Description

BSE circular announcing securities being added to, moved within, or removed from the Long Term Additional Surveillance Measure framework effective November 04, 2025.

Summary

BSE has announced changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 04, 2025. Two securities are being newly included in LT-ASM (FONE4 Communications and Jattashankar Industries), one security (Megasoft Ltd) is being directly placed in Stage IV LT-ASM, and two securities (GTN Textiles and Lancer Container Lines) are being moved out of LT-ASM due to inclusion in the ESM Framework.

Key Points

  • 2 securities newly shortlisted in Long Term ASM Framework: FONE4 Communications (India) Limited (543521) and Jattashankar Industries Ltd (514318)
  • 1 security (Megasoft Ltd - 532408) directly placed in Stage IV Long Term ASM Framework
  • 2 securities moved out of LT-ASM: GTN Textiles Ltd and Lancer Container Lines Ltd (both moved to ESM Framework)
  • No securities moving to higher or lower ASM stages within LT-ASM framework
  • Consolidated list provided showing securities across all ASM stages (I through IV)
  • Changes effective from November 04, 2025

Regulatory Changes

The Long Term ASM framework applies additional surveillance measures to securities exhibiting certain characteristics over extended periods. Securities under LT-ASM face:

  • Enhanced disclosure requirements
  • Trading restrictions including price bands
  • Additional margin requirements
  • Increased monitoring by the exchange

Securities can be placed directly into higher stages (like Stage IV for Megasoft) or move between stages based on surveillance parameters. Securities may exit LT-ASM when included in other frameworks like Trade for Trade, GSM, ESM, or IBC.

Compliance Requirements

  • Trading members must ensure compliance with applicable margins and trading restrictions for securities under LT-ASM
  • Investors should be aware of enhanced surveillance measures applicable to these securities
  • Members must monitor the ASM stage of securities as it determines the level of restrictions
  • Special attention required for T+0 scrips marked with tilde (~) that are in LT-ASM based on parent company criteria

Important Dates

  • Effective Date: November 04, 2025 - All changes to LT-ASM framework become applicable

Impact Assessment

Market Impact: Limited impact on overall market as only 5 securities are affected by changes. However, for investors and traders in these specific stocks, the impact is significant.

Liquidity Impact: Securities newly added to LT-ASM will likely experience reduced liquidity due to enhanced surveillance measures and additional margin requirements. The two securities moving to ESM Framework face even stricter restrictions.

Investor Impact: Holders of affected securities should be aware of increased trading costs and restrictions. New entries to LT-ASM indicate exchange concerns about price volatility or other risk factors in these securities.

Operational Impact: Trading members must update their systems and risk management frameworks to reflect the new ASM classifications for affected securities.

Impact Justification

Affects specific securities under enhanced surveillance with trading restrictions; 2 new additions to LT-ASM, 1 moved to Stage IV, 2 moved out; impacts liquidity and trading for affected stocks