Description

BSE updates the list of securities under Long Term Additional Surveillance Measure framework, with changes effective from November 25, 2025.

Summary

BSE has updated the list of securities under the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 25, 2025. The circular identifies securities being newly added to LT-ASM, those moving between ASM stages, and one security (TCM Ltd) being removed from the framework due to inclusion in ESM Framework. The LT-ASM framework applies enhanced surveillance and trading restrictions on securities exhibiting specific price movement patterns.

Key Points

  • 3 new securities added to Long Term ASM Framework: Gopal Iron & Steels Company Gujarat Ltd, Phyto Chem India Ltd, and Vaarad Ventures Ltd
  • 3 securities moved to higher ASM Stage II: Gold Coin Health Foods Ltd, Nanavati Ventures Ltd, and Sri Adhikari Brothers Television Network Ltd
  • No securities moved to lower ASM stages
  • No securities added directly to Stage IV
  • TCM Ltd removed from LT-ASM Framework due to inclusion in ESM Framework
  • Changes apply to both regular and T+0 scrips where applicable

Regulatory Changes

The Long Term ASM Framework continues BSE’s surveillance mechanism for securities showing unusual price movements over extended periods. Securities in LT-ASM face:

  • Staged surveillance measures (Stage I through Stage IV)
  • Enhanced margin requirements
  • Potential trading restrictions
  • Regular review for movement between stages or exit from framework

Securities may exit LT-ASM upon inclusion in other frameworks: Trade for Trade, GSM (Graded Surveillance Measure), ESM (Enhanced Surveillance Measure), or IBC (Insolvency and Bankruptcy Code) Framework.

Compliance Requirements

  • Trading members must ensure compliance with applicable margin requirements for LT-ASM securities
  • Investors should be aware of enhanced surveillance conditions when trading these securities
  • Brokers must communicate LT-ASM status to clients trading affected securities
  • Market participants should review position limits and trading restrictions applicable to each ASM stage

Important Dates

  • Effective Date: November 25, 2025 - All changes to LT-ASM framework take effect

Impact Assessment

Market Impact: Moderate impact on liquidity for the 6 affected securities. Securities in LT-ASM typically experience reduced trading volumes due to higher margins and increased scrutiny.

Investor Impact: Existing investors in these securities will face enhanced margin requirements. New investors should exercise caution given the surveillance framework applicability.

Trading Impact: Securities moving to Stage II face progressively stricter surveillance measures. TCM Ltd moving to ESM represents an escalation in regulatory oversight with potentially tighter restrictions than LT-ASM.

Operational Impact: Trading members must update risk management systems to reflect new ASM classifications and ensure proper margin collection for these securities.

Impact Justification

Regular surveillance measure update affecting specific securities with restricted trading conditions. Impacts investors holding or trading these securities.