Description

BSE circular detailing changes to securities under Long Term Additional Surveillance Measure (LT-ASM) framework effective December 29, 2025, including additions, stage movements, and removals.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 29, 2025. The circular identifies securities being newly added to LT-ASM, securities moving between ASM stages, and securities being removed from the framework. Part A lists 3 new securities entering LT-ASM, Part B shows 1 security moving to higher ASM stage, Part C details 5 securities moving to lower ASM stages, Part D reports no securities moving to direct stage IV, and Annexure II lists 26 securities exiting the LT-ASM framework.

Key Points

  • 3 securities newly shortlisted for Long Term ASM Framework: Fabino Enterprises Ltd, Garnet International Ltd, and Teamo Productions HQ Ltd
  • Arcee Industries Ltd moved to ASM Stage II (higher surveillance)
  • 5 securities moved to lower ASM stages: 3 to Stage I and 2 to Stage III
  • 26 securities removed from Long Term ASM Framework, resuming normal trading conditions
  • No securities moved to direct Stage IV LT-ASM
  • Changes effective from December 29, 2025

Regulatory Changes

Part A - New Additions to LT-ASM:

  1. Fabino Enterprises Ltd (Scrip Code: 543444, ISIN: INE0DRT01018)
  2. Garnet International Ltd (Scrip Code: 512493, ISIN: INE590B01010)
  3. Teamo Productions HQ Ltd (Scrip Code: 533048, ISIN: INE065J01024)

Part B - Movement to Higher ASM Stage:

  1. Arcee Industries Ltd (Scrip Code: 520121) - Moved to ASM Stage II

Part C - Movement to Lower ASM Stage:

  • To Stage I: Mizzen Ventures Ltd, Shlokka Dyes Ltd, Suyog Gurbaxani Funicular Ropeways Ltd
  • To Stage III: CIAN Agro Industries & Infrastructure Ltd, Indo Thai Securities Ltd

Part D - Direct Stage IV: No securities moved to direct Stage IV as per notice no.20210604-41

Annexure II - Securities Exiting LT-ASM: 26 securities including Aayush Wellness Ltd, ACS Technologies Ltd, Flexituff Ventures International Ltd, and others will exit the surveillance framework.

Compliance Requirements

  • Market participants must note the revised surveillance status of affected securities
  • Trading in newly added LT-ASM securities will be subject to enhanced surveillance measures including potential price bands, trade-for-trade settlement, and additional margin requirements
  • Securities exiting LT-ASM will return to normal trading conditions without additional surveillance restrictions
  • Broker-dealers should update their systems to reflect new ASM classifications
  • Investors holding securities in higher ASM stages should be aware of stricter trading conditions

Important Dates

  • Effective Date: December 29, 2025 - All changes to LT-ASM framework become applicable
  • Circular Issue Date: December 26, 2025

Impact Assessment

Market Impact: Securities entering LT-ASM or moving to higher stages will face enhanced surveillance including potential liquidity constraints, wider bid-ask spreads, and reduced trading volumes due to stricter requirements. The 26 securities exiting the framework will benefit from improved liquidity and normal trading conditions.

Investor Impact: Investors holding securities in Part A and Part B face increased trading restrictions and higher margin requirements. Those holding securities in Annexure II will see improved market access. Securities moving to lower ASM stages (Part C) will experience gradual easing of restrictions.

Operational Impact: Brokers and trading members must update surveillance classifications, adjust margin requirements, and communicate changes to clients holding affected securities. Risk management systems need recalibration for the 35 securities with changed surveillance status.

Impact Justification

Affects trading conditions for multiple securities through surveillance framework changes. Important for investors holding these stocks but limited to specific securities.