Description

BSE updates the list of securities under Long Term ASM Framework with additions, movements between stages, and removals effective December 04, 2025.

Summary

BSE has issued updated lists for the Long Term Additional Surveillance Measure (LT-ASM) Framework effective December 04, 2025. Three new securities have been added to the framework, one security moves to a higher ASM stage, and one security is being removed due to inclusion in ESM Framework. The circular provides consolidated information on all securities currently under various stages of the LT-ASM framework.

Key Points

  • Three securities newly shortlisted in Long Term ASM Framework: Droneacharya Aerial Innovations Ltd (543713), Shlokka Dyes Ltd (544582), and Shreeshay Engineers Ltd (541112)
  • Novelix Pharmaceuticals Ltd (536565) continues in LT-ASM but moves to higher Stage II ASM
  • Arigato Universe Ltd (530267) moving out of LT-ASM Framework due to inclusion in ESM Framework
  • No securities moving to lower ASM stages
  • No securities directly shortlisted in Stage IV LT-ASM
  • Consolidated list includes multiple securities across ASM Stages I and IV

Regulatory Changes

The Long Term ASM Framework continues to apply enhanced surveillance measures on securities that meet specific criteria related to market integrity concerns. Securities under this framework are subject to:

  • Price bands restrictions
  • Higher margin requirements
  • Enhanced disclosure requirements
  • Potential trading restrictions based on ASM stage

Movement between stages (I, II, III, IV) indicates escalating or de-escalating surveillance based on security behavior and compliance.

Compliance Requirements

  • Trading members must ensure compliance with applicable margins and price bands for securities under LT-ASM
  • Enhanced monitoring required for securities in higher ASM stages
  • Investors should be aware of additional surveillance applicable to these securities
  • Securities marked with special symbols (*, #, $, &, ~) have specific conditions as per framework guidelines

Important Dates

  • Effective Date: December 04, 2025 - All changes to LT-ASM classifications become effective

Impact Assessment

Market Impact: High - Securities under LT-ASM face trading restrictions that can significantly impact liquidity and price discovery. The addition of three new securities and upward movement of one security indicates heightened regulatory scrutiny.

Investor Impact: Investors holding or trading these securities will face stricter price bands, higher margin requirements, and potentially reduced liquidity. Movement to higher ASM stages can negatively impact trading activity.

Operational Impact: Brokers and trading members must update their risk management systems to reflect new margin requirements and trading restrictions for affected securities. The removal of Arigato Universe Ltd from LT-ASM to ESM Framework indicates even more stringent measures will apply.

Impact Justification

Affects trading conditions for multiple securities with potential restrictions on price bands, margins, and settlement mechanisms under surveillance framework