Description

BSE circular regarding securities being added to, moved within, or removed from the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 19, 2025.

Summary

BSE has updated the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 19, 2025. Four new securities have been shortlisted for inclusion in LT-ASM, two securities are being moved to higher ASM stages, one security is moving out of the framework due to inclusion in GSM Framework, and a consolidated list of all securities currently under various ASM stages has been provided.

Key Points

  • 4 new securities added to Long Term ASM Framework: Arigato Universe Ltd (530267), ASARFI HOSPITAL LIMITED (543943), Kiran Syntex Ltd (530443), and Trident Texofab Ltd (540726)
  • 2 securities moved to higher ASM Stage II: Croissance Ltd (531909) and Cybele Industries Ltd (531472)
  • No securities moved to lower ASM stages
  • No securities placed directly in Stage IV Long Term ASM
  • 1 security exiting LT-ASM: Panabyte Technologies Ltd (538742) - moved to GSM Framework
  • Consolidated list includes securities across ASM Stages I and IV
  • Changes effective from November 19, 2025

Regulatory Changes

The Long Term ASM Framework continues BSE’s surveillance mechanism to protect investor interests by identifying securities exhibiting abnormal price movements or trading patterns. Securities under this framework are subject to enhanced surveillance measures and trading restrictions based on their assigned stage (I, II, III, or IV).

Compliance Requirements

  • Market participants must note the new inclusions and stage movements for affected securities
  • Trading members should update their systems to reflect the ASM stage classifications
  • Investors should be aware that securities under LT-ASM may have additional trading restrictions including higher margins, price bands, or trade-for-trade settlement
  • Specific trading conditions apply based on the ASM stage assigned to each security

Important Dates

  • Effective Date: November 19, 2025 - All changes to LT-ASM framework become applicable

Impact Assessment

Market Impact: High - Securities entering or moving within the LT-ASM framework face enhanced surveillance and trading restrictions that significantly impact liquidity. The framework serves as an early warning system for securities with concerning price or volume patterns.

Liquidity Impact: Securities in LT-ASM typically experience reduced trading volumes due to additional compliance requirements and margin obligations. Movement to higher stages (Stage II) for Croissance Ltd and Cybele Industries Ltd will result in stricter trading conditions.

Investor Impact: Investors holding or trading these securities should expect potential limitations on transaction frequency, higher margin requirements, and possible difficulties in position exit. The exit of Panabyte Technologies from LT-ASM into GSM Framework indicates more severe concerns requiring graded surveillance measures.

Impact Justification

Securities under LT-ASM face significant trading restrictions affecting liquidity and investor participation. Movement between stages or inclusion/exclusion directly impacts trading conditions for affected stocks.