Description
BSE announces securities being added to, moved within, and removed from the Long Term Additional Surveillance Measure (LT-ASM) framework effective January 20, 2026.
Summary
BSE has issued an update on the applicability of the Long Term Additional Surveillance Measure (LT-ASM) framework effective January 20, 2026. The circular identifies 4 new securities entering LT-ASM, 1 security moving to a higher ASM stage, 2 securities being directly placed in Stage IV, and 2 securities exiting the framework. The LT-ASM framework is a surveillance mechanism designed to alert investors about securities exhibiting abnormal price movements or other concerns.
Key Points
- 4 securities newly shortlisted in Long Term ASM Framework: Auto Pins (India) Ltd, Lippi Systems Ltd, Panjon Ltd, and PG Foils Ltd
- Anand Rayons Ltd moved from Stage I to Stage II within LT-ASM framework
- 2 securities placed directly in Stage IV: CIAN Agro Industries & Infrastructure Ltd and Synthiko Foils Ltd
- 2 securities moving out of LT-ASM: Nikki Global Finance Ltd (moved to GSM Framework) and Boston Bio Systems Ltd (moved to GSM Framework)
- No securities moving to lower ASM stages
- All changes effective from January 20, 2026
Regulatory Changes
The LT-ASM framework applies enhanced surveillance to securities exhibiting concerning trading patterns. Securities in this framework face:
- Trade-for-trade settlement (no intraday trading)
- 100% upfront margin requirements
- Progressive tightening of surveillance as securities move through stages (I to IV)
- Potential delisting if concerns persist
Securities may exit LT-ASM when moved to other surveillance frameworks like GSM (Graded Surveillance Measure), ESM (Enhanced Surveillance Measure), Trade-for-Trade, or IBC Framework.
Compliance Requirements
- Investors: Must provide 100% upfront margin for trading in LT-ASM securities; no intraday trading permitted
- Brokers: Must ensure clients comply with margin requirements and settlement obligations
- Listed Companies: Should address underlying concerns causing LT-ASM classification to avoid progression to higher stages or delisting
Important Dates
- January 20, 2026: Effective date for all LT-ASM changes outlined in this circular
Impact Assessment
Market Impact: High - Securities under LT-ASM face significant liquidity constraints due to trade-for-trade settlement and 100% margin requirements, deterring speculative trading and reducing volumes.
Investor Impact: High - Existing investors in affected securities face reduced liquidity and higher capital requirements for trading. New investors are cautioned about heightened risks.
Company Impact: High - Companies whose securities enter or progress within LT-ASM face reputational concerns and pressure to address underlying issues. Stage IV placement indicates severe surveillance concerns and potential delisting risk.
Annexure Details
Part A - New LT-ASM Securities (Stage I)
- Auto Pins (India) Ltd (526604, INE845B01018)
- Lippi Systems Ltd (531994, INE706C01028)
- Panjon Ltd (526345, INE744D01019)
- PG Foils Ltd (526747, INE078D01012)
Part B - Moved to Higher Stage
- Anand Rayons Ltd (542721, INE02GA01012) - Moved to Stage II
Part D - Direct Stage IV Placement
- CIAN Agro Industries & Infrastructure Ltd (519477, INE052V01019)
- Synthiko Foils Ltd (513307, INE363L01045)
Securities Exiting LT-ASM
- Nikki Global Finance Ltd (531272, INE526C01012) - Moved to GSM Framework
- Boston Bio Systems Ltd (531458, INE109B01019) - Moved to GSM Framework
Impact Justification
LT-ASM framework imposes strict trading restrictions on listed securities, directly impacting liquidity and investor access. Changes affect multiple securities across different surveillance stages.