Description

BSE updates on securities shortlisted, moved between stages, and removed from the Long Term Additional Surveillance Measure (LT-ASM) framework effective January 12, 2026.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective January 12, 2026. Four securities are newly shortlisted into LT-ASM, seven securities will be moved to lower ASM stages while continuing in the framework, and 22 securities are being removed from the LT-ASM framework entirely. No securities are being moved to higher stages.

Key Points

  • 4 securities newly shortlisted in Long Term ASM Framework: Bedmutha Industries Ltd, Novateor Research Laboratories Ltd, Shah Metacorp Ltd, and Taylormade Renewables Ltd
  • 7 securities moving to lower ASM stages while remaining in LT-ASM framework
  • 22 securities being removed from Long Term ASM Framework
  • No securities moving to higher ASM stages
  • Changes effective from January 12, 2026
  • Part of BSE’s ongoing surveillance to maintain market integrity

Regulatory Changes

New Entries (Part A):

  • Bedmutha Industries Ltd (Scrip: 533270, ISIN: INE844K01012)
  • Novateor Research Laboratories Ltd (Scrip: 542771, ISIN: INE08JY01013)
  • Shah Metacorp Ltd (Scrip: 533275, ISIN: INE482J01021)
  • Taylormade Renewables Ltd (Scrip: 541228, ISIN: INE459Z01017)

Moving to Lower Stages (Part C):

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

Exits (Annexure II): 22 securities including Apollo Micro Systems Ltd, Bacil Pharma Ltd, Bharat Seats Ltd, KIOCL Ltd, MPIL Corporation Ltd, and others are exiting the LT-ASM framework

Compliance Requirements

  • Trading members must take note of the revised surveillance status of affected securities
  • Enhanced surveillance parameters will apply to newly shortlisted securities
  • Securities in LT-ASM may have additional margin requirements and trading restrictions
  • Investors trading in these securities should be aware of the surveillance framework implications
  • Brokers must ensure compliance with applicable surveillance measures for each stage

Important Dates

  • Effective Date: January 12, 2026 - All changes to LT-ASM framework come into effect
  • Circular Issue Date: January 9, 2026

Impact Assessment

Market Impact: The surveillance framework updates affect 33 securities total. For the 4 newly shortlisted securities, investors may face enhanced margin requirements and trading restrictions. The 7 securities moving to lower stages will experience reduced surveillance intensity, potentially improving liquidity. The 22 securities exiting the framework will return to normal trading conditions, likely improving investor sentiment and trading volumes.

Operational Impact: Trading members need to update their surveillance systems and risk management frameworks to reflect the new classifications. Securities marked with special notations (T+0 scrips, NSE basis, non-promoter holding basis) require particular attention to ensure proper classification.

Investor Impact: Investors holding positions in newly shortlisted securities should prepare for potential margin increases. Those holding securities exiting the framework may benefit from improved liquidity and reduced trading costs.

Impact Justification

Routine surveillance framework update affecting 26 securities with stage changes and removals, impacting trading conditions for affected stocks