Description

BSE announces changes to Long Term ASM Framework including new securities added, securities moved between stages, and securities exiting the framework effective November 27, 2025.

Summary

BSE has updated the Long Term Additional Surveillance Measure (LT-ASM) Framework effective November 27, 2025. Four new securities have been shortlisted for LT-ASM, one security is moving to a higher ASM stage (Stage III), and one security (Khandelwal Extractions Ltd) is exiting the framework due to inclusion in ESM Framework. The circular includes a consolidated list of all securities currently under various ASM stages.

Key Points

  • 4 new securities added to Long Term ASM Framework: Comrade Appliances Ltd, Finelistings Technologies Ltd, Olatech Solutions Ltd, and SVP Global Textiles Ltd
  • Cybele Industries Ltd moves from current stage to Stage III within LT-ASM Framework
  • Khandelwal Extractions Ltd exits LT-ASM Framework due to inclusion in Enhanced Surveillance Measure (ESM) Framework
  • No securities are moving to lower ASM stages
  • No securities directly placed in Stage IV LT-ASM
  • Consolidated list includes securities across ASM Stages I through IV
  • Changes effective from November 27, 2025

Regulatory Changes

The Long Term ASM Framework applies additional surveillance measures to securities exhibiting certain characteristics over extended periods. Securities under this framework face:

  • Enhanced monitoring and surveillance by the exchange
  • Potential trading restrictions including price bands
  • Higher margin requirements for trading
  • Staged progression system (Stages I-IV) with increasing stringency
  • Possible movement between stages based on continued monitoring criteria

Compliance Requirements

For Market Participants:

  • Be aware of securities entering LT-ASM and their applicable stage
  • Ensure compliance with enhanced margin requirements for affected securities
  • Understand trading restrictions applicable to each ASM stage
  • Monitor stage movements as they affect trading conditions

For Listed Companies:

  • Companies whose securities are included in LT-ASM should address underlying concerns
  • Improve compliance and disclosure standards to potentially exit the framework

Important Dates

  • Effective Date: November 27, 2025 - All changes to LT-ASM Framework become applicable

Impact Assessment

High Impact on Affected Securities: Securities entering or moving within the LT-ASM Framework face significant trading restrictions that can severely impact liquidity and investor participation. The framework’s stringent requirements including higher margins and potential price bands can lead to reduced trading volumes.

Cybele Industries Ltd faces increased surveillance moving to Stage III, indicating continued concerns requiring stricter monitoring.

Khandelwal Extractions Ltd exits LT-ASM but enters ESM Framework, suggesting escalation of surveillance concerns requiring even more stringent measures.

New Entrants (Comrade Appliances, Finelistings Technologies, Olatech Solutions, SVP Global Textiles) will experience initial LT-ASM restrictions affecting their trading dynamics and investor accessibility.

Market-Wide Impact: The LT-ASM framework serves as an early warning system for investors about securities with potential concerns, promoting market integrity and investor protection.

Impact Justification

Securities under LT-ASM face stringent trading restrictions including price bands, margin requirements, and settlement obligations which significantly impact trading activity and liquidity