Applicability of Long Term Additional Surveillance Measure (LT-ASM)

Description

BSE announces changes to Long Term ASM Framework effective November 27, 2025, including new securities shortlisted, securities moving to higher/lower stages, and securities moving out of the framework.

Summary

BSE has announced updates to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective November 27, 2025. Four new securities have been shortlisted into the framework, one security is being moved to a higher ASM stage, and one security is moving out of the framework due to inclusion in ESM Framework. The circular includes a consolidated list of securities currently under various ASM stages.

Key Points

• 4 new securities shortlisted in Long Term ASM Framework: Comrade Appliances Ltd, Finelistings Technologies Ltd, Olatech Solutions Ltd, and SVP Global Textiles Ltd
• Cybele Industries Ltd moved to Stage III ASM (higher surveillance)
• Khandelwal Extractions Ltd moved out of LT-ASM Framework due to inclusion in ESM Framework
• No securities moving to lower ASM stages
• No securities shortlisted directly to Stage IV
• Consolidated list includes securities across ASM Stages I through IV
• Changes effective from November 27, 2025

Regulatory Changes

The Long Term ASM Framework identifies securities based on long-term surveillance criteria and subjects them to enhanced surveillance measures. Securities can be placed in different stages (I through IV) with progressively stricter trading conditions. The framework includes provisions for:

• Direct placement in Stage IV for certain criteria
• Movement between stages based on ongoing surveillance
• Removal from LT-ASM when securities are included in other frameworks (Trade for Trade, GSM, ESM, IBC)
• Special treatment for T+0 scrips based on parent company assessment

Compliance Requirements

• Trading members must note the revised LT-ASM classification of affected securities
• Securities under LT-ASM are subject to additional surveillance measures including potential price bands, trade-for-trade settlement, or other restrictions based on their ASM stage
• Market participants should review the consolidated list in Annexure III for complete status of all securities under LT-ASM
• Special attention required for securities marked with symbols indicating T+0 scrips, NSE alignment, or non-promoter holding criteria

Important Dates

• November 27, 2025: Effective date for all LT-ASM changes announced in this circular

Impact Assessment

Market Impact: Securities newly included in LT-ASM or moved to higher stages will face enhanced surveillance measures that may reduce liquidity and increase trading friction. Investors in these securities should expect stricter trading conditions.

Affected Securities:

• New to LT-ASM: Comrade Appliances (543921), Finelistings Technologies (544173), Olatech Solutions (543578), SVP Global Textiles (505590)
• Stage升级: Cybele Industries (531472) moves to Stage III, indicating heightened surveillance concerns
• Removed from LT-ASM: Khandelwal Extractions (519064) now under ESM Framework instead

Operational Impact: Trading members need to update their surveillance systems and risk management frameworks to reflect the new classifications. Enhanced due diligence will be required for transactions in these securities.

Additional Information

Part A - New Securities in LT-ASM

Part B - Securities Moving to Higher ASM Stage

Securities Exiting LT-ASM

Impact Justification

Affects trading conditions for multiple securities under Long Term ASM framework, with surveillance stage changes impacting liquidity and trading requirements