Description

BSE updates on securities being added to, moved within, or removed from the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 30, 2025.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective December 30, 2025. Six securities are being newly added to LT-ASM, two securities are being moved to higher surveillance stages, and three securities are exiting the framework due to inclusion in other surveillance measures (ESM).

Key Points

  • 6 securities newly shortlisted in Long Term ASM Framework
  • 2 securities continuing in LT-ASM but moving to higher Stage II ASM (Shiva Granito Export Ltd, Uravi Defence and Technology Ltd)
  • 3 securities moving out of LT-ASM due to inclusion in ESM Framework (Avance Technologies Ltd, Beryl Securities Ltd, PH Capital Ltd)
  • No securities moving to lower surveillance stages
  • No securities being directly placed in Stage IV ASM
  • Changes effective from December 30, 2025

Regulatory Changes

The LT-ASM framework is designed to alert investors about securities exhibiting abnormal price movements or other concerns. Securities in this framework are subject to additional surveillance measures including:

  • Enhanced margin requirements
  • Price bands restrictions
  • Periodic review for stage progression or exit
  • Trade-for-trade settlement in higher stages

Compliance Requirements

For Market Participants:

  • Be aware of increased margin requirements for trading in affected securities
  • Note applicable price bands and settlement mechanisms
  • Review exposure to securities newly added or moved to higher surveillance stages

For Listed Companies:

  • Companies whose securities are in LT-ASM should review reasons for inclusion
  • Ensure compliance with disclosure requirements
  • Address underlying concerns that led to surveillance inclusion

Important Dates

  • Effective Date: December 30, 2025 - All changes to LT-ASM framework take effect

Impact Assessment

Market Impact:

  • Securities in LT-ASM face reduced liquidity due to higher margins and trading restrictions
  • Movement to Stage II for 2 securities will result in stricter surveillance measures
  • Exit of 3 securities from LT-ASM due to ESM inclusion indicates continued surveillance under different framework

Investor Impact:

  • Investors holding affected securities should expect higher margin requirements
  • Trading costs may increase due to additional surveillance measures
  • Price discovery may be impacted by reduced trading activity

Operational Impact:

  • Brokers need to update margin systems for affected securities
  • Risk management systems should reflect updated surveillance classifications
  • Enhanced monitoring required for securities moving to higher stages

Securities Details

Part A - Newly Added to LT-ASM:

  1. Coral Newsprints Ltd (530755)
  2. Galaxy Cloud Kitchens Ltd (506186)
  3. Krishna Ventures Ltd (504392)
  4. Nagpur Power & Industries Ltd (532362)
  5. Sadhana Nitro Chem Ltd (506642)
  6. Soma Papers & Industries Ltd (516038)

Part B - Moving to Higher Stage II ASM:

  1. Shiva Granito Export Ltd (540072)
  2. Uravi Defence and Technology Ltd (543930)

Part C - Moving to Lower Stages:

  • Nil

Part D - Direct Stage IV Placement:

  • Nil

Securities Exiting LT-ASM (Moving to ESM):

  1. Avance Technologies Ltd (512149)
  2. Beryl Securities Ltd (531582)
  3. PH Capital Ltd (500143)

Impact Justification

Affects trading conditions for multiple securities with changes to surveillance stages, potentially impacting liquidity and trading costs for affected stocks