Description

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

Summary

BSE has announced changes to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective November 24, 2025. Three new securities are being shortlisted into the framework, one security is moving to a higher ASM stage, six securities are moving to lower ASM stages, and three securities are exiting the framework entirely. The circular provides consolidated lists of all securities under various ASM stages.

Key Points

  • 3 securities newly shortlisted in Long Term ASM Framework: GV Films Ltd, True Colors Ltd, and Unipro Technologies Ltd
  • 1 security moving to higher Stage III: Starlineps Enterprises Ltd
  • 6 securities moving to lower ASM stages: 3 to Stage I (Athena Constructions, Jet Solar, VTM) and 3 to Stage III (NACL Industries, KIOCL Ltd)
  • 3 securities moving out of LT-ASM Framework: Aadi Industries Ltd, Cupid Breweries And Distilleries Ltd, and Esaar India Ltd
  • No securities shortlisted directly into Stage IV ASM Framework
  • Changes effective from November 24, 2025
  • Consolidated list of all securities in ASM framework provided in Annexure III

Regulatory Changes

The Long Term ASM Framework continues to operate as per existing regulations, with periodic review and reclassification of securities based on surveillance parameters. Securities can move between stages (I through IV) based on their trading patterns and risk profiles. Securities may exit the LT-ASM Framework if they are included in other frameworks such as Trade for Trade, GSM, ESM, or IBC.

Compliance Requirements

  • Market participants must note the enhanced surveillance applicable to newly listed securities in LT-ASM
  • Trading members should update their systems to reflect the stage changes for affected securities
  • Investors should be aware that securities in LT-ASM framework are subject to additional surveillance measures which may include price bands, trade-to-trade settlement, or other restrictions depending on the stage
  • Brokers must ensure proper disclosure to clients regarding the surveillance status of these securities

Important Dates

  • Effective Date: November 24, 2025 - All changes to LT-ASM Framework become applicable

Impact Assessment

Market Impact: The inclusion of securities in LT-ASM Framework typically results in reduced liquidity and higher scrutiny. Securities moving to higher stages face more stringent measures, while those moving to lower stages see some relaxation. The three securities exiting the framework may see improved trading conditions unless they are under other restrictive frameworks.

Investor Impact: Investors holding or trading in the affected securities should exercise increased caution. Securities in higher ASM stages often experience higher volatility and reduced liquidity. The framework is designed to protect investors from potential price manipulation and excessive speculation.

Operational Impact: Brokers and trading members need to update their risk management systems and ensure clients are properly informed about the surveillance status of these securities. Additional margin requirements and position limits may apply to securities under ASM framework.

Impact Justification

Affects trading conditions for multiple securities through enhanced surveillance measures, impacting liquidity and trading patterns for listed companies