Description

BSE updates the list of securities under Long Term Additional Surveillance Measure (LT-ASM) framework, with changes effective December 12, 2025.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 12, 2025. Two new securities have been added to the LT-ASM framework, two securities are being moved to higher ASM stages, one security is being directly placed in Stage IV, and no securities are being removed from the framework.

Key Points

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

Regulatory Changes

The Long Term ASM framework is a surveillance mechanism applied to securities based on specific criteria. Securities under this framework face additional compliance and trading restrictions.

New Additions (Part A):

  1. Alps Industries Ltd (Scrip Code: 530715, ISIN: INE093B01015)
  2. Raconteur Global Resources Ltd (Scrip Code: 541703, ISIN: INE00WY01013)

Moving to Higher Stages (Part B):

  1. Dhyaani Tradeventtures Ltd (Scrip Code: 543516) - Moving to ASM Stage II
  2. Droneacharya Aerial Innovations Ltd (Scrip Code: 543713) - Moving to ASM Stage II

Direct Stage IV Placement (Part D):

  1. CIAN Agro Industries & Infrastructure Ltd (Scrip Code: 519477) - Direct to ASM Stage IV

Compliance Requirements

Listed companies included in the LT-ASM framework must:

  • Comply with enhanced surveillance requirements
  • Accept trading restrictions as per their assigned ASM stage
  • Higher ASM stages typically involve stricter price bands, position limits, and reporting obligations
  • Stage IV represents the highest level of surveillance with most stringent controls

Important Dates

  • Effective Date: December 12, 2025 - All changes to LT-ASM framework take effect

Impact Assessment

Market Impact:

  • Securities under LT-ASM face restricted trading conditions including potential price bands and reduced liquidity
  • Investors in affected securities may experience limited trading flexibility
  • Movement to higher ASM stages indicates continued surveillance concerns

Operational Impact:

  • Trading members must update their systems to reflect new surveillance measures
  • Risk management systems need adjustment for affected securities
  • Investors should be aware of enhanced surveillance status when trading these securities

Affected Securities Summary:

  • Total new entries: 2 securities
  • Securities with enhanced surveillance (moved to higher stages): 2 securities
  • Direct Stage IV placements: 1 security
  • Total securities continuing in framework: Multiple (consolidated list provided in Annexure III)

The absence of securities exiting the framework indicates ongoing surveillance concerns across the identified companies.

Impact Justification

Affects specific securities through surveillance measures but limited to identified stocks; impacts trading conditions for listed companies