Description

BSE circular regarding securities shortlisted under Long Term ASM Framework effective December 24, 2025, including new additions and ASM stage movements.

Summary

BSE has issued a circular detailing the application of Long Term Additional Surveillance Measure (LT-ASM) Framework effective December 24, 2025. Seven securities have been newly shortlisted under the LT-ASM Framework in Stage I. No securities are moving to higher or lower ASM stages, being moved to Direct Stage IV, or exiting the framework during this cycle.

Key Points

  • 7 securities newly shortlisted in Long Term ASM Framework effective December 24, 2025
  • All new additions are placed in ASM Stage I
  • No securities moving to higher ASM stages (Part B: Nil)
  • No securities moving to lower ASM stages (Part C: Nil)
  • No securities moved to Direct Stage IV under notice 20210604-41 (Part D: Nil)
  • No securities moving out of LT-ASM Framework (Annexure II: Nil)
  • Consolidated list provided showing all securities currently under various ASM stages

Securities Added to LT-ASM Framework

Part A - New Additions (Effective December 24, 2025):

  1. Aerpace Industries Ltd (534733, INE175N01023)
  2. Alexander Stamps And Coin Ltd (511463, INE191N01012)
  3. Bhakti Gems and Jewellery Ltd (540545, INE986W01016)
  4. B-Right Realestate Ltd (543543, INE0IZQ01016)
  5. PH Capital Ltd (500143, INE160F01013)
  6. Trustedge Capital Ltd (532056, INE398H01015)
  7. Twentyfirst Century Management Services Ltd* (526921, INE253B01015)

*Note: As per NSE

Regulatory Framework

The Long Term ASM Framework is a surveillance mechanism applied to securities exhibiting unusual price movements or trading patterns. Securities under LT-ASM face:

  • Enhanced surveillance monitoring
  • Potential trading restrictions
  • Progressive stage-based framework (Stage I through Stage IV)
  • Price bands and other trading limitations
  • Possible movement to Trade for Trade segment

Important Dates

  • Effective Date: December 24, 2025
  • Circular Date: December 23, 2025

Impact Assessment

Market Impact: High - Securities under LT-ASM typically experience reduced liquidity and increased trading costs due to surveillance measures.

Investor Impact: Investors holding or trading these securities will face stricter surveillance conditions, potential position limits, and reduced market liquidity. Stage I placement indicates initial surveillance level with possibility of escalation if concerns persist.

Compliance Impact: Trading members must ensure compliance with ASM framework requirements including additional margin requirements and client disclosures for transactions in these securities.

Impact Justification

Securities placed under LT-ASM face strict trading restrictions and surveillance, directly impacting investor trading ability and liquidity in affected stocks