Description

BSE updates on securities shortlisted, moved between stages, and removed from Long Term Additional Surveillance Measure framework effective January 05, 2026.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective January 05, 2026. The circular details securities newly shortlisted in LT-ASM, securities moving between different ASM stages, and securities being removed from the framework. Three new securities have been added to LT-ASM, one security moves to higher stage, four securities move to lower stages, and twelve securities are being removed from the framework.

Key Points

  • 3 securities newly shortlisted in Long Term ASM Framework: Jackson Investments Ltd, Safa Systems & Technologies Ltd, and Samtel India Ltd
  • Cupid Breweries And Distilleries Ltd moved to higher ASM Stage II while continuing in LT-ASM
  • 4 securities moved to lower ASM stages: Bharat Global Developers Ltd and Espire Hospitality Limited to Stage I; NACL Industries Ltd and Sumeet Industries Ltd to Stage III
  • No securities shortlisted in Direct Stage IV LT-ASM Framework
  • 12 securities moving out of LT-ASM Framework including A B Infrabuild Ltd, Accedere Ltd, Gourmet Gateway India Ltd, Healthy Life Agritec Ltd, Mangalam Industrial Finance Ltd, Netweb Technologies India Ltd (both regular and T+0 scrips), Priya Ltd, Ratnabhumi Developers Ltd, Roni Households Ltd, Sunita Tools Ltd, and Vipul Ltd
  • All changes effective from January 05, 2026

Regulatory Changes

The LT-ASM framework is being updated with movements across multiple categories:

Part A - New Additions: Three securities are being newly placed under Long Term ASM surveillance framework.

Part B - Stage Upgrades: Securities continuing in LT-ASM but moving to higher surveillance stages due to continued concerns.

Part C - Stage Downgrades: Securities showing improvement being moved to lower surveillance stages while remaining in framework.

Part D - Direct Stage IV: Lists securities directly placed in highest surveillance stage (currently nil).

Removals: Securities exiting LT-ASM due to inclusion in other frameworks like Trade for Trade, GSM Framework, ESM Framework, or IBC Framework.

Compliance Requirements

  • Trading members must be aware of the revised LT-ASM status of affected securities
  • Enhanced due diligence and surveillance applicable for securities in LT-ASM framework
  • Different trading restrictions apply based on ASM stage (I, II, III, or IV)
  • Special monitoring required for T+0 scrips shortlisted based on parent company criteria
  • Members should note securities moved to other surveillance frameworks (Trade for Trade, GSM, ESM, IBC) and follow respective framework requirements

Important Dates

  • Effective Date: January 05, 2026 - All LT-ASM framework changes become applicable
  • Circular Date: January 02, 2026

Impact Assessment

Market Impact: Medium - Affects trading conditions and liquidity for 19 securities. Securities in LT-ASM framework typically face additional price bands, surveillance charges, and disclosure requirements which can impact trading volumes and investor participation.

Investor Impact: Investors holding or trading the affected securities will experience modified trading conditions. Securities moving to higher ASM stages face stricter surveillance while those moving out may see normalized trading conditions.

Operational Impact: Trading members need to update their surveillance systems and risk management frameworks to reflect the new LT-ASM classifications and ensure compliance with stage-specific requirements.

Positive Developments: 12 securities moving out of LT-ASM indicates improved compliance or inclusion in more appropriate frameworks. 4 securities downgraded to lower stages showing positive trends.

Impact Justification

Affects trading conditions for 19 securities through LT-ASM framework changes including new additions, stage movements, and removals. Medium impact as it modifies surveillance measures but is routine regulatory action.