Description

BSE updates the list of securities under Long Term Additional Surveillance Measure framework, effective January 01, 2026, including new additions, stage movements, and exclusions.

Summary

BSE has updated the Long Term Additional Surveillance Measure (LT-ASM) framework applicable from January 01, 2026. The circular identifies securities being newly included in LT-ASM, those moving between ASM stages, securities directly placed in Stage IV, and those exiting the framework due to inclusion in other surveillance mechanisms (ESM, GSM, IBC, or Trade for Trade frameworks).

Key Points

  • One new security added to LT-ASM framework: Kesar India Ltd (Scrip Code: 543542)
  • Nyssa Corporation Ltd (Scrip Code: 504378) moved to higher ASM Stage II
  • Two securities moving out of LT-ASM: Nagpur Power & Industries Ltd and Shiva Granito Export Ltd (both moved to ESM Framework)
  • No securities placed directly in Stage IV LT-ASM
  • No securities moving to lower ASM stages
  • Consolidated list includes multiple securities across ASM Stages I, II, and IV

Regulatory Changes

The LT-ASM framework continues BSE’s surveillance mechanism to identify securities with unusual price movements or trading patterns. Securities under this framework face additional trading restrictions including higher margin requirements and price freeze conditions to protect investor interests.

Compliance Requirements

  • Trading members must ensure compliance with enhanced margin requirements for securities under LT-ASM
  • Investors should be aware of the additional surveillance measures applicable to these securities
  • Securities may face restrictions on trading frequency and settlement mechanisms depending on ASM stage
  • Higher stages (II, IV) typically have more stringent trading conditions than Stage I

Important Dates

  • Effective Date: January 01, 2026 - All changes to LT-ASM framework become applicable

Impact Assessment

The LT-ASM framework impacts liquidity and trading dynamics for the affected securities. Securities entering the framework or moving to higher stages will face increased scrutiny and trading restrictions, potentially reducing trading volumes. The exit of two securities to ESM framework indicates escalation of surveillance concerns. Investors holding these securities should review their positions considering the enhanced surveillance measures and potential liquidity constraints. The consolidated list shows continued monitoring of securities exhibiting concerning trading patterns across various ASM stages.

Impact Justification

Affects specific securities under enhanced surveillance with trading restrictions, relevant for investors holding or trading these stocks