Description
BSE circular announcing securities being included in or moving out of the Long Term Additional Surveillance Measure 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 securities have been newly shortlisted under LT-ASM: Asston Pharmaceuticals Ltd and Mega Nirman and Industries Ltd. Additionally, two securities are moving out of the framework: Capital Trade Links Ltd and SVP Global Textiles Ltd, both due to their inclusion in the ESM Framework.
Key Points
- 2 securities newly added to Long Term ASM Framework (Asston Pharmaceuticals Ltd, Mega Nirman and Industries Ltd)
- 2 securities moving out of LT-ASM Framework (Capital Trade Links Ltd, SVP Global Textiles Ltd)
- No securities moving to higher or lower ASM stages within the framework
- No securities shortlisted for direct Stage IV LT-ASM
- Changes effective from November 28, 2025
- Securities exiting due to inclusion in ESM Framework
Regulatory Changes
The Long Term ASM framework continues BSE’s surveillance mechanism to monitor securities with unusual price movements or volatility. Securities under this framework face additional trading restrictions including:
- Trade-to-trade settlement
- 100% margin requirements
- Price bands and other surveillance measures
- Periodic review for stage progression or exit
Compliance Requirements
For Trading Members:
- Update surveillance lists for affected securities
- Apply appropriate margin and settlement requirements
- Inform clients about LT-ASM status of these securities
- Ensure compliance with trade-to-trade requirements
For Investors:
- Securities under LT-ASM require 100% upfront margin
- No intraday trading allowed
- Delivery-based settlement mandatory
- Higher scrutiny on trading activity
Important Dates
- November 28, 2025: Effective date for all LT-ASM framework changes
Impact Assessment
Market Impact: Limited, as only 4 securities are affected in this update. The framework targets specific securities showing concerning price or volume patterns.
Trading Impact:
- Asston Pharmaceuticals Ltd and Mega Nirman and Industries Ltd will face stricter trading conditions
- Capital Trade Links Ltd and SVP Global Textiles Ltd move to ESM framework, indicating continued surveillance under different mechanism
- Investors holding these securities should be aware of enhanced margin requirements and settlement restrictions
Investor Impact: Reduced liquidity and higher capital requirements for trading in newly included securities. Exit from LT-ASM does not mean removal from surveillance, as both exiting securities move to ESM framework.
Securities Details
Part A - Newly Added to LT-ASM:
- Asston Pharmaceuticals Ltd (Scrip Code: 544445, ISIN: INE0SJX01015)
- Mega Nirman and Industries Ltd (Scrip Code: 539767, ISIN: INE216Q01010)
Moving Out of LT-ASM:
- Capital Trade Links Ltd (Scrip Code: 538476, ISIN: INE172D01021) - moved to ESM Framework
- SVP Global Textiles Ltd (Scrip Code: 505590, ISIN: INE308E01029) - moved to ESM Framework
Impact Justification
Affects specific securities under LT-ASM framework with trading restrictions. Two securities added and two moved out, indicating targeted surveillance action rather than broad market impact.