Description

BSE updates the list of securities under Long Term Additional Surveillance Measure framework effective December 05, 2025, including additions, stage changes, and removals.

Summary

BSE has issued an update on securities subject to Long Term Additional Surveillance Measure (LT-ASM) framework, effective December 05, 2025. The circular identifies 4 new securities added to LT-ASM, 2 securities moving to higher ASM stages, and 2 securities exiting the framework due to inclusion in ESM Framework. A consolidated list of all securities currently under various ASM stages is also provided.

Key Points

  • 4 securities newly shortlisted in Long Term ASM Framework: Dhanashree Electronics Ltd, Halder Venture Ltd, Multipurpose Trading & Agencies Ltd, and Yug Decor Ltd
  • 2 securities moving to higher Stage II ASM: Fruition Venture Ltd and Gallops Enterprise Ltd
  • 2 securities exiting LT-ASM Framework: Olatech Solutions Ltd and GV Films Ltd (moving to ESM Framework)
  • No securities moving to lower ASM stages or direct Stage IV in this update
  • Consolidated list includes over 12 securities across different ASM stages (Stage I and Stage IV)
  • Changes effective from December 05, 2025

Regulatory Changes

The Long Term Additional Surveillance Measure framework continues to monitor securities based on predefined criteria. Securities can be added, moved between stages (I through IV), or removed based on their trading patterns and compliance with other surveillance frameworks. The framework operates in conjunction with other BSE surveillance mechanisms including Trade for Trade, GSM (Graded Surveillance Measure), ESM (Enhanced Surveillance Measure), and IBC Framework.

Compliance Requirements

  • Trading members and investors must be aware of the ASM stage applicable to each security
  • Securities under LT-ASM framework are subject to additional surveillance measures and may have specific trading restrictions based on their stage
  • Market participants should review the consolidated list (Annexure III) for complete ASM stage information
  • T+0 scrips marked with special notation (~) are shortlisted in LT-ASM as per parent company criteria

Important Dates

  • December 05, 2025: Effective date for all LT-ASM framework changes including new additions, stage movements, and removals

Impact Assessment

Market Impact: The addition of 4 securities to LT-ASM and movement of 2 securities to higher surveillance stages indicates heightened regulatory scrutiny on these stocks. This typically results in increased trading restrictions, higher margin requirements, and reduced liquidity. The exit of 2 securities to ESM Framework suggests these stocks require even stricter surveillance measures.

Investor Impact: Investors holding positions in affected securities should expect potential trading limitations and increased compliance requirements. Securities moving to higher ASM stages face progressively stricter surveillance, which may impact trading strategies and position management.

Operational Impact: Brokers and trading members need to update their systems to reflect the new ASM classifications and ensure proper risk management protocols are in place for affected securities.

Impact Justification

Affects trading conditions for multiple securities through surveillance framework changes, including stage movements and additions/removals from LT-ASM