Description

BSE announces changes to securities under Long Term Additional Surveillance Measure framework with securities moving in, out, and between stages effective December 08, 2025.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 08, 2025. The circular covers: 3 new securities entering LT-ASM, 1 security moving to a higher surveillance stage, 5 securities moving to lower stages, and 27 securities exiting the framework entirely. The LT-ASM framework imposes additional surveillance and trading restrictions on securities that meet specific risk criteria.

Key Points

  • 3 securities newly shortlisted in Long Term ASM: Nectar Lifesciences Ltd, Ortin Global Ltd, and Rajdarshan Industries Ltd
  • Beryl Securities Ltd moves from Stage I to Stage II (higher surveillance)
  • 5 securities moved to lower surveillance stages: CIAN Agro (to Stage III), KIOCL Limited (to Stage II), Omnipotent Industries (to Stage I), Sri Adhikari Brothers Television (to Stage I)
  • 27 securities moving out of LT-ASM framework completely, including Ashram Online.Com, Beryl Drugs, Bharatrohan Airborne Innovations, and others
  • No securities placed directly into Stage IV LT-ASM
  • Changes apply to both regular and T+0 scrips where applicable
  • Asterisk (*) denotes securities aligned with NSE surveillance measures

Regulatory Changes

The Long Term ASM framework continues BSE’s enhanced surveillance mechanism for securities exhibiting abnormal price movements, high volatility, or other risk parameters. Securities in LT-ASM face:

  • Additional disclosure requirements
  • Price bands and trading restrictions
  • Higher margins for trading
  • Staged approach (I through IV) with progressively stricter measures

Movement between stages is based on ongoing monitoring of trading patterns and compliance metrics.

Compliance Requirements

  • Market participants must note the revised ASM classifications before trading these securities
  • Trading members should update their risk management systems to reflect new stage assignments
  • Investors in affected securities should be aware of applicable price bands, margin requirements, and settlement conditions
  • Brokers must ensure clients are informed about surveillance status of these securities
  • Securities exiting LT-ASM will return to normal trading conditions but may still be subject to other surveillance measures

Important Dates

  • Effective Date: December 08, 2025 - All changes to LT-ASM classifications become applicable
  • Circular Date: December 05, 2025

Impact Assessment

Market Impact: High impact on 35+ securities across multiple sectors. Securities entering or moving to higher surveillance stages will face reduced liquidity due to stricter trading conditions and higher margins, potentially leading to wider bid-ask spreads. Securities exiting the framework should see improved liquidity and reduced trading costs.

Investor Impact: Investors holding positions in securities moving to higher stages should expect increased margin requirements and potential difficulty in execution. Those in securities exiting LT-ASM will benefit from normalized trading conditions. New entrants to LT-ASM (Nectar Lifesciences, Ortin Global, Rajdarshan Industries) may see immediate price volatility as market participants adjust positions.

Operational Impact: Trading systems and risk management platforms must be updated to reflect new classifications. Brokers need to adjust margin calculations and client communications for affected securities.

Impact Justification

Affects trading of 35+ securities with movement into/out of surveillance framework and stage changes, impacting liquidity and trading conditions for investors