Description

BSE circular regarding securities entering, exiting, and moving between stages in the Long Term Additional Surveillance Measure framework effective November 19, 2025.

Summary

BSE has announced changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 19, 2025. Four new securities are being added to the framework, two securities are moving to higher ASM stages, and one security (Panabyte Technologies Ltd) is exiting the framework due to inclusion in the GSM Framework. The circular provides consolidated lists of all securities under various ASM stages.

Key Points

  • 4 securities newly shortlisted in Long Term ASM Framework: Arigato Universe Ltd, ASARFI HOSPITAL LIMITED, Kiran Syntex Ltd, and Trident Texofab Ltd
  • 2 securities moving to higher Stage II ASM: Croissance Ltd and Cybele Industries Ltd
  • No securities moving to lower ASM stages
  • 1 security exiting LT-ASM Framework: Panabyte Technologies Ltd (due to GSM Framework inclusion)
  • No securities directly placed in Stage IV Long Term ASM Framework
  • Consolidated list includes securities across multiple ASM stages (I through IV)
  • Framework applies to both regular securities and T+0 scrips

Regulatory Changes

The Long Term Additional Surveillance Measure framework continues to operate as a graduated surveillance mechanism. Securities are categorized into different stages (I, II, III, IV) based on risk assessment criteria. The framework allows for movement between stages and includes provisions for securities to exit when they are placed under other surveillance frameworks such as GSM (Graded Surveillance Measure), ESM (Enhanced Surveillance Measure), Trade for Trade, or IBC Framework.

Compliance Requirements

  • Market participants must note the changed surveillance status of affected securities
  • Trading in LT-ASM securities is subject to Additional Surveillance Deposit (ASD) requirements
  • Securities in higher ASM stages face stricter trading conditions and higher deposit requirements
  • Brokers and traders must comply with stage-specific trading restrictions for each security
  • T+0 scrips included in LT-ASM based on parent company criteria require special handling

Important Dates

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

Impact Assessment

The inclusion of securities in LT-ASM framework typically results in reduced trading volumes and liquidity due to additional deposit requirements and heightened surveillance. For the four newly added securities, investors should expect increased trading costs and potential price volatility. The upward migration of Croissance Ltd and Cybele Industries Ltd to Stage II indicates continued surveillance concerns and will result in stricter trading conditions. Panabyte Technologies Ltd’s exit to GSM Framework suggests escalated regulatory concerns. Overall market impact is limited as the number of affected securities is relatively small, but individual stock holders and traders in these specific securities will face material trading condition changes.

Impact Justification

Affects trading conditions for multiple securities through surveillance framework changes, impacting liquidity and trading for specific stocks