Description

BSE circular on securities entering, moving between stages, and exiting the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 29, 2025.

Summary

BSE has issued a circular detailing changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 29, 2025. The circular identifies securities being newly shortlisted in LT-ASM, securities moving to higher or lower ASM stages, and securities exiting the framework. The LT-ASM framework is a surveillance mechanism applied to securities that exhibit abnormal price movements or volatility patterns to protect investor interests.

Key Points

  • 3 securities newly shortlisted in Long Term ASM Framework (Part A)
  • 1 security moving to higher ASM Stage II (Part B)
  • 5 securities moving to lower ASM stages (3 to Stage I, 2 to Stage III) (Part C)
  • No securities shortlisted directly in Stage IV (Part D)
  • 26 securities moving out of Long Term ASM Framework (Annexure II)
  • Changes effective from December 29, 2025
  • Securities under LT-ASM face additional trading restrictions and margin requirements

Regulatory Changes

Part A - New Entries to LT-ASM:

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

Part B - Moving to Higher Stage:

  • Arcee Industries Ltd (520121, INE276D01012) - Moving to ASM Stage II

Part C - Moving to Lower Stage:

Moving to Stage I:

  1. Mizzen Ventures Ltd (531537, INE681K01026)
  2. Shlokka Dyes Ltd (544582, INE1EUB01016)
  3. Suyog Gurbaxani Funicular Ropeways Ltd (543391, INE07GA01011)

Moving to Stage III:

  1. CIAN Agro Industries & Infrastructure Ltd (519477, INE052V01019)
  2. Indo Thai Securities Ltd (533676, INE337M01021)

Part D - Direct Stage IV: Nil securities shortlisted for direct Stage IV placement.

Annexure II - Exiting LT-ASM: 26 securities including Aayush Wellness Ltd, ACS Technologies Ltd, Athena Constructions Ltd, Captain Technocast Ltd, Flexituff Ventures International Ltd, and others are being removed from the LT-ASM framework.

Compliance Requirements

  • Trading members must note the revised surveillance categorization of affected securities
  • Enhanced margin requirements apply to securities under LT-ASM framework based on their stage
  • Price bands and trading restrictions specific to each ASM stage must be observed
  • Investors trading in LT-ASM securities should be aware of additional surveillance measures including potential 100% upfront margin requirements
  • Members must update their risk management systems to reflect the new categorizations

Important Dates

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

Impact Assessment

Market Impact:

  • Securities newly entering LT-ASM will face increased trading restrictions and margin requirements, potentially reducing liquidity
  • 26 securities exiting the framework will see relaxation of surveillance measures, potentially improving liquidity
  • Movement to higher stages indicates continued concerns about price manipulation or abnormal volatility
  • Movement to lower stages suggests improved trading behavior and compliance

Operational Impact:

  • Brokers and trading members need to update surveillance categorization in their systems
  • Risk management frameworks must be adjusted for affected securities
  • Investor awareness and disclosures need to be updated for clients holding or trading these securities

Investor Impact:

  • Higher margin requirements for securities in LT-ASM may restrict retail participation
  • Exit from LT-ASM framework benefits investors through normalized trading conditions
  • Stage changes signal regulatory assessment of security behavior and risk levels

Impact Justification

Affects trading conditions for multiple securities through surveillance framework changes including new entries, stage migrations, and exits from LT-ASM effective December 29, 2025.