Applicability of Long Term Additional Surveillance Measure (LT-ASM) - February 26, 2026

Description

BSE updates the Long Term ASM framework effective February 26, 2026. No new securities are being added or moved between stages, but three securities are exiting the LT-ASM framework.

Summary

BSE has issued its periodic update to the Long Term Additional Surveillance Measure (LT-ASM) framework, effective February 26, 2026. This update confirms no new securities are being added to LT-ASM (Part A: Nil), no securities are being moved to higher stages (Part B: Nil), no securities are being moved to lower stages (Part C: Nil), and no direct Stage IV additions (Part D: Nil). Three securities are exiting the LT-ASM framework as they have been migrated to other surveillance frameworks (GSM or ESM).

Key Points

• No new additions: Zero securities shortlisted for entry into the LT-ASM framework w.e.f. February 26, 2026 (Parts A & D: Nil)
• No stage changes: No securities moved to higher or lower ASM stages (Parts B & C: Nil)
• Three securities exit LT-ASM: Gconnect Logitech and Supply Chain Ltd, NDA Securities Ltd, and Rishab Special Yarns Ltd are removed from the LT-ASM framework
• Exit reasons: Two securities (Gconnect Logitech, Rishab Special Yarns) exit due to inclusion in the GSM Framework; one security (NDA Securities Ltd) exits due to inclusion in the ESM Framework
• A consolidated list of all securities remaining under LT-ASM continues to apply, with securities categorised under ASM Stages I, II, and III

Regulatory Changes

The LT-ASM framework remains active with no structural changes. The periodic review results in a net reduction of three securities from the consolidated LT-ASM list. Securities exiting LT-ASM are transitioning to stricter surveillance regimes (GSM or ESM), not returning to normal trading conditions.

Compliance Requirements

• Trading members must update their systems to reflect the removal of the three exiting securities from LT-ASM restrictions effective February 26, 2026
• All securities remaining in the consolidated LT-ASM list (Annexure III) continue to be subject to their respective ASM stage restrictions
• Members should note that the exiting securities are now governed under GSM or ESM frameworks, which carry their own separate restrictions

Important Dates

• Effective Date: February 26, 2026 — all changes (exits from LT-ASM) come into force
• Circular Date: February 25, 2026

Impact Assessment

Securities Exiting LT-ASM:

The overall market impact is limited as no new securities are being placed under surveillance restrictions. However, the three exiting securities are transitioning to even stricter frameworks (GSM/ESM), indicating continued regulatory scrutiny. Investors and traders in these scrips should review the specific trading conditions under the respective new frameworks. The consolidated LT-ASM list in Annexure III remains large, covering securities across ASM Stages I, II, and III, maintaining the broad scope of the surveillance programme.

Impact Justification

Routine periodic LT-ASM update with no new additions or stage movements, but three securities exit the framework due to migration to GSM or ESM frameworks, affecting traders holding those scrips.