Description
BSE announces changes to Long Term ASM Framework effective December 15, 2025, including new securities added, securities moving between ASM stages, and securities being removed from the framework.
Summary
BSE has announced updates to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective December 15, 2025. The circular details securities being newly added to the framework, those moving between different ASM stages, and those being removed from surveillance. One security (Ecoboard Industries Ltd) has been newly shortlisted for LT-ASM. Five securities are being moved to lower ASM stages, and 30 securities are moving out of the LT-ASM Framework entirely.
Key Points
- Ecoboard Industries Ltd (Scrip Code: 523732, ISIN: INE866A01016) newly shortlisted in Long Term ASM Framework
- No securities moving to higher ASM stages
- Five securities moving to lower ASM stages: Captain Technocast Ltd (to Stage I), Flexituff Ventures International Ltd (to Stage I), Ironwood Education Ltd (to Stage I), Novelix Pharmaceuticals Ltd (to Stage I), and NACL Industries Ltd (to Stage III)
- No securities being directly placed in Stage IV ASM
- 30 securities completely moving out of LT-ASM Framework
- All changes effective from December 15, 2025
Regulatory Changes
The Long Term ASM Framework applies enhanced surveillance measures to securities that meet specific criteria related to market capitalization, trading volumes, or other risk parameters. Securities under LT-ASM are subject to:
- Reduced price bands
- Trade-for-trade settlement (no intraday trading)
- Additional disclosure requirements
- Enhanced margin requirements
The framework operates in multiple stages (I through IV) with progressively stricter restrictions at higher stages.
Securities Details
Part A - New Securities in LT-ASM:
- Ecoboard Industries Ltd (523732, INE866A01016)
Part C - Securities Moving to Lower Stages:
- Captain Technocast Ltd (540652, INE931X01010) - Moving to Stage I
- Flexituff Ventures International Ltd (533638, INE060J01017) - Moving to Stage I
- Ironwood Education Ltd (508918, INE791H01011) - Moving to Stage I
- Novelix Pharmaceuticals Ltd (536565, INE314I01036) - Moving to Stage I
- NACL Industries Ltd (524709, INE295D01020) - Moving to Stage III
Securities Exiting LT-ASM (30 total): Including Aadi Industries Ltd, Alps Industries Ltd, Arihant Foundations & Housing Ltd, CarTrade Tech Ltd, Gabriel India Ltd, Nectar Lifesciences Ltd, and 24 others.
Important Dates
- Effective Date: December 15, 2025 - All changes to LT-ASM Framework take effect
Impact Assessment
For Newly Added Securities: Ecoboard Industries Ltd will face enhanced surveillance with trading restrictions including reduced price bands and mandatory delivery-based settlement.
For Securities Moving to Lower Stages: Five securities will experience relaxed surveillance measures as they move to lower ASM stages, indicating improved compliance or reduced risk factors.
For Securities Exiting Framework: 30 securities will be removed from LT-ASM surveillance, allowing normal trading conditions to resume. This is positive for liquidity and trading flexibility in these stocks.
Market Impact: Overall moderate impact as the changes affect multiple securities but the majority (30 stocks) are being removed from restrictions, which is positive for market participants. Only one new security added to surveillance framework.
Impact Justification
Affects trading conditions for multiple securities under surveillance framework with restrictions on price bands and settlement. One new security added to LT-ASM, five securities moved to lower stages, and 30 securities removed from framework.