Description

BSE circular detailing securities shortlisted, moved, and removed from the Long Term ASM Framework effective November 24, 2025.

Summary

BSE has updated the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 24, 2025. The circular identifies securities being newly shortlisted under LT-ASM, securities continuing in the framework with stage changes (both upgrades and downgrades), securities moving directly to Stage IV, and securities exiting the framework. The changes affect trading restrictions and surveillance levels for the listed securities.

Key Points

  • 3 securities newly shortlisted in Long Term ASM Framework: GV Films Ltd, True Colors Ltd, and Unipro Technologies Ltd
  • 1 security moved to higher ASM Stage III: Starlineps Enterprises Ltd
  • 6 securities moved to lower ASM stages: 3 to Stage I (Athena Constructions, Jet Solar, VTM) and 3 to Stage III (NACL Industries, KIOCL Ltd)
  • No securities moved directly to Stage IV
  • 3 securities removed from LT-ASM Framework: Aadi Industries Ltd, Cupid Breweries And Distilleries Ltd, and Esaar India Ltd
  • Consolidated list provided showing all securities under LT-ASM with their respective ASM stages

Regulatory Changes

The Long Term ASM Framework applies enhanced surveillance measures to securities based on specific criteria. Securities in this framework face additional trading restrictions and monitoring. The framework operates in multiple stages (I through IV) with increasing levels of surveillance and restrictions at higher stages.

Compliance Requirements

  • Investors and market participants must be aware of the ASM stage applicable to each security
  • Trading in LT-ASM securities is subject to specific conditions based on the assigned stage
  • Securities marked with special indicators (^, ~, *, #, $, &) have additional considerations related to promoter holding, T+0 status, or movement to other frameworks

Important Dates

  • Effective Date: November 24, 2025 - All changes to LT-ASM framework take effect

Impact Assessment

Market Impact: Medium - The changes affect approximately 12 individual securities with varying levels of surveillance. Investors holding these securities will experience different trading conditions.

Trading Impact: Securities newly added to LT-ASM will face enhanced surveillance and potential trading restrictions. Securities moved to higher stages face stricter surveillance, while those moved to lower stages see relaxed restrictions. Securities exiting the framework may be subject to other regulatory frameworks (Trade for Trade, GSM, ESM, or IBC).

Investor Consideration: Shareholders of affected securities should review their positions considering the changed surveillance status and associated trading implications.

Impact Justification

Affects multiple securities through inclusion, stage changes, and removal from LT-ASM framework, impacting trading conditions for listed companies