Description

BSE circular regarding securities being added to, moved within, or removed from the Long Term Additional Surveillance Measure framework effective November 26, 2025.

Summary

BSE has updated the list of securities under the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 26, 2025. Four new securities have been shortlisted into the framework, one security is moving to a higher ASM stage, and one security (Gopal Iron & Steels Company Gujarat Ltd) is moving out due to inclusion in the GSM Framework.

Key Points

  • 4 securities newly shortlisted in Long Term ASM Framework: Bharatrohan Airborne Innovations Ltd, Hanman Fit Ltd, M P K Steels (I) Ltd, and Virat Leasing Ltd
  • Omnipotent Industries Ltd moving from Stage I to Stage II within LT-ASM
  • Gopal Iron & Steels Company Gujarat Ltd moving out of LT-ASM due to GSM Framework inclusion
  • No securities moving to lower ASM stages
  • No securities shortlisted directly into Stage IV
  • Consolidated list includes 13+ securities across various ASM stages

Regulatory Changes

The Long Term ASM Framework applies enhanced surveillance measures to securities exhibiting unusual price movements or trading patterns. Securities in this framework face trading restrictions including:

  • Price bands and trade-to-trade settlement
  • Higher margin requirements
  • Periodic review for stage movement based on compliance and market behavior

Securities can move between stages (I through IV) based on continued surveillance assessment, or exit the framework if included in other surveillance mechanisms like GSM, ESM, IBC, or Trade-for-Trade.

Compliance Requirements

  • Trading members must ensure awareness of securities under LT-ASM and associated restrictions
  • Investors trading in LT-ASM securities must comply with applicable margin requirements and settlement obligations
  • Market participants should note that these securities may have reduced liquidity due to enhanced surveillance measures
  • T+0 scrips marked with ~ are included based on parent company criteria

Important Dates

  • Effective Date: November 26, 2025 - All changes to LT-ASM framework become applicable

Impact Assessment

Market Impact: Securities entering or moving within LT-ASM framework typically experience reduced liquidity and higher transaction costs due to enhanced surveillance measures. The four newly included securities will face trading restrictions that may limit investor participation.

Investor Impact: Existing holders of affected securities may face challenges in exiting positions due to trade-to-trade settlement requirements. New investors must meet higher margin requirements.

Operational Impact: The movement of Gopal Iron & Steels from LT-ASM to GSM indicates escalation of surveillance concerns, while Omnipotent Industries’ progression to Stage II suggests continued monitoring concerns warranting stricter oversight.

Impact Justification

Affects specific securities under enhanced surveillance with trading restrictions, impacting liquidity and investor access for listed companies