Description

BSE announces changes to Long Term ASM Framework effective November 10, 2025, including 6 new securities shortlisted, 2 securities moved to lower stages, 2 securities moved to Stage IV, and 8 securities exiting the framework.

Summary

BSE has announced changes to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective November 10, 2025. Six securities are being newly shortlisted into the framework, two securities are being moved to lower ASM stages, two securities (KIOCL Ltd) are being directly placed into Stage IV, and eight securities are exiting the LT-ASM framework.

Key Points

  • 6 new securities shortlisted in Long Term ASM Framework: Chothani Foods Ltd, Epack Prefab Technologies Ltd, Onelife Capital Advisors Ltd, Purple Finance Limited, RGF Capital Markets Ltd, Worth Investment & Trading Co Ltd
  • No securities moved to higher ASM stages
  • 2 securities moved to lower Stage I: CarTrade Tech Ltd and Dhyaani Tradeventures Ltd
  • 2 securities (KIOCL Ltd - both scrip codes 540680 and 140680) directly placed in Stage IV under LT-ASM Framework
  • 8 securities moving out of LT-ASM Framework: Cospower Engineering Ltd, Libord Finance Ltd, Modella Woollens Ltd, Nelcast Ltd, Parshva Enterprises Ltd, PS IT Infrastructure & Services Ltd, S.V.J. Enterprises Ltd, Vantage Knowledge Academy Ltd
  • Securities exiting due to inclusion in other frameworks: Trade for Trade, GSM Framework, ESM Framework, or IBC Framework
  • Epack Prefab Technologies Ltd shortlisted as per NSE criteria
  • KIOCL Ltd (scrip code 540680) shortlisted based on Non Promoter Holding
  • KIOCL Limited (scrip code 140680) is a T+0 scrip, shortlisted based on parent company

Regulatory Changes

The Long Term ASM Framework continues to identify securities with potential market integrity concerns based on long-term surveillance parameters. Securities in this framework face additional trading restrictions and surveillance measures. The framework operates in multiple stages (I through IV) with increasing levels of restrictions at higher stages.

Compliance Requirements

  • Trading members must ensure compliance with ASM Framework requirements for all affected securities
  • Enhanced surveillance measures apply to all securities listed in the LT-ASM Framework
  • Stage-specific trading restrictions must be followed as per BSE regulations
  • Market participants should review their positions in affected securities
  • Investors should be aware of the additional surveillance status when trading these securities

Important Dates

  • Effective Date: November 10, 2025 - All changes to LT-ASM Framework take effect

Impact Assessment

Market Impact: High - The inclusion of 6 new securities in LT-ASM Framework will subject them to enhanced surveillance and trading restrictions, potentially affecting liquidity and trading volumes. The direct placement of KIOCL Ltd in Stage IV (the highest stage) indicates significant surveillance concerns.

Trading Impact: Securities in LT-ASM Framework typically face reduced liquidity, increased margin requirements, and stricter trading conditions. The exit of 8 securities provides relief from these restrictions.

Investor Impact: Investors holding securities newly included in LT-ASM should be prepared for:

  • Higher margin requirements
  • Potential liquidity constraints
  • Enhanced disclosure requirements
  • Price discovery challenges

Positive Developments: CarTrade Tech Ltd and Dhyaani Tradeventures Ltd moving to lower Stage I indicates improvement in their surveillance parameters. Eight securities exiting the framework (though moving to other surveillance frameworks like ESM, GSM, or Trade for Trade) represents a change in their regulatory status.

Impact Justification

Affects trading conditions for multiple securities through additional surveillance measures, with some moving to stricter Stage IV controls and others exiting framework