Description

BSE circular on securities shortlisted for Long Term Additional Surveillance Measure framework effective November 25, 2025, including new additions, stage movements, and exclusions.

Summary

BSE has issued an update on the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 25, 2025. Three new securities have been shortlisted in LT-ASM, three existing securities are being moved to higher ASM stages, and one security (TCM Ltd) is moving out of the framework due to inclusion in Enhanced Surveillance Measure (ESM).

Key Points

  • Three securities newly shortlisted in LT-ASM: Gopal Iron & Steels Company Gujarat Ltd, Phyto Chem India Ltd, and Vaarad Ventures Ltd
  • Three securities moving to higher ASM Stage II: Gold Coin Health Foods Ltd, Nanavati Ventures Ltd, and Sri Adhikari Brothers Television Network Ltd
  • No securities moving to lower ASM stages
  • TCM Ltd moving out of LT-ASM framework due to inclusion in ESM Framework
  • Consolidated list includes securities across ASM Stages I and IV
  • Changes effective from November 25, 2025

Regulatory Changes

The LT-ASM framework continues BSE’s surveillance mechanism to identify securities with abnormal price movements or potential market integrity concerns. Securities under this framework face additional trading restrictions and monitoring. The framework operates in multiple stages (I, II, III, IV) with progressively stricter measures.

Compliance Requirements

  • Trading members must be aware of securities under LT-ASM and applicable restrictions
  • Investors should note that LT-ASM securities may have price bands, trade-to-trade settlement, or other trading restrictions
  • Market participants must comply with stage-specific requirements for affected securities
  • Securities may move between stages or exit the framework based on compliance with surveillance criteria

Important Dates

  • November 25, 2025: Effective date for all changes - new inclusions, stage movements, and exclusions

Impact Assessment

Market Impact: The addition of three new securities to LT-ASM indicates heightened surveillance concerns. Investors in these securities will face trading restrictions including potential trade-to-trade settlement and reduced liquidity.

Stage Escalation Impact: Three securities moving to Stage II face stricter surveillance measures, which may further impact liquidity and trading activity. This escalation suggests continued non-compliance or concerning trading patterns.

Exclusion Impact: TCM Ltd’s movement to ESM framework indicates more serious concerns requiring enhanced surveillance beyond the LT-ASM framework.

Investor Considerations: Investors holding affected securities should review their positions carefully as LT-ASM inclusion typically correlates with higher volatility, reduced liquidity, and increased risk. The framework serves as a warning mechanism for potential market integrity issues.

Impact Justification

Affects specific securities under surveillance framework with trading restrictions; impacts investors holding these stocks but limited to shortlisted companies.