Description

BSE notifies securities being added to Long Term ASM Framework effective December 24, 2025, including 7 securities shortlisted for enhanced surveillance.

Summary

BSE has issued a circular regarding the applicability of Long Term Additional Surveillance Measure (LT-ASM) effective December 24, 2025. Seven securities have been shortlisted for inclusion in the Long Term ASM Framework. No securities are being moved to higher or lower ASM stages, moved to direct Stage IV, or exiting the framework during this update.

Key Points

  • 7 securities newly shortlisted in Long Term ASM Framework effective December 24, 2025
  • Part A lists new entries: Aerpace Industries Ltd, Alexander Stamps And Coin Ltd, Bhakti Gems and Jewellery Ltd, B-Right Realestate Ltd, PH Capital Ltd, Trustedge Capital Ltd, and Twentyfirst Century Management Services Ltd
  • No securities moving to higher ASM stages (Part B: Nil)
  • No securities moving to lower ASM stages (Part C: Nil)
  • No securities shortlisted in Direct Stage IV Long Term ASM Framework (Part D: Nil)
  • No securities moving out of Long Term ASM Framework (Annexure II: Nil)
  • Consolidated list includes securities across ASM Stages I, II, and IV
  • Special markings indicate T+0 scrips, NSE-based listings, and non-promoter holding classifications

Regulatory Changes

The Long Term ASM Framework continues to apply enhanced surveillance measures to securities exhibiting concerning trading patterns or price movements over extended periods. Securities in this framework are subject to additional monitoring and may have trading restrictions applied. The framework includes provisions for securities to move between different ASM stages based on ongoing surveillance.

Compliance Requirements

  • Market participants must be aware of securities entering LT-ASM Framework
  • Enhanced due diligence required for trading in listed securities
  • Investors should note potential trading restrictions on affected securities
  • Members must comply with surveillance framework requirements
  • Special attention required for securities marked with asterisks, hash symbols, or other indicators denoting specific classifications

Important Dates

  • Effective Date: December 24, 2025 - New securities enter Long Term ASM Framework
  • Circular Date: December 23, 2025

Impact Assessment

Market Impact: The addition of 7 securities to Long Term ASM Framework will subject them to enhanced surveillance and potential trading restrictions. This may result in reduced liquidity and increased price volatility for affected securities.

Investor Impact: Investors holding or trading these securities should be aware of enhanced surveillance measures and potential additional requirements. The LT-ASM designation signals regulatory concerns about trading patterns or price movements.

Operational Impact: Trading members need to update their systems and risk management frameworks to account for LT-ASM restrictions on these securities. The stable nature of this update (no securities moving stages or exiting) suggests the framework is functioning as intended without major disruptions.

Impact Justification

Affects 7 securities entering LT-ASM framework with enhanced surveillance and trading restrictions, but no securities moving to higher stages or exiting framework