Description

BSE announces changes to Long Term ASM Framework effective November 17, 2025, including new securities added, securities moving to different ASM stages, and 24 securities exiting the framework.

Summary

BSE has announced updates to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective November 17, 2025. The circular includes: 2 new securities being added to LT-ASM, 1 security moving to higher ASM stage, 5 securities moving to lower ASM stages, and 24 securities exiting the LT-ASM framework (most moving to Trade for Trade framework).

Key Points

  • 2 securities newly shortlisted in Long Term ASM Framework: Krupalu Metals Ltd and Rajratan Global Wire Ltd
  • Epuja Spiritech Ltd moved to ASM Stage II (higher surveillance)
  • 5 securities moved to lower ASM stages: Infobeans Technologies Ltd, Sri Adhikari Brothers Television Network Ltd, and TCM Ltd moved to Stage I; Arihant Foundations & Housing Ltd moved to Stage II; Ironwood Education Ltd moved to Stage III
  • 24 securities removed from LT-ASM Framework, with majority moved to Trade for Trade framework
  • No securities shortlisted for Direct Stage IV under the Long Term ASM Framework
  • All changes effective from November 17, 2025

Regulatory Changes

The Long Term ASM Framework continues BSE’s surveillance mechanism to monitor securities exhibiting unusual price movements or trading patterns over extended periods. Securities are placed in different stages (I through IV) based on surveillance criteria, with higher stages indicating increased monitoring requirements.

Compliance Requirements

  • Trading members must note the revised ASM classifications for affected securities
  • Securities marked with (*) have specific classifications as per NSE or moved to Trade for Trade framework
  • Securities marked with (^) are classified based on Non Promoter Holding criteria
  • T+0 scrips marked with (~) are shortlisted based on parent company criteria
  • Market participants should adjust their trading strategies for securities under different ASM stages

Important Dates

  • Effective Date: November 17, 2025 - All LT-ASM changes become applicable

Impact Assessment

New Entries: Krupalu Metals Ltd and Rajratan Global Wire Ltd will face enhanced surveillance measures, potentially impacting liquidity and trading volumes.

Stage Changes: Securities moving to higher ASM stages (Epuja Spiritech Ltd) will face stricter monitoring, while those moving to lower stages (5 securities) will see reduced surveillance intensity.

Exits from LT-ASM: 24 securities exiting the framework indicates either improved trading patterns or transition to other regulatory frameworks. Most securities marked with (*) are moving to the Trade for Trade segment, which restricts intraday trading and requires full delivery settlement.

Market Impact: Limited to specific securities; broader market impact is minimal. Investors and traders in affected securities should review position limits and trading restrictions applicable under respective ASM stages or Trade for Trade framework.

Impact Justification

Affects 31 securities with changes to surveillance measures; significant for affected stocks but limited broader market impact