Description

BSE announces securities shortlisted for and moving within the Long Term Additional Surveillance Measure (LT-ASM) framework effective January 13, 2026.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) framework effective January 13, 2026. The circular identifies securities newly entering the LT-ASM framework, those moving to higher or lower ASM stages, securities directly entering Stage IV, and those exiting the framework. The LT-ASM framework is designed to enhance surveillance on securities exhibiting certain risk characteristics.

Key Points

  • Two new securities shortlisted for LT-ASM framework: Filmcity Media Ltd (531486) and Toss The Coin Ltd (544303)
  • One security moving to higher ASM Stage II: Samtel India Ltd (500371)
  • No securities moving to lower ASM stages
  • No securities directly entering Stage IV
  • No securities exiting the LT-ASM framework
  • Consolidated list provided showing ASM stages for all securities under surveillance
  • Framework changes effective from January 13, 2026

Regulatory Changes

The LT-ASM framework continues to operate with its multi-stage surveillance structure (Stages I through IV). Securities can move between stages based on their trading patterns and compliance metrics. The framework allows for:

  • Entry of new securities into Stage I
  • Movement to higher stages for continued non-compliance or risk factors
  • Movement to lower stages for improved compliance
  • Direct entry into Stage IV for severe cases (as per notice no.20210604-41)
  • Exit from framework when securities are included in other frameworks (Trade for Trade, GSM, ESM, or IBC)

Compliance Requirements

  • Trading members must be aware of securities under LT-ASM and their respective stages
  • Enhanced surveillance measures apply to listed securities with stricter monitoring requirements
  • Securities in higher ASM stages may face additional trading restrictions
  • Market participants should review the consolidated list in Annexure III for complete coverage of all securities under surveillance

Important Dates

  • Effective Date: January 13, 2026 - All changes to LT-ASM framework become applicable

Impact Assessment

Market Impact: The addition of two securities to LT-ASM and the stage elevation of Samtel India Ltd indicates continued regulatory vigilance on securities with irregular trading patterns or compliance issues. The surveillance measures aim to protect investor interests while maintaining market integrity.

Trading Impact: Securities under LT-ASM may experience reduced liquidity and increased price discovery challenges. The movement of Samtel India Ltd to Stage II suggests escalating concerns requiring heightened monitoring.

Investor Impact: Investors holding or considering positions in affected securities should exercise enhanced due diligence. The LT-ASM designation signals regulatory concerns about price volatility, corporate governance, or other risk factors that warrant closer surveillance.

Impact Justification

Affects trading conditions for multiple securities under surveillance framework; investors need to be aware of heightened surveillance measures and stage movements.