Description
BSE places 8 securities under Long Term ASM framework effective February 27, 2026, including SpiceJet Ltd. No securities are moving out or changing stages under this circular.
Summary
BSE has issued this circular announcing the applicability of the Long Term Additional Surveillance Measure (LT-ASM) framework effective February 27, 2026. Eight securities are newly shortlisted under LT-ASM (Part A). No securities are changing to a higher or lower ASM stage, no securities are being added to direct Stage IV, and no securities are moving out of the LT-ASM framework under this circular.
Key Points
- 8 securities are newly placed under LT-ASM framework w.e.f. February 27, 2026
- No securities are moving to a higher ASM stage (Part B: Nil)
- No securities are moving to a lower ASM stage (Part C: Nil)
- No securities are placed in direct Stage IV LT-ASM (Part D: Nil)
- No securities are exiting the LT-ASM framework (Annexure II: Nil)
- A consolidated list of all securities currently under LT-ASM is provided in Annexure III
Newly Added Securities (Part A — Effective February 27, 2026)
| Sr. No. | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 535693 | INE320I01017 | Brahmaputra Infrastructure Ltd |
| 2 | 517370 | INE437C01012 | Incap Ltd |
| 3 | 523467 | INE250C01027 | Jai Mata Glass Ltd |
| 4 | 540026 | INE213U01019 | Ladam Affordable Housing Ltd |
| 5 | 523151 | INE910B01028 | OTCO International Ltd |
| 6 | 531893 | INE248B01023 | Sawaca Enterprises Ltd |
| 7 | 503837 | INE796C01011 | Shree Rajasthan Syntex Ltd |
| 8 | 500285 | INE285B01017 | Spicejet Ltd |
Regulatory Changes
The LT-ASM (Long Term Additional Surveillance Measure) framework is applied by BSE to securities that meet certain criteria related to price movement, volume anomalies, or fundamental concerns over a longer period. Securities placed under LT-ASM are subject to enhanced margin requirements and may face trade-to-trade settlement or other trading restrictions depending on the assigned stage.
Compliance Requirements
- Brokers and trading members must apply the enhanced margin requirements for newly added LT-ASM securities from February 27, 2026
- Investors holding or intending to trade these securities must be aware of the additional surveillance restrictions and margin obligations
- Brokers must refer to the consolidated list in Annexure III to confirm the ASM stage applicable to each security for accurate margin computation
Important Dates
- Circular Date: February 26, 2026
- Effective Date: February 27, 2026 (all changes in Part A through Part D and Annexure II)
Impact Assessment
The inclusion of SpiceJet Ltd (Scrip Code: 500285) is the most market-significant development in this circular given its status as a large, publicly followed airline stock. Placement under LT-ASM will increase margin requirements for traders, potentially reducing liquidity and increasing short-term volatility. The remaining seven securities are smaller-cap companies where the LT-ASM designation further constrains an already thin trading environment. No securities are exiting the framework, indicating no easing of surveillance pressure on existing LT-ASM stocks this cycle.
Impact Justification
8 securities including a notable large-cap SpiceJet Ltd are newly placed under LT-ASM, imposing enhanced trading restrictions and margin requirements effective the next trading day. This directly affects investor ability to trade these securities at normal margins.