Description

BSE circular regarding securities being added, moved between stages, or removed from the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 08, 2025.

Summary

BSE has issued changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 08, 2025. The circular identifies securities being newly added to LT-ASM, securities moving to higher or lower ASM stages, and securities being removed from the framework. Three securities are being newly shortlisted, one security is moving to a higher stage (Stage II), five securities are moving to lower stages, and 27 securities are being removed from the LT-ASM framework entirely.

Key Points

  • 3 securities newly shortlisted in Long Term ASM Framework: Nectar Lifesciences Ltd, Ortin Global Ltd, and Rajdarshan Industries Ltd
  • 1 security moving to higher Stage II ASM: Beryl Securities Ltd
  • 5 securities moving to lower ASM stages: CIAN Agro Industries (to Stage III), KIOCL Limited (to Stage II), Omnipotent Industries Ltd (to Stage I), and Sri Adhikari Brothers Television Network Ltd (to Stage I)
  • No securities shortlisted for direct Stage IV placement
  • 27 securities being removed from LT-ASM framework
  • Changes effective from December 08, 2025

Regulatory Changes

The Long Term ASM framework is designed to alert investors about securities that have witnessed rapid price rise or abnormal price volatility. Securities in this framework are subject to stricter trading conditions including:

  • Higher margin requirements
  • Physical delivery obligations
  • Price bands and circuit filters
  • Additional disclosure requirements

Movement between stages (I through IV) indicates increasing or decreasing levels of surveillance based on trading patterns and market behavior.

Compliance Requirements

  • Trading members must ensure compliance with applicable margin requirements for securities under LT-ASM
  • Investors trading in these securities must fulfill physical delivery obligations
  • Market participants should review their positions in affected securities
  • Brokers must update their risk management systems to reflect new ASM classifications
  • Enhanced disclosure and reporting requirements apply for trades in LT-ASM securities

Important Dates

  • Circular Date: December 05, 2025
  • Effective Date: December 08, 2025 - All changes to LT-ASM framework take effect from market opening

Impact Assessment

Market Impact: High - The surveillance measures will significantly affect trading in 36 securities, potentially reducing liquidity and increasing transaction costs for these stocks.

Investor Impact: Investors holding or trading these securities will face stricter margin requirements and mandatory physical delivery, which may impact short-term trading strategies and require additional capital.

Positive Developments: 27 securities are being removed from LT-ASM, indicating improved market behavior and reduced volatility concerns, which should enhance liquidity and reduce trading costs for these stocks.

Risk Mitigation: The framework serves as a protective mechanism to alert investors about securities with unusual price movements and helps prevent excessive speculation.

Annexure Details

Part A - New Additions to LT-ASM:

  1. Nectar Lifesciences Ltd (532649)
  2. Ortin Global Ltd (539287)
  3. Rajdarshan Industries Ltd (526662)

Part B - Moving to Higher Stage:

  1. Beryl Securities Ltd (531582) - Moving to Stage II

Part C - Moving to Lower Stage:

  1. CIAN Agro Industries & Infrastructure Ltd (519477) - Moving to Stage III
  2. KIOCL Limited (140680, 540680) - Moving to Stage II
  3. Omnipotent Industries Ltd (543400) - Moving to Stage I
  4. Sri Adhikari Brothers Television Network Ltd (530943) - Moving to Stage I

Part D - Direct Stage IV Placement:

Nil

Securities Exiting LT-ASM (27 total):

Including Ashram Online.Com Ltd, Beryl Drugs Ltd, Bharatrohan Airborne Innovations Ltd, BN Agrochem Ltd, Brawn Biotech Ltd, and 22 others as listed in Annexure II.

Impact Justification

This circular affects trading conditions for multiple securities through surveillance measures, directly impacting liquidity, margin requirements, and trading restrictions for investors and brokers dealing with these stocks.