Description
BSE announces changes to Long Term ASM Framework with securities being added, moved between stages, and removed from surveillance effective December 22, 2025.
Summary
BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective December 22, 2025. The circular details securities being newly shortlisted in LT-ASM, securities moving between different ASM stages, and securities exiting the surveillance framework entirely. Eight securities are being added to LT-ASM surveillance, one security is moving to higher Stage II ASM, five securities are moving to lower Stage I ASM, and twenty-two securities are being removed from the LT-ASM framework.
Key Points
- 8 securities newly shortlisted in Long Term ASM Framework effective December 22, 2025
- 1 security (Bharat Global Developers Ltd) moved to higher ASM Stage II while continuing in LT-ASM
- 5 securities moved to lower ASM Stage I including KIOCL Ltd, Beryl Securities Ltd, Dhyaani Tradeventtures Ltd, and Droneacharya Aerial Innovations Ltd
- 22 securities moving out of Long Term ASM Framework completely
- No securities shortlisted for direct Stage IV Long Term ASM Framework
- T+0 scrips marked separately when shortlisted based on parent company criteria
Regulatory Changes
The LT-ASM framework continues BSE’s surveillance mechanism to monitor securities exhibiting unusual price movements or trading patterns over extended periods. Securities under LT-ASM face additional monitoring and trading restrictions designed to protect investor interests. The framework allows for dynamic movement of securities between different surveillance stages based on ongoing assessment of trading behavior and compliance.
Compliance Requirements
- Trading members must note the revised LT-ASM status of affected securities effective December 22, 2025
- Securities in LT-ASM are subject to additional surveillance measures including enhanced margin requirements and trading restrictions
- Market participants should review their positions in affected securities and ensure compliance with applicable surveillance measures
- Securities moving to higher ASM stages face more stringent surveillance and trading conditions
Important Dates
- December 22, 2025: Effective date for all LT-ASM framework changes including new additions, stage movements, and removals
Impact Assessment
Securities Added to LT-ASM (Part A - 8 securities): Ambo Agritec Ltd, Chandra Bhagat Pharma Ltd, GEM Enviro Management Ltd, Key Corporation Ltd, Millennium Online Solutions (India) Ltd, Octal Credit Capital Ltd, Star Housing Finance Ltd, and U. H. Zaveri Ltd will face enhanced surveillance measures including higher margin requirements and potential trading restrictions.
Securities Moving to Higher Stage (Part B - 1 security): Bharat Global Developers Ltd moves to ASM Stage II, indicating continued surveillance concerns with more stringent monitoring.
Securities Moving to Lower Stage (Part C - 5 securities): Beryl Securities Ltd, Dhyaani Tradeventtures Ltd, Droneacharya Aerial Innovations Ltd, and KIOCL Ltd (including T+0 variant) move to ASM Stage I, reflecting improved trading behavior while remaining under surveillance.
Securities Exiting LT-ASM (Annexure II - 22 securities): Significant positive development for 22 securities including 7Seas Entertainment Ltd, ACE Software Exports Ltd, Madhucon Projects Ltd, MIC Electronics Ltd, Moschip Technologies Ltd, and others that are being removed from surveillance framework, indicating normalized trading patterns and reduced regulatory concerns.
The overall impact is mixed with increased scrutiny on 8 securities, reduced restrictions for 22 securities exiting the framework, and adjusted surveillance levels for 6 securities moving between stages.
Impact Justification
Affects trading conditions for 30+ securities across multiple surveillance stages, with 8 new additions to LT-ASM and 22 securities being removed from surveillance framework