Description

BSE announces changes to securities under Long Term ASM Framework effective January 12, 2026, including new additions, stage movements, and securities moving out of the framework.

Summary

BSE has announced changes to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective January 12, 2026. The circular identifies 4 new securities entering LT-ASM, 7 securities moving to lower ASM stages while remaining in LT-ASM, and 22 securities moving out of the LT-ASM framework entirely. No securities are being moved to higher ASM stages or directly placed in Stage IV.

Key Points

  • 4 securities newly shortlisted in LT-ASM Framework: Bedmutha Industries, Novateor Research Laboratories, Shah Metacorp, and Taylormade Renewables
  • 7 securities continue in LT-ASM but move to lower stages (3 to Stage I, 2 to Stage II, 2 to Stage III)
  • 22 securities moving out of LT-ASM Framework completely
  • No securities moving to higher ASM stages or direct Stage IV placement
  • All changes effective from January 12, 2026

Securities Affected

Part A - New LT-ASM Additions:

  1. Bedmutha Industries Ltd (533270, INE844K01012)
  2. Novateor Research Laboratories Ltd (542771, INE08JY01013)
  3. Shah Metacorp Ltd (533275, INE482J01021)
  4. Taylormade Renewables Ltd (541228, INE459Z01017)

Part C - Moving to Lower ASM Stages:

  • Stage I: Refex Renewables & Infrastructure, U. H. Zaveri, Uravi Defence and Technology
  • Stage II: CIAN Agro Industries & Infrastructure, Indo Thai Securities
  • Stage III: Axiscades Technologies, BGR Energy Systems

Annexure II - Exiting LT-ASM: 22 securities including Apollo Micro Systems, Bacil Pharma, Bharat Seats, KIOCL, MPIL Corporation, Skyline Ventures India, and others

Regulatory Changes

Securities in LT-ASM Framework are subject to enhanced surveillance measures including higher margin requirements, restricted trading mechanisms, and additional disclosure requirements. The framework uses a staged approach (Stage I through IV) with progressively stricter measures based on surveillance parameters.

Compliance Requirements

  • Trading members must ensure compliance with applicable ASM stage requirements for affected securities
  • Enhanced margin and trading restrictions apply to securities entering or remaining in LT-ASM
  • Investors should note special trading conditions for securities under surveillance measures
  • Risk management systems must be updated to reflect new ASM classifications

Important Dates

  • Effective Date: January 12, 2026 - All changes to LT-ASM classifications become effective

Impact Assessment

The LT-ASM framework changes will significantly impact trading in the affected securities. The 4 new additions will face stricter surveillance including potential price bands, additional margin requirements, and enhanced disclosure obligations. The 7 securities moving to lower stages will experience some relaxation in surveillance measures, improving liquidity. The 22 securities exiting LT-ASM will return to normal trading conditions, likely improving market participation and reducing trading costs. Market participants should adjust risk management and trading strategies accordingly for all affected securities.

Impact Justification

This circular directly impacts trading conditions for 33 securities through LT-ASM framework changes, affecting liquidity, margins, and investor participation. New additions face stringent surveillance measures while 22 securities exit the framework.