Description

BSE announces changes to Long Term Additional Surveillance Measure (LT-ASM) framework including new securities being added, securities moving to different ASM stages, and securities moving out of the framework effective January 05, 2026.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective January 05, 2026. Three new securities are being added to the framework, one security is moving to a higher ASM stage, four securities are moving to lower ASM stages, and twelve securities are moving out of the LT-ASM framework entirely. The changes affect trading conditions and surveillance requirements for these securities.

Key Points

  • 3 new securities shortlisted in Long Term ASM Framework: Jackson Investments Ltd, Safa Systems & Technologies Ltd, and Samtel India Ltd
  • 1 security moving to higher ASM Stage II: Cupid Breweries And Distilleries Ltd
  • 4 securities moving 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)
  • 12 securities moving out of LT-ASM Framework including A B Infrabuild Ltd, Accedere Ltd, Netweb Technologies India Ltd, Vipul Ltd, and others
  • No securities shortlisted for direct Stage IV LT-ASM
  • Some securities moving out due to inclusion in other frameworks (Trade for Trade, GSM, ESM, IBC)

Regulatory Changes

The Long Term ASM framework is a surveillance mechanism applied to securities that exhibit unusual price movements or volatility over extended periods. Securities under LT-ASM face additional trading restrictions and monitoring. The framework has multiple stages (I through IV) with progressively stricter surveillance measures.

Compliance Requirements

  • Trading members must ensure compliance with LT-ASM requirements for affected securities
  • Securities in LT-ASM typically face price bands, periodic call auctions, or trade-to-trade settlement
  • Members must update their risk management systems to reflect the new ASM classifications
  • Investors trading in LT-ASM securities should be aware of additional restrictions and settlement requirements

Important Dates

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

Impact Assessment

Market Impact: The addition of securities to LT-ASM and stage changes will affect trading liquidity and investor participation in these stocks. Securities entering LT-ASM typically experience reduced liquidity due to stricter surveillance measures. Securities moving to higher stages face more stringent restrictions, while those moving to lower stages see relaxed conditions.

Operational Impact: Brokers and trading members must update their systems to accommodate the new ASM classifications. Investors holding positions in affected securities should be aware of potential changes to settlement cycles and trading mechanisms.

Positive Movement: 12 securities are moving out of LT-ASM framework, indicating improved market behavior and reduced surveillance concerns. 4 securities are moving to lower ASM stages, suggesting improvement in their trading patterns.

Impact Justification

Affects trading conditions for 19 securities across different ASM stages. LT-ASM framework imposes additional surveillance measures on securities exhibiting unusual price movements or volatility, impacting liquidity and trading activity for affected stocks.