Description
BSE notifies securities shortlisted for Long Term ASM Framework effective December 23, 2025, including 7 new securities in Part A and 1 security moving to higher Stage II ASM.
Summary
BSE has issued the updated list of securities under the Long Term Additional Surveillance Measure (LT-ASM) Framework effective December 23, 2025. Seven securities have been newly shortlisted in LT-ASM, and one security (Avance Technologies Ltd) has been moved to a higher ASM Stage II while continuing in the framework. No securities are moving out of the framework or being moved to lower stages.
Key Points
- 7 new securities added to Long Term ASM Framework (Part A)
- 1 security (Avance Technologies Ltd) moved to higher Stage II ASM while continuing in LT-ASM (Part B)
- No securities moved to lower ASM stages (Part C)
- No securities shortlisted directly in Stage IV LT-ASM (Part D)
- No securities moving out of LT-ASM Framework (Annexure II)
- Consolidated list provided in Annexure III showing all securities under various ASM stages
- Effective date: December 23, 2025
Securities Affected
Part A - New Securities in LT-ASM Framework:
- Avishkar Infra Realty Ltd (Scrip Code: 508929, ISIN: INE433O01024)
- Elango Industries Ltd (Scrip Code: 513452, ISIN: INE594D01018)
- Fredun Pharmaceuticals Ltd (Scrip Code: 539730, ISIN: INE194R01017)
- JLA Infraville Shoppers Ltd (Scrip Code: 538765, ISIN: INE401Q01018)
- Onix Solar Energy Ltd (Scrip Code: 513119, ISIN: INE173M01012)
- SEL Manufacturing Company Ltd (Scrip Code: 532886, ISIN: INE105I01020)
- Tranway21 Technologies Ltd (Scrip Code: 542923, ISIN: INE0BIW01023)
Part B - Securities Moving to Higher ASM Stage:
- Avance Technologies Ltd (Scrip Code: 512149, ISIN: INE758A01072) - Moved to ASM Stage II
Regulatory Framework
The Long Term ASM Framework is a surveillance mechanism designed to:
- Monitor securities showing abnormal price movements
- Protect investor interests by imposing additional surveillance on suspect securities
- Apply progressive restrictions through various ASM stages (I, II, III, IV)
- Ensure market integrity and prevent price manipulation
Compliance Requirements
- Trading members must note the securities under LT-ASM and inform their clients
- Enhanced due diligence required for transactions in these securities
- Additional margin requirements may apply
- Restrictions on derivative positions may be imposed
- Market participants must comply with the specific conditions of each ASM stage
Important Dates
- Effective Date: December 23, 2025
- Circular Date: December 22, 2025
Impact Assessment
Trading Impact: Securities under LT-ASM face significant trading restrictions including higher margins, no intraday trading, and 100% delivery-based settlement, which typically reduces liquidity and trading volumes.
Investor Impact: Retail and institutional investors holding these securities will experience reduced liquidity, wider bid-ask spreads, and difficulty in exiting positions quickly.
Market Impact: The inclusion of 7 new securities signals increased surveillance activity and BSE’s proactive approach to market integrity. Securities in higher ASM stages face progressively stricter controls.
Price Impact: Historical trends show securities entering ASM frameworks often experience volatility and price corrections as speculative interest diminishes.
Additional Notes
- Securities marked with specific symbols indicate additional frameworks:
- (*) As per NSE criteria
- (^) As per Non Promoter Holding
- (~) T+0 Scrips shortlisted based on parent company
- (#) Securities in GSM Framework
- ($) Securities in ESM Framework
- (&) Securities in IBC Framework
- (*) Securities in Trade for Trade framework
Impact Justification
LT-ASM Framework imposes stringent trading restrictions on securities with price manipulation concerns, directly affecting trading activity and investor access for affected stocks