Description

BSE announces changes to Long Term ASM Framework including new securities added, securities moved between stages, and securities removed from the framework effective December 04, 2025.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective December 04, 2025. Three new securities have been added to the framework, one security has been moved to a higher ASM stage (Stage II), and one security (Arigato Universe Ltd) has been removed from the framework due to inclusion in ESM Framework. The circular provides a consolidated list of all securities currently under the LT-ASM framework with their respective ASM stages.

Key Points

  • 3 new securities added to Long Term ASM Framework: Droneacharya Aerial Innovations Ltd, Shlokka Dyes Ltd, and Shreeshay Engineers Ltd
  • Novelix Pharmaceuticals Ltd moved from lower stage to ASM Stage II within LT-ASM Framework
  • Arigato Universe Ltd removed from LT-ASM Framework due to inclusion in Enhanced Surveillance Measure (ESM) Framework
  • No securities moved to lower ASM stages
  • No securities directly shortlisted to Stage IV LT-ASM Framework
  • Changes effective from December 04, 2025
  • Consolidated list includes securities across ASM Stages I and IV

Regulatory Changes

The Long Term ASM Framework is designed to alert investors about securities exhibiting unusual price movements or trading patterns over an extended period. Securities under this framework are subject to enhanced surveillance and trading restrictions. The framework operates in stages (I, II, III, IV) with increasing levels of surveillance and restrictions.

Securities can:

  • Enter the framework based on surveillance criteria
  • Move between stages based on continued monitoring
  • Exit the framework when moved to other surveillance frameworks (Trade for Trade, GSM, ESM, IBC)

Compliance Requirements

  • Trading members must inform clients about securities under LT-ASM Framework
  • Enhanced due diligence required for transactions in these securities
  • Investors should be aware of the additional surveillance status before trading
  • Securities marked with special symbols (*, #, $, &, ~) have specific conditions as noted in the circular

Important Dates

  • Effective Date: December 04, 2025 - All changes to LT-ASM Framework become applicable

Impact Assessment

Market Impact: Medium - The framework affects specific securities with heightened surveillance, which may impact liquidity and trading volumes in these stocks. Investors in the affected securities need to be aware of the additional surveillance measures.

Operational Impact: Trading members must update their systems and communicate changes to clients dealing in these securities. The movement of Arigato Universe Ltd to ESM Framework indicates escalation of surveillance concerns.

Investor Impact: Investors holding or trading in the newly added securities (Droneacharya Aerial Innovations, Shlokka Dyes, Shreeshay Engineers) and Novelix Pharmaceuticals should exercise increased caution and be aware of the surveillance measures applied to these stocks.

Impact Justification

Affects specific securities under surveillance framework with trading restrictions; impacts investors in listed securities but limited to select stocks