Description

BSE circular detailing securities shortlisted for Long Term ASM Framework, securities moving between ASM stages, and securities moving out of the framework effective November 14, 2025.

Summary

BSE has updated the list of securities under the Long Term Additional Surveillance Measure (LT-ASM) Framework effective November 14, 2025. Five new securities have been shortlisted for LT-ASM, two securities are being moved to higher ASM stages, one security is moving out of the framework, and a consolidated list of all securities under various ASM stages has been provided.

Key Points

  • 5 securities newly shortlisted in Long Term ASM Framework: Beryl Securities Ltd, Concord Drugs Ltd, S V Global Mill Ltd, Samsrita Labs Ltd, and Swati Projects Ltd
  • 2 securities moving to higher ASM Stage II: Starlineps Enterprises Ltd and VTM Ltd
  • 1 security moving out of LT-ASM Framework: Switching Technologies Gunther Ltd (moved to ESM Framework)
  • No securities moving to lower ASM stages
  • No securities moving directly to Stage IV Long Term ASM Framework
  • Changes effective from November 14, 2025

Regulatory Changes

The Long Term ASM Framework continues to be applied as a surveillance measure for securities exhibiting certain characteristics warranting closer monitoring. Securities can be:

  • Newly included in the framework
  • Moved between different ASM stages (I, II, IV) based on ongoing assessment
  • Moved out when included in other frameworks (Trade for Trade, GSM, ESM, or IBC)

T+0 scrips may be shortlisted in LT-ASM Framework based on parent company criteria.

Compliance Requirements

  • Market participants must be aware of the ASM stage applicable to securities they trade
  • Trading in LT-ASM securities is subject to specific restrictions and surveillance measures
  • Higher ASM stages typically involve stricter trading conditions
  • Investors should exercise caution when trading in securities under LT-ASM Framework

Important Dates

  • Effective Date: November 14, 2025 - All changes to LT-ASM Framework come into effect

Impact Assessment

Market Impact: Medium - The inclusion of securities in LT-ASM Framework or movement to higher stages typically results in reduced liquidity and increased price volatility due to additional trading restrictions. Eight securities are directly affected by stage changes or new inclusions.

Trading Impact: Securities under LT-ASM face enhanced surveillance and may have restrictions on trading limits, price bands, or settlement conditions. The two securities moving to Stage II (Starlineps Enterprises Ltd and VTM Ltd) will face stricter surveillance measures.

Investor Impact: Investors holding or trading these securities should be aware of the enhanced surveillance measures and potential impact on liquidity and trading flexibility.

Impact Justification

Affects trading in multiple securities through Long Term ASM Framework with stage changes and new inclusions, impacting liquidity and trading conditions for specified stocks