Description

BSE announces changes to Long Term ASM framework effective December 16, 2025, adding 7 securities to surveillance and removing 1 security from the framework.

Summary

BSE has issued an update on the applicability of Long Term Additional Surveillance Measure (LT-ASM) framework effective December 16, 2025. Seven securities are being newly shortlisted under the LT-ASM framework, while one security (Fraser and Company Ltd) is moving out of the framework due to inclusion in the GSM Framework. No securities are being moved to higher or lower ASM stages. The circular includes a consolidated list of all securities currently under various ASM stages.

Key Points

  • 7 securities newly added to Long Term ASM Framework (Part A)
  • 1 security (Fraser and Company Ltd) removed from LT-ASM due to GSM Framework inclusion (Part B)
  • No securities moving to higher ASM stages
  • No securities moving to lower ASM stages
  • No securities directly placed in Stage IV LT-ASM
  • Consolidated list provided showing all securities under ASM with their respective stages

Securities Added to LT-ASM (Effective December 16, 2025)

  1. Alphalogic Industries Ltd (543937, INE0NZF01019)
  2. Anand Rayons Ltd (542721, INE02GA01012)
  3. Colab Platforms Ltd (542866, INE317W01030)
  4. Gayatri BioOrganics Ltd (524564, INE052E01015)
  5. RRP Defense Ltd (530929, INE535P01015)
  6. RRP Semiconductor Ltd (504346, INE713N01013)
  7. TV Vision Ltd (540083, INE871L01013)

Securities Removed from LT-ASM

  • Fraser and Company Ltd (539032, INE184Q01010) - Moved to GSM Framework

Compliance Requirements

  • Trading members and market participants must comply with LT-ASM framework requirements for the newly added securities
  • Enhanced surveillance measures will apply to all listed securities from December 16, 2025
  • Securities under ASM are subject to additional reporting, price restrictions, and monitoring measures

Important Dates

  • Effective Date: December 16, 2025 - LT-ASM changes become applicable

Impact Assessment

The addition of 7 securities to the LT-ASM framework indicates increased regulatory scrutiny due to specific risk parameters. Securities under LT-ASM typically face trading restrictions including higher margin requirements, price bands, and enhanced disclosure obligations. Market participants holding or trading these securities should be aware of the additional compliance requirements. The removal of Fraser and Company Ltd from LT-ASM to GSM Framework suggests a change in the surveillance category, with GSM (Graded Surveillance Measure) being a different framework with its own set of restrictions.

Impact Justification

Affects trading conditions for 7 securities entering LT-ASM framework with enhanced surveillance measures, while 1 security exits the framework