. One security (PPAP Automotive Ltd) is being newly shortlisted, 9 securities are being moved to lower ASM stages, and 16 securities are being removed from the LT-ASM framework.

Key Points

  • Part A: 1 security newly shortlisted in Long Term ASM Framework - PPAP Automotive Ltd (Scrip Code: 532934, ISIN: INE095I01015)
  • Part B: No securities moving to higher ASM stages
  • Part C: 9 securities moving to lower ASM stages, including 7 moving to Stage I, 1 to Stage II, and 1 to Stage III
  • Part D: No securities being placed directly in Stage IV Long Term ASM Framework
  • Annexure II: 16 securities moving out of Long Term ASM Framework entirely
  • Several securities removed from LT-ASM due to inclusion in other frameworks (Trade for Trade, GSM, ESM, IBC)
  • All changes effective from November 03, 2025

Regulatory Changes

The Long Term Additional Surveillance Measure (LT-ASM) framework continues to operate as a surveillance mechanism for securities exhibiting certain risk characteristics. The framework operates in multiple stages with progressively stricter surveillance measures. Securities can be:

  • Newly added to the framework
  • Moved between stages (I, II, III, IV) based on changing risk profiles
  • Removed from the framework when risk factors normalize or when transferred to other surveillance frameworks

Special markers indicate specific conditions:

  • (*) As per NSE alignment
  • (^) As per Non Promoter Holding criteria
  • (~) T+0 Scrips shortlisted based on parent company criteria

Compliance Requirements

  • Market Participants: Must be aware of the surveillance status of securities they trade
  • Trading Members: Should ensure systems are updated to reflect the new ASM stages for affected securities
  • Investors: Securities under LT-ASM may have additional trading restrictions including:
    • Price bands
    • Trade-for-trade settlement
    • Additional margin requirements
    • Reduced position limits
  • All participants must comply with the revised surveillance measures from the effective date

Important Dates

  • Effective Date: November 03, 2025 - All changes to LT-ASM framework become applicable
  • Circular Date: October 31, 2025

Impact Assessment

Market Impact: Medium. The changes affect 26 securities across various stages of the LT-ASM framework. While this represents a limited subset of listed securities, the surveillance measures can significantly impact liquidity and trading patterns for the affected stocks.

Securities Moving to Lower Stages: 9 securities are being moved to less restrictive surveillance stages, which is positive as it indicates improved risk profiles. This should enhance liquidity and ease trading restrictions for these stocks.

Securities Exiting LT-ASM: 16 securities are being removed from the framework, with several transitioning to other surveillance frameworks (Trade for Trade, GSM, ESM, IBC). While removal from LT-ASM is generally positive, transition to other frameworks may still involve trading restrictions.

New Entry: PPAP Automotive Ltd being newly added to LT-ASM indicates concerns requiring enhanced surveillance, which may increase volatility or trading costs for this security.

Operational Impact: Trading members and market infrastructure providers need to update their systems to reflect the new surveillance parameters for all affected securities before November 03, 2025.

Detailed Security Lists

Part C - Securities Moving to Lower ASM Stages:

  1. Ambo Agritec Ltd (543678) - Moving to Stage I
  2. Arihant Foundations & Housing Ltd (531381) - Moving to Stage III
  3. Ashram Online.Com Ltd (526187) - Moving to Stage I
  4. Earthstahl & Alloys Ltd (543765) - Moving to Stage I
  5. Marsons Ltd (517467) - Moving to Stage I
  6. Rajeshwari Cans Ltd (543285) - Moving to Stage I
  7. Sirohia & Sons Ltd (538667) - Moving to Stage I
  8. Softrak Venture Investment Ltd (531529) - Moving to Stage I
  9. Sri Adhikari Brothers Television Network Ltd (530943) - Moving to Stage II

Annexure II - Securities Exiting LT-ASM:

  1. Advait Energy Transitions Ltd (543230)
  2. Aryan Share and Stock Brokers Ltd (542176)
  3. Diana Tea Company Ltd (530959)
  4. Emerald Leisures Ltd (507265)
  5. Garuda Construction and Engineering Ltd (544271)
  6. Gujarat Hy-Spin Ltd (540938)
  7. Hind Rectifiers Ltd (504036)
  8. Lyons Corporate Market Ltd* (531441)
  9. Nureca Ltd* (543264)
  10. SEL Manufacturing Company Ltd* (532886)
  11. Sharda Cropchem Ltd (538666)
  12. Shetron Ltd (526137)
  13. Silver Oak India Ltd* (531635)
  14. Sterlite Technologies Ltd (532374)
  15. Stratmont Industries Ltd (530495)
  16. Vintron Informatics Ltd* (517393)

*Securities marked with asterisk have moved to Trade for Trade framework

Impact Justification

Affects trading conditions for 26 securities through surveillance measure changes. Medium impact as LT-ASM applies restrictions on specific stocks but doesn't affect broader market operations.