Description
BSE circular announcing securities shortlisted for, moved within, and exiting the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 09, 2025.
Summary
BSE has issued a circular detailing changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 09, 2025. The circular identifies 4 new securities entering the LT-ASM framework, 1 security moving directly to Stage IV, and provides a consolidated list of all securities currently under LT-ASM surveillance. No securities are exiting the framework or moving between stages (higher/lower) in this update.
Key Points
- 4 securities newly shortlisted for LT-ASM framework: Aadi Industries Ltd, Axita Cotton Ltd, Bharat Global Developers Ltd, and Mahamaya Lifesciences Ltd
- 1 security (Shukra Pharmaceuticals Ltd) directly placed in Stage IV of LT-ASM framework
- No securities moving to higher or lower ASM stages
- No securities exiting the LT-ASM framework in this update
- Changes take effect from December 09, 2025
- Consolidated list includes multiple securities across ASM Stages I through IV
Regulatory Changes
The LT-ASM framework is designed to alert investors about securities with abnormal price movements or unusual trading patterns. Securities under this framework face enhanced surveillance measures including:
- Increased monitoring of price and volume movements
- Potential trading restrictions
- Special disclosure requirements
- Staged progression system (Stage I through Stage IV) based on continued surveillance concerns
Compliance Requirements
- Trading members must inform clients about securities under LT-ASM framework
- Investors should exercise enhanced due diligence when trading these securities
- Securities marked with special symbols (*, #, $, &, ~) indicate additional frameworks or parent company linkages
- T+0 scrips in LT-ASM are identified with ~ symbol
Important Dates
- Effective Date: December 09, 2025 - All LT-ASM changes become applicable
Impact Assessment
Market Impact: High - The LT-ASM framework significantly impacts liquidity and trading activity in affected securities. Investors typically avoid or reduce exposure to securities under enhanced surveillance.
Investor Impact: Securities newly entering LT-ASM may experience:
- Reduced liquidity and wider bid-ask spreads
- Increased margin requirements
- Potential difficulty in execution of large orders
- Heightened scrutiny from institutional investors
Operational Impact: Brokers and trading platforms must update their systems to reflect the surveillance status and ensure appropriate client disclosures are made before permitting trades in these securities.
Securities Details
Part A - New Entrants to LT-ASM (Stage I)
- Aadi Industries Ltd (530027, INE563D01013)
- Axita Cotton Ltd (542285, INE02EZ01022)
- Bharat Global Developers Ltd (521238, INE893C01032)
- Mahamaya Lifesciences Ltd (544611, INE0U9D01019)
Part D - Direct Stage IV Entry
- Shukra Pharmaceuticals Ltd (524632, INE551C01044)
Impact Justification
LT-ASM framework imposes stringent surveillance measures on securities exhibiting concerning price movements or volatility patterns, directly affecting tradability and investor access to these stocks.