Description

BSE circular on securities shortlisted for Long Term Additional Surveillance Measure (LT-ASM) framework, including securities moving into, within, and out of the framework effective February 04, 2026.

Summary

BSE has issued a circular detailing changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective February 04, 2026. The circular identifies securities newly entering the framework, securities moving between ASM stages, and securities exiting the framework. Three new securities have been shortlisted for LT-ASM, one security is being moved to a higher ASM stage, and one security is exiting the framework.

Key Points

  • 3 securities newly shortlisted in Long Term ASM Framework: Humming Bird Education Ltd, Pratiksha Chemicals Ltd, and Shantanu Sheorey Aquakult Ltd
  • Sancode Technologies Ltd moving from current stage to Stage II ASM
  • Acceleratebs India Ltd moving out of Long Term ASM Framework
  • Changes effective from February 04, 2026
  • No securities moving to lower ASM stages
  • No securities shortlisted for direct Stage IV placement
  • Consolidated list includes multiple securities across ASM Stages I, II, and IV

Regulatory Changes

The LT-ASM framework applies enhanced surveillance measures to securities exhibiting specific risk characteristics. Securities in this framework face additional restrictions including higher margin requirements, periodic call auctions, and position limits. Movement between stages indicates changing risk profiles based on surveillance criteria.

Securities can exit LT-ASM due to:

  • Inclusion in Trade for Trade framework (*)
  • Inclusion in Graded Surveillance Measure (GSM) Framework (#)
  • Inclusion in Enhanced Surveillance Measure (ESM) Framework ($)
  • Inclusion in Insolvency and Bankruptcy Code (IBC) Framework (&)

Compliance Requirements

  • Trading members must adjust position limits and margin requirements for affected securities
  • Securities in LT-ASM are subject to periodic call auction sessions
  • Enhanced disclosure and reporting obligations apply to transactions in these securities
  • Investors should be aware of liquidity constraints and price discovery mechanisms under ASM
  • Market participants must comply with stage-specific trading restrictions

Important Dates

  • Effective Date: February 04, 2026 - All changes to LT-ASM framework become applicable

Impact Assessment

Market Impact: Securities entering or moving within the LT-ASM framework will experience restricted trading with reduced liquidity. The higher ASM stages impose stricter surveillance measures including additional margins (up to 100%), periodic call auctions instead of continuous trading, and position limits.

Operational Impact: Trading members must update risk management systems for affected securities. Investors holding positions in these securities should expect limited liquidity and potential price volatility during call auction sessions.

Investor Impact: High impact for investors in affected securities due to trading restrictions, reduced liquidity, and higher transaction costs. Securities under LT-ASM typically indicate elevated risk profiles requiring careful monitoring.

Annexure Details

Part A - New Entries: Humming Bird Education Ltd (542592), Pratiksha Chemicals Ltd (531257), Shantanu Sheorey Aquakult Ltd (531925)

Part B - Stage Escalation: Sancode Technologies Ltd (543897) moving to Stage II

Part C - Stage De-escalation: Nil

Part D - Direct Stage IV Placement: Nil

Exits: Acceleratebs India Ltd (543938) exiting LT-ASM framework

The consolidated list in Annexure III contains securities across multiple ASM stages including A-1 Ltd (Stage IV), Axiscades Technologies Ltd (Stage II), and numerous Stage I securities.

Impact Justification

Affects trading operations and liquidity for multiple securities under enhanced surveillance measures with stage changes effective immediately