Description

BSE circular announcing changes to Long Term ASM Framework including 5 new securities being shortlisted and 3 securities moving to higher ASM stages effective December 18, 2025.

Summary

BSE has announced changes to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective December 18, 2025. Five securities are being newly shortlisted under LT-ASM Stage I, while three existing securities will be moved to higher ASM stages (Stage II). No securities are being moved to lower stages or direct Stage IV, and no securities are exiting the LT-ASM framework.

Key Points

  • 5 new securities shortlisted in LT-ASM Framework Stage I effective December 18, 2025
  • 3 securities being moved from Stage I to Stage II within LT-ASM Framework
  • No securities moving out of LT-ASM Framework in this update
  • No securities moving to lower ASM stages
  • No direct Stage IV placements under notice no.20210604-41
  • Consolidated list includes 11+ securities under various ASM stages

Regulatory Changes

Part A - New Securities in LT-ASM Stage I:

  1. 3B Films Ltd (Scrip Code: 544412, ISIN: INE0TE101010)
  2. Agri-Tech (India) Ltd (Scrip Code: 537292, ISIN: INE449G01018)
  3. Coromandel Engineering Company Ltd (Scrip Code: 533167, ISIN: INE312J01012)
  4. Deccan Bearings Ltd (Scrip Code: 505703, ISIN: INE498D01012)
  5. Shashwat Furnishing Solutions Ltd (Scrip Code: 543519, ISIN: INE0JMN01019)

Part B - Securities Moving to Higher ASM Stage II:

  1. Aayush Wellness Ltd (Scrip Code: 539528, ISIN: INE430R01023)
  2. Mizzen Ventures Ltd (Scrip Code: 531537, ISIN: INE681K01026)
  3. Shlokka Dyes Ltd (Scrip Code: 544582, ISIN: INE1EUB01016)

Compliance Requirements

  • Market participants must adhere to LT-ASM trading restrictions for all securities listed in the framework
  • Enhanced surveillance measures apply including potential price bands, trade-for-trade settlement, and additional margin requirements
  • Securities in Stage II face stricter surveillance measures compared to Stage I
  • Investors and brokers should review position limits and margin requirements for affected securities
  • Trading members must ensure compliance with ASM-specific trading conditions

Important Dates

  • Effective Date: December 18, 2025 - All changes to LT-ASM Framework become applicable
  • Circular Date: December 17, 2025

Impact Assessment

Market Impact:

  • Trading in the 5 newly added securities will be subject to Long Term ASM restrictions, potentially reducing liquidity
  • The 3 securities moving to Stage II will face enhanced surveillance measures, which may further impact trading volumes
  • Investors holding these securities should expect increased margin requirements and potential trading restrictions
  • Price discovery may be affected due to surveillance framework constraints

Operational Impact:

  • Brokers need to update their risk management systems for the affected securities
  • Enhanced due diligence required for client orders in these securities
  • Potential impact on algorithmic and high-frequency trading strategies for these stocks

Investor Impact:

  • Reduced liquidity may affect entry and exit positions
  • Higher transaction costs due to additional margins
  • Increased scrutiny on trading activities in these securities

Impact Justification

Affects trading conditions for 8 securities with surveillance measures, impacting liquidity and trading activity for these stocks