Description

BSE announces changes to the Long Term Additional Surveillance Measure framework effective January 01, 2026, including additions, stage movements, and removals of securities.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective January 01, 2026. The circular identifies securities being newly added to LT-ASM, those moving to higher or lower surveillance stages, and those being removed from the framework. One new security (Kesar India Ltd) has been shortlisted, one security (Nyssa Corporation Ltd) is being moved to a higher stage (Stage II), and two securities are moving out of the framework due to inclusion in ESM Framework.

Key Points

  • Kesar India Ltd (Scrip Code: 543542, ISIN: INE0L1C01019) newly shortlisted in Long Term ASM Framework
  • Nyssa Corporation Ltd (Scrip Code: 504378, ISIN: INE812K01027) moved to ASM Stage II
  • No securities moved to lower ASM stages
  • No securities shortlisted directly in Stage IV
  • Nagpur Power & Industries Ltd and Shiva Granito Export Ltd moving out of LT-ASM due to inclusion in ESM Framework
  • Consolidated list includes numerous securities across ASM Stages I, II, and IV
  • Changes effective from January 01, 2026

Regulatory Changes

The circular implements periodic review and adjustment of securities under the Long Term Additional Surveillance Measure framework. Securities are moved between different ASM stages based on their surveillance parameters, or removed from LT-ASM when they are included in other frameworks such as Trade for Trade, GSM (Graded Surveillance Measure), ESM (Enhanced Surveillance Measure), or IBC (Insolvency and Bankruptcy Code) Framework.

Compliance Requirements

  • Market participants must note the new surveillance classification for affected securities
  • Trading members should update their systems to reflect the ASM stage changes
  • Investors should be aware of the enhanced surveillance applicable to listed securities
  • Higher ASM stages typically involve stricter trading restrictions including higher margin requirements

Important Dates

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

Impact Assessment

The LT-ASM framework changes will impact trading in the affected securities through potential restrictions such as:

  • Increased margin requirements for securities in higher ASM stages
  • Price discovery restrictions and trading limitations
  • Enhanced monitoring and surveillance by the exchange
  • Potential reduction in liquidity for securities under stricter surveillance

Investors holding or trading in Kesar India Ltd should prepare for LT-ASM applicability, while those in Nyssa Corporation Ltd will face stricter Stage II requirements. Securities moving out to ESM Framework (Nagpur Power & Industries Ltd and Shiva Granito Export Ltd) will be subject to ESM-specific surveillance measures instead.

Impact Justification

Affects specific securities under Long Term ASM framework with stage changes and new additions, impacting trading conditions for select stocks