Description

BSE notifies securities shortlisted for Long Term ASM Framework effective January 28, 2026, including new additions, stage movements, and consolidated list of securities under surveillance.

Summary

BSE has issued a notice regarding the applicability of Long Term Additional Surveillance Measure (LT-ASM) Framework effective January 28, 2026. The circular identifies 6 securities newly shortlisted for LT-ASM Framework, 1 security moving to a higher ASM stage (Stage II), and provides a consolidated list of all securities currently under the LT-ASM framework. No securities are being moved out of the framework or directly placed in Stage IV.

Key Points

  • 6 securities newly shortlisted in Long Term ASM Framework: ASM Technologies Ltd, J.A. Finance Ltd, Mizzen Ventures Ltd, Neopolitan Pizza And Foods Ltd, Roselabs Finance Ltd, and Sancode Technologies Ltd
  • Garnet International Ltd moves from current stage to Stage II ASM within LT-ASM Framework
  • No securities moving to lower ASM stages
  • No securities being directly placed in Stage IV
  • No securities moving out of LT-ASM Framework
  • Consolidated list includes 16 securities across various ASM stages (Stages I, II, and IV)
  • Changes effective from January 28, 2026

Regulatory Changes

The Long Term Additional Surveillance Measure (LT-ASM) Framework is a surveillance mechanism applied to securities that exhibit concerning patterns in trading behavior, price movements, or other parameters. Securities under this framework face enhanced monitoring and may have additional trading restrictions. The framework operates in multiple stages (I, II, III, IV) with increasing levels of surveillance and restrictions at higher stages.

Compliance Requirements

  • Market participants must note the securities listed under LT-ASM Framework
  • Enhanced due diligence required for trading in these securities
  • Trading members should ensure compliance with applicable ASM stage requirements for each security
  • Investors should be aware of additional surveillance measures and potential trading restrictions on these securities

Important Dates

  • Effective Date: January 28, 2026 - All changes to LT-ASM Framework become applicable

Impact Assessment

Market Impact: The addition of 6 securities to the LT-ASM Framework and movement of 1 security to a higher stage indicates BSE’s continued focus on market surveillance and investor protection. Securities under ASM framework typically experience reduced liquidity and increased scrutiny.

Trading Impact: Securities in LT-ASM Framework face additional compliance requirements and may have restrictions such as 100% upfront margin requirements, trade-for-trade settlement, and price bands. The progression to higher stages (like Garnet International moving to Stage II) indicates continued concerns requiring enhanced surveillance.

Investor Impact: Investors holding or planning to trade in these securities should be aware of enhanced surveillance measures, potential liquidity constraints, and additional margin requirements. The framework aims to protect investors from excessive speculation and abnormal price volatility.

Securities Affected

Part A - Newly Shortlisted (Stage I):

  1. ASM Technologies Ltd (526433, INE867C01010)
  2. J.A. Finance Ltd (543860, INE825B01010)
  3. Mizzen Ventures Ltd (531537, INE681K01026)
  4. Neopolitan Pizza And Foods Ltd (544269, INE471R01019)
  5. Roselabs Finance Ltd (531324, INE475C01012)
  6. Sancode Technologies Ltd (543897, INE0P7001013)

Part B - Moving to Higher Stage:

  1. Garnet International Ltd (512493, INE590B01010) - Moving to Stage II

Impact Justification

Affects trading in 6 newly shortlisted securities and 1 security moving to higher ASM stage. LT-ASM framework imposes additional surveillance measures on securities exhibiting unusual price movements or other concerns.