Description

BSE circular detailing securities shortlisted for Long Term ASM Framework effective December 09, 2025, including 4 new securities and 1 security moved to direct Stage IV.

Summary

BSE has issued its regular circular on the applicability of Long Term Additional Surveillance Measure (LT-ASM) Framework effective December 09, 2025. Four securities have been newly shortlisted in the LT-ASM Framework: Aadi Industries Ltd, Axita Cotton Ltd, Bharat Global Developers Ltd, and Mahamaya Lifesciences Ltd. Additionally, Shukra Pharmaceuticals Ltd has been placed directly into Stage IV of the LT-ASM Framework. No securities are moving out of the framework or changing stages (except for the direct Stage IV placement).

Key Points

  • 4 securities newly shortlisted in Long Term ASM Framework effective December 09, 2025
  • 1 security (Shukra Pharmaceuticals Ltd) placed directly in Stage IV LT-ASM Framework
  • No securities moving to higher or lower ASM stages within the framework
  • No securities moving out of Long Term ASM Framework
  • Consolidated list includes 14+ securities currently under various ASM stages

Regulatory Changes

No changes to the Long Term ASM Framework itself. This is a regular update applying existing surveillance measures to specific securities based on their trading patterns and market behavior.

Compliance Requirements

  • Trading members must note the surveillance restrictions applicable to listed securities
  • Enhanced due diligence required for transactions in securities under LT-ASM
  • Applicable margin and settlement requirements must be followed for ASM securities
  • Investors should be informed about the surveillance status of these securities

Important Dates

  • Effective Date: December 09, 2025 - LT-ASM Framework applicable to newly shortlisted securities

Impact Assessment

Newly Affected Securities (Part A - Stage I):

  1. Aadi Industries Ltd (530027, INE563D01013)
  2. Axita Cotton Ltd (542285, INE02EZ01022)
  3. Bharat Global Developers Ltd (521238, INE893C01032)
  4. Mahamaya Lifesciences Ltd (544611, INE0U9D01019)

Direct Stage IV Placement (Part D):

  1. Shukra Pharmaceuticals Ltd (524632, INE551C01044)

Trading Impact: Securities under LT-ASM face stricter surveillance with reduced liquidity, higher margins, and potential price volatility restrictions. Stage IV placement for Shukra Pharmaceuticals indicates the most severe surveillance level, significantly restricting trading activity.

Market Implications: The placement suggests heightened regulatory concerns about price manipulation, excessive volatility, or other irregular trading patterns in these securities. Investors should exercise extreme caution when trading these stocks.

Impact Justification

Placement under Long Term ASM Framework significantly restricts trading in affected securities with Stage I or Stage IV surveillance measures, directly impacting liquidity and investor access for 5 securities.