Description

BSE circular on securities being added to, moved within, or removed from the Long Term Additional Surveillance Measure (LT-ASM) framework effective January 13, 2026.

Summary

BSE has issued an update on the applicability of Long Term Additional Surveillance Measure (LT-ASM) framework effective January 13, 2026. Two new securities are being added to LT-ASM: Filmcity Media Ltd and Toss The Coin Ltd. One security, Samtel India Ltd, will continue in LT-ASM but move to Stage II. No securities are moving to lower stages or being removed from the framework. The circular includes a consolidated list of securities currently under various ASM stages.

Key Points

  • 2 new securities shortlisted for Long Term ASM Framework: Filmcity Media Ltd (531486) and Toss The Coin Ltd (544303)
  • Samtel India Ltd (500371) moving from current stage to Stage II within LT-ASM framework
  • No securities moving to lower ASM stages
  • No securities being removed from Long Term ASM Framework
  • No securities moving directly to Stage IV under the LT-ASM Framework
  • Consolidated list includes 20+ securities across ASM Stages I through IV
  • Changes effective from January 13, 2026

Regulatory Changes

The Long Term Additional Surveillance Measure (LT-ASM) framework continues to monitor securities that meet specific surveillance criteria. Securities can:

  • Enter the framework at various stages based on concern parameters
  • Move to higher stages (indicating increased surveillance concerns)
  • Move to lower stages (indicating improvement)
  • Exit the framework if included in other frameworks (Trade-for-Trade, GSM, ESM, IBC)

The framework uses staged surveillance with multiple levels (I through IV) with progressively stricter monitoring and trading restrictions.

Compliance Requirements

  • Trading members must be aware of securities under LT-ASM framework
  • Enhanced due diligence required for transactions in LT-ASM securities
  • Clients should be informed about surveillance measures applicable to these securities
  • Additional margin and position limit requirements may apply to LT-ASM securities
  • Members must monitor and comply with trading restrictions specific to each ASM stage

Important Dates

  • January 13, 2026: Effective date for all changes in LT-ASM applicability
  • January 12, 2026: Circular issuance date

Impact Assessment

Market Impact: Medium - The addition of two securities and upward movement of one security to higher surveillance stage indicates regulatory concern about price movements or trading patterns. This typically results in reduced liquidity and higher transaction costs for affected securities.

Trading Impact: Securities under LT-ASM framework face restrictions including additional margins, price bands, and position limits. Investors may experience reduced trading flexibility.

Investor Impact: Existing investors in Filmcity Media Ltd, Toss The Coin Ltd, and Samtel India Ltd should be aware of enhanced surveillance and potential trading restrictions. The consolidated list shows over 20 securities remain under various stages of surveillance, indicating ongoing regulatory monitoring of these stocks.

Operational Impact: Brokers and trading members must update their systems to reflect new ASM classifications and ensure compliance with stage-specific requirements for margin collection and order acceptance.

Impact Justification

Affects multiple securities entering or moving within LT-ASM framework, indicating heightened surveillance and trading restrictions for specific stocks due to concern parameters.