Description

BSE announces changes to securities under Long Term Additional Surveillance Measure framework, including new additions, stage movements, and exits effective November 24, 2025.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 24, 2025. The circular identifies securities being newly added to LT-ASM, those moving between surveillance stages, and securities exiting the framework. Three new securities are being shortlisted for LT-ASM, one security is moving to a higher stage (Stage III), six securities are moving to lower stages, and three securities are exiting the framework.

Key Points

  • 3 new securities shortlisted in Long Term ASM Framework: GV Films Ltd, True Colors Ltd, and Unipro Technologies Ltd
  • Starlineps Enterprises Ltd moved to higher surveillance Stage III
  • 6 securities moved to lower ASM stages, including 3 to Stage I and 3 to Stage III
  • 3 securities moving out of LT-ASM Framework: Aadi Industries Ltd, Cupid Breweries And Distilleries Ltd, and Esaar India Ltd
  • No securities shortlisted for direct Stage IV placement
  • Changes effective from November 24, 2025
  • KIOCL Ltd has two scrip codes (540680 and 140680) both moving to Stage III

Regulatory Changes

The Long Term Additional Surveillance Measure framework applies enhanced monitoring to securities based on price movements, volatility, and trading patterns. Securities are classified into different stages (I, II, III, IV) with progressively stricter surveillance measures. The framework aims to protect investor interest and maintain market integrity by identifying and monitoring securities with unusual price behavior.

Compliance Requirements

  • Market participants must be aware of the ASM stage classification for affected securities
  • Trading members should inform clients about securities under LT-ASM framework
  • Enhanced margin requirements and trading restrictions may apply based on ASM stage
  • Investors should exercise caution when trading in securities under surveillance measures

Important Dates

  • November 24, 2025: Effective date for all LT-ASM framework changes
  • Securities will be moved to their respective new stages or added/removed from the framework on this date

Impact Assessment

New Entrants (Part A): GV Films Ltd, True Colors Ltd, and Unipro Technologies Ltd will face enhanced surveillance, potentially resulting in higher trading costs and reduced liquidity.

Stage Upgrades (Part B): Starlineps Enterprises Ltd moving to Stage III will face stricter surveillance measures and potentially higher margins.

Stage Downgrades (Part C): Athena Constructions Ltd, Jet Solar Ltd, VTM Ltd moving to Stage I indicates improvement in trading patterns. NACL Industries Ltd and KIOCL Ltd moving to Stage III from higher stages shows some improvement but continues under significant surveillance.

Exits (Annexure II): Three securities exiting LT-ASM framework suggests normalized trading behavior, though some may have been moved to other surveillance frameworks (Trade for Trade, GSM, ESM, or IBC).

Overall market impact is limited to specific securities and their investors, with no broad market implications.

Impact Justification

Affects multiple securities with enhanced surveillance measures that impact trading patterns and investor participation, though limited to specific stocks rather than market-wide impact