Description

BSE announces securities shortlisted for Long Term ASM framework effective December 23, 2025, including 7 new securities and movement of Avance Technologies Ltd to ASM Stage II.

Summary

BSE has issued a circular regarding the applicability of Long Term Additional Surveillance Measure (LT-ASM) framework effective December 23, 2025. Seven securities have been newly shortlisted under the LT-ASM framework, and one security (Avance Technologies Ltd) will be moved to a higher ASM Stage II while continuing in the LT-ASM framework. No securities are being moved out of the framework or moved to lower stages. The consolidated list shows multiple securities across different ASM stages (I, II, and IV).

Key Points

  • 7 securities newly shortlisted in Long Term ASM Framework: Avishkar Infra Realty, Elango Industries, Fredun Pharmaceuticals, JLA Infraville Shoppers, Onix Solar Energy, SEL Manufacturing Company, and Tranway21 Technologies
  • Avance Technologies Ltd (Scrip Code: 512149, ISIN: INE758A01072) to be moved to ASM Stage II while continuing in LT-ASM Framework
  • No securities moving to lower ASM stages
  • No securities being shortlisted directly in Stage IV LT-ASM Framework
  • No securities moving out of Long Term ASM Framework
  • Consolidated list includes securities across ASM Stages I, II, and IV

Regulatory Changes

The Long Term ASM Framework is a surveillance mechanism designed to alert investors about securities with abnormal price movements or trading patterns over an extended period. Securities under this framework face additional trading restrictions and surveillance measures to protect investor interests and maintain market integrity.

Compliance Requirements

  • Trading members must comply with the enhanced surveillance conditions applicable to securities under LT-ASM
  • Investors trading in these securities should be aware of the additional surveillance measures
  • Market participants must note the effective date of December 23, 2025 for these changes
  • Special conditions apply to T+0 scrips shortlisted based on parent company criteria (marked with ~)

Important Dates

  • Effective Date: December 23, 2025 - All LT-ASM changes come into effect

Impact Assessment

Market Impact: High - The inclusion of securities in the LT-ASM framework typically results in reduced liquidity, wider bid-ask spreads, and increased volatility. The framework serves as a warning signal to investors about elevated risks.

Trading Impact: Securities under LT-ASM face stricter trading conditions including price bands, periodic call auctions, and higher margin requirements. Movement to Stage II for Avance Technologies indicates escalating surveillance concerns.

Investor Impact: Investors holding or trading these securities should exercise heightened caution. The LT-ASM designation indicates sustained concerns about price movements or trading patterns that deviate from fundamental factors.

Securities Affected

Part A - New Inclusions:

  1. Avishkar Infra Realty Ltd (508929, INE433O01024)
  2. Elango Industries Ltd (513452, INE594D01018)
  3. Fredun Pharmaceuticals Ltd (539730, INE194R01017)
  4. JLA Infraville Shoppers Ltd (538765, INE401Q01018)
  5. Onix Solar Energy Ltd (513119, INE173M01012)
  6. SEL Manufacturing Company Ltd (532886, INE105I01020)
  7. Tranway21 Technologies Ltd (542923, INE0BIW01023)

Part B - Moving to Higher Stage:

  1. Avance Technologies Ltd (512149, INE758A01072) - Moving to ASM Stage II

Impact Justification

Significant trading restrictions imposed on 7 securities under Long Term ASM framework; Avance Technologies moved to higher Stage II surveillance; affects trading dynamics and liquidity