Description

BSE updates the list of securities under Long Term Additional Surveillance Measure framework with additions, stage movements, and consolidated listings effective December 12, 2025.

Summary

BSE has issued an update on securities subject to Long Term Additional Surveillance Measure (LT-ASM) framework effective December 12, 2025. The circular includes new securities being added to LT-ASM, securities moving to higher or lower ASM stages, securities moving out of the framework, and a consolidated list of all securities currently under LT-ASM across various stages (I, II, and IV).

Key Points

  • 2 new securities shortlisted in LT-ASM Framework: Alps Industries Ltd and Raconteur Global Resources Ltd
  • 2 securities moving to higher Stage II ASM: Dhyaani Tradeventtures Ltd and Droneacharya Aerial Innovations Ltd
  • 1 security (CIAN Agro Industries & Infrastructure Ltd) directly placed in Stage IV LT-ASM
  • No securities moving to lower ASM stages or exiting the framework
  • Consolidated list includes 14+ securities across different ASM stages
  • Changes effective from December 12, 2025

Regulatory Changes

The Long Term ASM framework is applied to securities that exhibit abnormal price movements or unusual trading patterns over an extended period. Securities in this framework face:

  • Enhanced surveillance and monitoring
  • Stricter price bands and circuit filters
  • Additional disclosure requirements for trading members
  • Graded restrictions based on ASM stage (I, II, III, or IV)
  • Potential restrictions on derivative contracts

Compliance Requirements

  • Trading members must ensure awareness of LT-ASM status before executing trades
  • Enhanced due diligence required for client orders in LT-ASM securities
  • Additional margin requirements may apply based on ASM stage
  • Brokers must comply with specific disclosure norms for LT-ASM securities
  • Clients should be informed about the surveillance classification

Important Dates

  • Effective Date: December 12, 2025 - All LT-ASM changes become applicable

Impact Assessment

Market Impact: Securities under LT-ASM face reduced liquidity due to stricter trading conditions and investor caution. The framework aims to protect investors from excessive speculation while maintaining market integrity.

Trading Impact: Stage-wise restrictions limit trading activity, with higher stages facing more stringent controls. Stage IV represents the most severe category with maximum restrictions.

Investor Impact: Retail and institutional investors must exercise additional caution when trading LT-ASM securities. Higher transaction costs and reduced liquidity may affect investment decisions.

Affected Companies: The 5 newly affected/moved companies will experience heightened scrutiny, potential reputation concerns, and challenges in attracting investors until fundamentals improve and they exit the framework.

Impact Justification

Long Term ASM significantly restricts trading in affected securities with price bands and circuit filters, impacting liquidity and investor access for multiple listed companies