Description

BSE updates the list of securities under Long Term Additional Surveillance Measure framework, including new additions, stage movements, and securities moving out of the framework effective November 11, 2025.

Summary

BSE has issued an update on the applicability of Long Term Additional Surveillance Measure (LT-ASM) framework effective November 11, 2025. The circular identifies 8 securities newly shortlisted in the LT-ASM framework, 1 security moving to a higher ASM stage (Stage II), and 1 security (UTL Industries Ltd) moving out of the framework due to inclusion in ESM Framework.

Key Points

  • 8 securities newly shortlisted in Long Term ASM Framework
  • 1 security (Lancor Holdings Ltd) moved to higher ASM Stage II while continuing in LT-ASM
  • 1 security (UTL Industries Ltd) moving out of LT-ASM due to ESM Framework inclusion
  • No securities moving to lower ASM stages
  • No securities directly placed in Stage IV LT-ASM
  • Changes effective from November 11, 2025
  • Consolidated list includes securities across ASM Stages I through IV

Regulatory Changes

The Long Term Additional Surveillance Measure framework continues BSE’s surveillance mechanism to monitor securities with specific risk characteristics. Securities can be:

  • Newly added to LT-ASM
  • Moved to higher or lower ASM stages based on surveillance criteria
  • Directly placed in Stage IV under certain conditions
  • Removed from LT-ASM when included in other frameworks (Trade for Trade, GSM, ESM, or IBC)

Compliance Requirements

For Trading Members:

  • Be aware of updated LT-ASM classifications for affected securities
  • Apply appropriate margin and position limit requirements for securities in different ASM stages
  • Monitor client trading activity in these securities

For Investors:

  • Securities in LT-ASM framework face additional surveillance and may have restricted trading conditions
  • Higher ASM stages typically involve stricter trading requirements

Important Dates

  • Effective Date: November 11, 2025 - All changes to LT-ASM framework become applicable

Securities Details

Part A: New Securities in LT-ASM (8 securities)

  1. Ashnisha Industries Ltd (541702, INE694W01024)
  2. Bothra Metals & Alloys Ltd (535279, INE583M01012)
  3. Calcom Vision Ltd (517236, INE216C01010)
  4. Mishka Exim Ltd (539220, INE540S01019)
  5. Punjab Communications Ltd (500346, INE609A01010)
  6. Reetech International Ltd (543617, INE0MKO01015)
  7. Rich Universe Network Ltd (530271, INE652D01014)
  8. Typhoon Financial Services Ltd (539468, INE761R01013)

Part B: Moving to Higher ASM Stage

  • Lancor Holdings Ltd (509048, INE572G01025) - Moved to ASM Stage II

Part C: Moving to Lower ASM Stage

  • Nil

Part D: Direct Stage IV Placement

  • Nil

Securities Exiting LT-ASM

  • UTL Industries Ltd (500426, INE184E01024) - Moving out due to inclusion in ESM Framework

Impact Assessment

Market Impact: Medium - The addition of 8 securities to LT-ASM framework will subject them to enhanced surveillance and potentially restricted trading conditions. This may impact liquidity and trading volumes for these stocks.

Trading Impact: Investors and traders in the affected securities should expect:

  • Additional margins or position limits
  • Increased scrutiny of trading patterns
  • Potential restrictions on intraday trading
  • Higher surveillance on price movements

Investor Impact: Existing holders of these securities should be aware of the enhanced surveillance classification, which signals BSE’s concern about volatility, price manipulation risks, or other market integrity issues in these stocks.

Impact Justification

Regular surveillance framework update affecting 9 securities with new LT-ASM classification and 1 security exiting the framework, impacting trading conditions for these stocks