Description
BSE announces changes to the Long Term ASM framework effective February 23, 2026, including 9 new securities entering the framework, 6 securities moving to lower ASM stages, and 9 securities exiting the framework.
Summary
BSE has issued a circular dated February 20, 2026, announcing changes to the Long Term Additional Surveillance Measure (LT-ASM) framework, effective February 23, 2026. A total of 9 securities are newly shortlisted into the LT-ASM framework, 6 securities are being moved to lower ASM stages, and 9 securities are exiting the framework entirely. No securities are being moved to higher stages or directly placed into Stage IV.
Key Points
- 9 securities newly added to LT-ASM framework (Part A), effective February 23, 2026
- No securities escalated to higher ASM stages (Part B: Nil)
- 6 securities moved to lower ASM stages (Part C), effective February 23, 2026
- No securities placed directly into Stage IV LT-ASM (Part D: Nil)
- 9 securities exiting the LT-ASM framework entirely (Annexure II)
- Vardhman Polytex Ltd entry is as per NSE data (marked with *)
Regulatory Changes
Securities Entering LT-ASM (Part A — Effective Feb 23, 2026):
| Sr. No. | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 517546 | INE209C01015 | Alfa Transformers Ltd |
| 2 | 512604 | INE772B01014 | Haria Exports Ltd |
| 3 | 538838 | INE407P01017 | Indo Cotspin Ltd |
| 4 | 543915 | INE07S101038 | Pavna Industries Ltd |
| 5 | 523449 | INE207B01011 | Sharp India Ltd |
| 6 | 544001 | INE0Q1S01010 | Sunita Tools Ltd |
| 7 | 540332 | INE978V01015 | Tanvi Foods (India) Ltd |
| 8 | 514175 | INE835A01029 | Vardhman Polytex Ltd* |
| 9 | 509026 | INE117F01013 | VJTF Eduservices Ltd |
Securities Moving to Lower ASM Stages (Part C — Effective Feb 23, 2026):
| Sr. No. | Scrip Code | ISIN | Scrip Name | Moved to Stage |
|---|---|---|---|---|
| 1 | 542012 | INE911Z01025 | A-1 Ltd | II |
| 2 | 530943 | INE416A01044 | Aqylon Nexus Ltd | III |
| 3 | 524709 | INE295D01020 | NACL Industries Ltd | I |
| 4 | 544269 | INE471R01019 | Neopolitan Pizza And Foods Ltd | I |
| 5 | 544582 | INE1EUB01016 | Shlokka Dyes Ltd | I |
| 6 | 532408 | INE933B01012 | Sigma Advanced Systems Ltd | II |
Securities Exiting LT-ASM (Annexure II — Effective Feb 23, 2026):
| Sr. No. | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 544072 | INE0QFT01015 | AIK Pipes and Polymers Ltd |
| 2 | 531158 | INE660B01011 | Catvision Ltd |
| 3 | 500110 | INE178A01016 | Chennai Petroleum Corporation Ltd |
| 4 | 543606 | INE0M8901010 | Containe Technologies Ltd |
| 5 | 539884 | INE671T01028 | Darshan Orna Ltd |
| 6 | 524743 | INE771F01041 | Fischer Medical Ventures Ltd |
| 7 | 509051 | INE300B01022 | Indian Infotech & Software Ltd |
| 8 | 517522 | INE451D01029 | Rajratan Global Wire Ltd |
| 9 | 530057 | INE984E01035 | Vivanza Biosciences Ltd |
Compliance Requirements
- Brokers and members must apply enhanced surveillance conditions (trade-for-trade settlement, higher margin requirements) for all securities newly placed under LT-ASM from February 23, 2026
- Trading members should update their systems to reflect stage changes for the 6 securities moving to lower ASM stages
- Normal trading conditions may be restored for the 9 securities exiting the LT-ASM framework, subject to any other applicable frameworks
- Securities exiting LT-ASM due to inclusion in Trade for Trade, GSM, ESM, or IBC frameworks remain subject to those respective frameworks
Important Dates
- Circular Date: February 20, 2026
- Effective Date for all changes: February 23, 2026
Impact Assessment
Investors and traders holding positions in the 9 newly added LT-ASM securities will face increased margin requirements and trade-for-trade settlement restrictions from February 23, 2026, reducing liquidity and potentially impacting prices. The 6 securities moving to lower ASM stages will see relaxed surveillance conditions, which may improve trading liquidity for those scrips. The 9 securities exiting LT-ASM entirely will return to standard surveillance or alternative frameworks, potentially attracting broader market participation. Overall, this circular reflects routine periodic review of the LT-ASM list with balanced additions and removals.
Impact Justification
Affects 24 securities across entry, stage movement, and exit categories under LT-ASM; securities entering LT-ASM face enhanced trading restrictions including trade-for-trade settlement and margin requirements, directly impacting investors and traders in these scrips.