Description

BSE updates the list of securities under Long Term Additional Surveillance Measure (LT-ASM) framework with additions, removals, and stage changes effective January 01, 2026.

Summary

BSE has issued updated lists of securities under the Long Term Additional Surveillance Measure (LT-ASM) framework, effective January 01, 2026. The circular includes additions of new securities, movement of existing securities to higher or lower ASM stages, direct placements in Stage IV, and removals from the LT-ASM framework due to inclusion in other surveillance frameworks.

Key Points

  • Part A: Kesar India Ltd (543542, INE0L1C01019) newly shortlisted in Long Term ASM Framework
  • Part B: Nyssa Corporation Ltd (504378, INE812K01027) moved to ASM Stage II (higher stage)
  • Part C: No securities moved to lower ASM stages
  • Part D: No securities directly placed in Stage IV
  • Annexure II: 2 securities removed from LT-ASM framework - Nagpur Power & Industries Ltd and Shiva Granito Export Ltd (both moved to ESM Framework)
  • Annexure III: Consolidated list provided showing current ASM stage classification for all securities
  • Effective date: January 01, 2026

Regulatory Changes

The Long Term ASM Framework applies enhanced surveillance measures to securities exhibiting concerning price movements or trading patterns over extended periods. Securities are classified into different stages (I, II, IV) with progressively stricter trading conditions. This circular updates the classification and inclusion/exclusion of securities in this framework.

Compliance Requirements

  • Trading members and investors must be aware of the ASM stage applicable to securities they trade
  • Securities in LT-ASM framework may have additional margin requirements, price bands, or trading restrictions
  • Market participants should review their portfolios for affected securities
  • Stricter surveillance applies to securities moved to higher ASM stages

Important Dates

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

Impact Assessment

Market Impact: The inclusion of securities in LT-ASM framework indicates BSE’s heightened monitoring of these stocks due to volatility or other risk factors. Investors holding these securities may face:

  • Increased margin requirements
  • Reduced liquidity
  • Additional trading restrictions
  • Price discovery challenges

Operational Impact: Trading members must update their systems to reflect new ASM classifications and ensure compliance with applicable trading conditions for each stage.

Investor Impact: Current and prospective investors in affected securities should exercise enhanced due diligence and be aware of the surveillance measures applicable to their holdings.

Impact Justification

Affects trading conditions for multiple securities through ASM framework changes, impacting investors and market participants dealing with these stocks