Description
BSE announces changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective February 23, 2026, including 9 new additions, 6 stage movements, and 9 securities exiting the framework.
Summary
BSE has issued a circular detailing changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective February 23, 2026. Nine new securities are being added to the framework, six securities are being moved to lower ASM stages, none are being elevated to higher stages, and nine securities are exiting the LT-ASM framework entirely.
Key Points
- 9 securities newly shortlisted under LT-ASM framework (Part A) effective February 23, 2026
- Nil securities moving to higher ASM stages (Part B)
- 6 securities moving to lower ASM stages (Part C) effective February 23, 2026
- Nil securities shortlisted for Direct Stage IV LT-ASM (Part D)
- 9 securities exiting the LT-ASM framework (Annexure II) effective February 23, 2026
- Vardhman Polytex Ltd (514175) inclusion is as per NSE data
Regulatory Changes
Newly Added to LT-ASM (Part A):
| Scrip Code | ISIN | Scrip Name |
|---|---|---|
| 517546 | INE209C01015 | Alfa Transformers Ltd |
| 512604 | INE772B01014 | Haria Exports Ltd |
| 538838 | INE407P01017 | Indo Cotspin Ltd |
| 543915 | INE07S101038 | Pavna Industries Ltd |
| 523449 | INE207B01011 | Sharp India Ltd |
| 544001 | INE0Q1S01010 | Sunita Tools Ltd |
| 540332 | INE978V01015 | Tanvi Foods (India) Ltd |
| 514175 | INE835A01029 | Vardhman Polytex Ltd* |
| 509026 | INE117F01013 | VJTF Eduservices Ltd |
Moving to Lower ASM Stage (Part C):
| Scrip Code | ISIN | Scrip Name | Moved to Stage |
|---|---|---|---|
| 542012 | INE911Z01025 | A-1 Ltd | II |
| 530943 | INE416A01044 | Aqylon Nexus Ltd | III |
| 524709 | INE295D01020 | NACL Industries Ltd | I |
| 544269 | INE471R01019 | Neopolitan Pizza And Foods Ltd | I |
| 544582 | INE1EUB01016 | Shlokka Dyes Ltd | I |
| 532408 | INE933B01012 | Sigma Advanced Systems Ltd | II |
Exiting LT-ASM Framework (Annexure II):
| Scrip Code | ISIN | Scrip Name |
|---|---|---|
| 544072 | INE0QFT01015 | AIK Pipes and Polymers Ltd |
| 531158 | INE660B01011 | Catvision Ltd |
| 500110 | INE178A01016 | Chennai Petroleum Corporation Ltd |
| 543606 | INE0M8901010 | Containe Technologies Ltd |
| 539884 | INE671T01028 | Darshan Orna Ltd |
| 524743 | INE771F01041 | Fischer Medical Ventures Ltd |
| 509051 | INE300B01022 | Indian Infotech & Software Ltd |
| 517522 | INE451D01029 | Rajratan Global Wire Ltd |
| 530057 | INE984E01035 | Vivanza Biosciences Ltd |
Compliance Requirements
- Brokers and trading members must apply the applicable LT-ASM trading restrictions (e.g., enhanced margins, trade-for-trade settlement) for newly added securities from February 23, 2026
- Members must update their systems to reflect stage changes for securities in Part C
- Trading restrictions applicable to the 9 exiting securities under LT-ASM must be lifted from February 23, 2026, subject to any other applicable surveillance framework
- Securities exiting LT-ASM may still be under other frameworks (Trade for Trade, GSM, ESM, IBC) where marked accordingly
Important Dates
- Effective Date: February 23, 2026 — all additions, stage changes, and exits take effect
- Circular Date: February 20, 2026
- Reference Notice: Notice no. 20210604-41 applies to Direct Stage IV LT-ASM inclusions (Part D)
Impact Assessment
The newly added securities (Part A) will face increased surveillance with restrictions such as higher margins and potentially trade-for-trade settlement, which may reduce liquidity and increase trading costs for investors in these scrips. Securities moving to lower stages (Part C) will see a relaxation of surveillance intensity, potentially improving liquidity. The nine securities exiting the LT-ASM framework will return to normal trading conditions (unless under another surveillance framework), which could improve investor confidence and liquidity in those stocks. Rajratan Global Wire and Chennai Petroleum Corporation, being relatively well-known companies, may see notable market reactions upon exit from the framework.
Impact Justification
Surveillance measure affecting 24 securities across additions, stage changes, and exits; impacts trading conditions for retail and institutional investors in these specific scrips but is routine regulatory activity.