Description
BSE announces changes to securities under Long Term Additional Surveillance Measure framework, with 7 securities shortlisted and 3 securities moving out, effective December 03, 2025.
Summary
BSE has announced the revised list of securities under the Long Term Additional Surveillance Measure (LT-ASM) Framework effective December 03, 2025. Seven securities have been newly shortlisted under LT-ASM, while three securities are moving out of the framework. Additionally, two securities (GHV Infra Projects Ltd and NACL Industries Ltd) have been shortlisted directly into Stage IV of LT-ASM.
Key Points
- 7 securities newly shortlisted in Long Term ASM Framework effective December 03, 2025
- 3 securities moving out of LT-ASM Framework (Bandaram Pharma Packtech Ltd, Caprolactam Chemicals Ltd, M P K Steels (I) Ltd)
- 2 securities placed directly in Stage IV under LT-ASM Framework (GHV Infra Projects Ltd, NACL Industries Ltd)
- No securities being moved to higher or lower ASM stages within the framework
- Securities are exiting due to inclusion in ESM Framework or GSM Framework
- Consolidated list includes multiple securities across ASM Stages I and IV
Securities Entering LT-ASM Framework
Part A - Newly Shortlisted Securities:
- Aryaman Capital Markets Ltd (538716, INE229R01011)
- Auro Laboratories Ltd (530233, INE292C01011)
- Avance Technologies Ltd (512149, INE758A01072)
- Diggi Multitrade Ltd (540811, INE158R01012)
- Grand Oak Canyons Distillery Ltd (523862, INE926B01016)
- Refex Renewables & Infrastructure Ltd (531260, INE332F01018)
- Sobhagya Mercantile Ltd (512014, INE754D01018)
Part D - Direct Stage IV Placement:
- GHV Infra Projects Ltd (505504, INE809Q01020) - Stage IV
- NACL Industries Ltd (524709, INE295D01020) - Stage IV
Securities Exiting LT-ASM Framework
- Bandaram Pharma Packtech Ltd (524602, INE875N01036) - Moving to ESM Framework
- Caprolactam Chemicals Ltd (507486, INE470N01010) - Moving to GSM Framework
- M P K Steels (I) Ltd (544553, INE1PJP01015) - Moving to ESM Framework
Regulatory Changes
The Long Term ASM Framework is a surveillance mechanism applied to securities based on specific criteria related to price movements, volatility, and other market parameters. Securities under this framework face additional trading restrictions and surveillance to protect investor interests.
Compliance Requirements
- Market participants must be aware of the changed surveillance status of affected securities
- Trading members should note the additional compliance and reporting requirements for LT-ASM securities
- Investors trading in these securities should understand the enhanced surveillance measures and potential trading restrictions
- Securities in Stage IV face stricter surveillance measures compared to Stage I
Important Dates
- Effective Date: December 03, 2025 - All changes to LT-ASM Framework become applicable
Impact Assessment
The inclusion of securities in the LT-ASM Framework typically results in:
- Reduced liquidity due to additional trading restrictions
- Higher margin requirements for positions in these securities
- Increased scrutiny of trading activity
- Potential price impact due to changed trading conditions
- Enhanced investor caution and due diligence requirements
For securities moving out of LT-ASM into ESM or GSM frameworks, different surveillance measures will apply. The direct placement of two securities into Stage IV indicates serious surveillance concerns requiring immediate stricter measures.
Impact Justification
Affects trading conditions for 7 securities entering LT-ASM and 3 exiting; includes restrictions that impact liquidity and trading behavior for affected stocks