Description

BSE announces securities being added to, moved within, and removed from the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 28, 2025.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective November 28, 2025. Two new securities have been added to the LT-ASM framework, while two securities are being removed due to their inclusion in the Enhanced Surveillance Measure (ESM) framework. The circular provides consolidated lists of all securities under various ASM stages.

Key Points

  • 2 securities newly shortlisted for Long Term ASM Framework: Asston Pharmaceuticals Ltd (544445) and Mega Nirman and Industries Ltd (539767)
  • 2 securities moving out of LT-ASM Framework: Capital Trade Links Ltd (538476) and SVP Global Textiles Ltd (505590), both moving to ESM Framework
  • No securities moving to higher or lower ASM stages within the LT-ASM framework
  • No securities shortlisted for direct Stage IV LT-ASM Framework
  • Comprehensive consolidated list of all securities under ASM surveillance provided in Annexure III
  • Securities marked with special symbols indicate additional classifications (T+0 scrips, parent company relationships)

Regulatory Changes

The circular implements changes to the Long Term Additional Surveillance Measure framework as part of BSE’s ongoing surveillance activities. Securities under LT-ASM face additional trading restrictions designed to protect investors and maintain market integrity. The framework includes multiple stages (I through IV) with progressively stricter surveillance measures.

Compliance Requirements

  • Market participants must note the new LT-ASM classifications for affected securities
  • Trading in newly added securities (Asston Pharmaceuticals and Mega Nirman) will be subject to LT-ASM restrictions
  • Securities moving out to ESM Framework will be governed by ESM rules instead of LT-ASM
  • Investors should review trading restrictions applicable to securities under surveillance measures
  • Brokers and trading members must ensure compliance with ASM framework requirements for affected securities

Important Dates

  • Effective Date: November 28, 2025 - All changes to LT-ASM framework take effect

Impact Assessment

Market Impact: High - The addition of securities to LT-ASM framework typically results in reduced liquidity and increased trading costs due to stricter surveillance measures. Investors holding Asston Pharmaceuticals and Mega Nirman will face additional restrictions on their trading activities.

Investor Impact: High - Securities under LT-ASM framework are subject to additional surveillance due to concerns about price volatility, low liquidity, or other market integrity issues. Investors should exercise increased caution when trading these securities.

Operational Impact: Medium - Market participants must update their systems and processes to reflect the new surveillance classifications and ensure compliance with applicable trading restrictions for all affected securities.

Impact Justification

High surveillance measure affecting multiple securities with significant trading restrictions; investors in affected stocks face stricter trading conditions