Description

BSE updates the list of securities under Long Term Additional Surveillance Measure framework, including new additions, stage changes, and securities moving out of the framework effective December 17, 2025.

Summary

BSE has issued an updated list of securities under the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 17, 2025. The circular includes four new securities being shortlisted into LT-ASM, one security moving to a higher ASM stage, one security moving out of the framework due to ESM inclusion, and provides a consolidated list of all securities currently under the framework. The LT-ASM framework is designed to alert investors about securities showing abnormal price movements or high volatility.

Key Points

  • 4 new securities added to Long Term ASM Framework: CDG Petchem Ltd, East Buildtech Ltd, Vipul Ltd, and Vision Corporation Ltd
  • Suyog Gurbaxani Funicular Ropeways Ltd moved to higher ASM Stage II
  • TV Vision Ltd removed from LT-ASM Framework due to inclusion in ESM Framework
  • No securities moved to lower ASM stages
  • No securities shortlisted directly into Stage IV
  • Changes effective from December 17, 2025
  • Consolidated list includes securities in various ASM stages (I, IV) with detailed ISIN and scrip code information

Regulatory Changes

The Long Term ASM Framework continues to operate under existing regulations with periodic updates to the list of covered securities. Securities under this framework face enhanced surveillance including potential price bands, trade-to-trade settlement, or additional margin requirements. The framework aims to protect investor interests by flagging securities with unusual trading patterns or concerns regarding corporate governance, financial performance, or compliance issues.

Compliance Requirements

  • Trading members must note the revised list of securities under LT-ASM framework
  • Enhanced margin requirements may apply to securities under surveillance
  • Investors should be aware of additional risks associated with securities under ASM stages
  • Securities may be subject to trade-to-trade settlement and no intraday positions allowed
  • Price bands and position limits may be applicable as per ASM stage
  • Members must ensure appropriate risk disclosures to clients trading in these securities

Important Dates

  • Effective Date: December 17, 2025 - All changes to LT-ASM framework become applicable
  • Circular Date: December 16, 2025

Impact Assessment

Market Impact: The addition of four securities to LT-ASM and movement of one security to a higher stage will result in increased trading restrictions and potentially reduced liquidity for these stocks. Investors may face higher margin requirements and limited trading flexibility.

Investor Impact: Retail and institutional investors holding these securities should be aware of enhanced surveillance measures, which typically indicate concerns about price volatility or corporate governance. The removal of TV Vision Ltd from LT-ASM (due to ESM inclusion) suggests continued regulatory concerns requiring different surveillance mechanisms.

Trading Impact: Securities under LT-ASM typically experience reduced trading volumes, wider bid-ask spreads, and may be subject to additional scrutiny from brokers and clearing corporations. The consolidated list provides transparency for market participants to assess risk exposure across their portfolios.

Impact Justification

Regular surveillance framework update affecting multiple securities with trading restrictions and stage movements, impacting liquidity and trading behavior for listed companies