Description

BSE announces changes to Long Term ASM Framework effective November 19, 2025, including new securities shortlisted, movements between ASM stages, and securities moving out of the framework.

Summary

BSE has updated the Long Term Additional Surveillance Measure (LT-ASM) Framework effective November 19, 2025. The circular identifies securities being newly shortlisted, moved between ASM stages, and exiting the framework. Four securities are being newly placed under LT-ASM, two securities are being moved to higher ASM stages, and one security (Panabyte Technologies Ltd) is moving out due to inclusion in GSM Framework.

Key Points

  • 4 new securities shortlisted in Long Term ASM Framework
  • 2 securities moved to higher Stage II ASM (Croissance Ltd and Cybele Industries Ltd)
  • No securities moving to lower ASM stages
  • No securities placed directly in Stage IV ASM
  • 1 security (Panabyte Technologies Ltd) moving out of LT-ASM due to GSM Framework inclusion
  • Changes effective from November 19, 2025
  • Consolidated list includes multiple securities across ASM Stage I and IV

Securities Affected

Part A: New Securities in LT-ASM Framework

  1. Arigato Universe Ltd (Scrip Code: 530267, ISIN: INE021N01011)
  2. ASARFI HOSPITAL LIMITED (Scrip Code: 543943, ISIN: INE0DN001027)
  3. Kiran Syntex Ltd (Scrip Code: 530443, ISIN: INE293D01017)
  4. Trident Texofab Ltd (Scrip Code: 540726, ISIN: INE071Y01013)

Part B: Securities Moving to Higher ASM Stage II

  1. Croissance Ltd (Scrip Code: 531909, ISIN: INE587J01027)
  2. Cybele Industries Ltd (Scrip Code: 531472, ISIN: INE183D01010)

Part C: Securities Moving to Lower ASM Stage

Nil

Part D: Direct Stage IV Placement

Nil

Securities Moving Out of LT-ASM

  1. Panabyte Technologies Ltd (Scrip Code: 538742, ISIN: INE516E01019) - moved to GSM Framework

Regulatory Framework

The Long Term Additional Surveillance Measure (LT-ASM) is a surveillance framework designed to monitor securities with specific characteristics warranting enhanced oversight. Securities under this framework face progressive restrictions based on ASM stages (I through IV), with higher stages imposing stricter trading conditions.

Important Dates

  • Effective Date: November 19, 2025
  • Circular Date: November 18, 2025

Impact Assessment

The inclusion of securities in LT-ASM Framework typically results in:

  • Enhanced surveillance and monitoring
  • Potential trading restrictions based on ASM stage
  • Increased margin requirements for investors
  • Price discovery through staged auction mechanisms
  • Impact on liquidity for affected securities

Securities moved to higher stages (Stage II) face progressively stricter conditions. The movement of Panabyte Technologies Ltd to GSM Framework indicates heightened regulatory concerns requiring a different surveillance mechanism.

Impact Justification

Affects trading conditions for multiple securities under surveillance framework, with staged restrictions on 6 securities and one security moving out