Description

BSE announces shortlisting of 13 new securities under the Long Term ASM Framework effective February 25, 2026, along with stage movements and one exit from the framework.

Summary

BSE has issued this circular detailing changes to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective February 25, 2026. The circular covers four parts: 13 newly shortlisted securities (Part A), 2 securities escalated to higher ASM stages (Part B), no securities moved to lower stages (Part C), and 1 security placed directly into Stage IV (Part D). Additionally, 1 security exits the LT-ASM framework under Annexure II.

Key Points

  • 13 new securities added to LT-ASM Framework w.e.f. February 25, 2026 (Part A), including Chandrima Mercantiles Ltd, Crescentis Capital Ltd, Explicit Finance Ltd, Global Longlife Hospital and Research Ltd, IEC Education Ltd, National General Industries Ltd, Omnitex Industries India Ltd, Rishab Special Yarns Ltd, RR Financial Consultants Ltd, Softrak Venture Investment Ltd, Tera Software Ltd*, Tree House Education & Accessories Ltd, and Vallabh Steels Ltd.
  • 2 securities escalated to Stage II (Part B): Panjon Ltd (526345) and Sadhana Nitro Chem Ltd* (506642).
  • No securities moved to lower ASM stages (Part C: Nil).
  • 1 security placed directly into Stage IV (Part D): Indokem Ltd (504092), as per notice no. 20210604-41.
  • 1 security exits LT-ASM (Annexure II): Universal Office Automation Ltd (523519), marked with # indicating exit due to inclusion in the GSM Framework.
  • Securities marked * are flagged as per NSE data; securities marked ^ are flagged as per Non-Promoter Holding criteria.

Regulatory Changes

  • The LT-ASM framework is updated to reflect new entrants, stage escalations, and exits effective February 25, 2026.
  • Indokem Ltd is placed directly in Stage IV LT-ASM per earlier notice no. 20210604-41, bypassing lower stages.
  • Universal Office Automation Ltd transitions out of LT-ASM into the GSM (Graded Surveillance Measure) Framework, which generally represents a higher level of regulatory scrutiny.

Compliance Requirements

  • Trading members must apply the applicable ASM-stage restrictions (e.g., margin requirements, trade-to-trade settlement) for all newly listed and stage-escalated securities from February 25, 2026.
  • Investors holding securities newly placed or escalated within LT-ASM should note increased surveillance conditions, which may include higher margins and reduced liquidity.
  • Companies shortlisted under LT-ASM are subject to enhanced monitoring; no direct compliance action is required from the company itself, but the market impact should be noted.

Important Dates

  • Effective date for all changes: February 25, 2026
  • Circular issue date: February 24, 2026

Impact Assessment

The addition of 13 securities to LT-ASM and escalation of 2 securities to Stage II will impose increased trading restrictions, likely including trade-to-trade settlement and higher margin requirements. This reduces liquidity for retail and institutional investors in these securities. The direct placement of Indokem Ltd into Stage IV represents the most severe LT-ASM restriction, significantly limiting tradability. The exit of Universal Office Automation Ltd into GSM indicates continued regulatory concern about that security under a different framework. Overall, this circular has a high market impact on the affected scrips and their investors.

Impact Justification

17 securities are directly affected by LT-ASM additions, stage upgrades, and exits effective February 25, 2026, with trading restrictions imposed on newly shortlisted companies and escalated restrictions for those moving to higher ASM stages.