Description
BSE announces 8 securities newly shortlisted under the Long Term ASM Framework effective February 27, 2026, including SpiceJet Ltd. No securities are moving out of or between stages within the framework.
Summary
BSE has issued a circular announcing the applicability of the Long Term Additional Surveillance Measure (LT-ASM) framework effective February 27, 2026. Eight securities have been newly shortlisted under the framework (Part A). No securities are moving to higher or lower ASM stages (Parts B and C are Nil), no securities are being added directly to Stage IV (Part D is Nil), and no securities are exiting the LT-ASM framework (Annexure II is Nil).
Key Points
- 8 securities newly added to LT-ASM framework effective February 27, 2026
- SpiceJet Ltd (Scrip Code: 500285, ISIN: INE285B01017) is the most prominent addition
- No securities moving between ASM stages (Parts B and C: Nil)
- No direct Stage IV additions (Part D: Nil)
- No securities exiting the LT-ASM framework (Annexure II: Nil)
- A consolidated list of all securities currently under LT-ASM is provided in Annexure III
Newly Shortlisted Securities (Part A)
| 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 framework is a surveillance mechanism introduced by BSE (in coordination with NSE) to address securities exhibiting abnormal price and/or volume behaviour over a longer time horizon. Securities placed under LT-ASM are subject to enhanced margin requirements and may face trade-to-trade (T2T) settlement obligations depending on the ASM stage assigned. This circular operationalises the next review cycle of the framework.
Compliance Requirements
- Brokers and Trading Members: Must apply applicable margin and settlement restrictions for the 8 newly added securities from February 27, 2026 onwards
- Investors: Should be aware that trading in these securities will be subject to enhanced surveillance conditions, which may include higher margins and T2T settlement
- Companies: No direct compliance action required by the listed companies themselves, but the addition signals regulatory concern over price/volume patterns
Important Dates
- Circular Date: February 26, 2026
- Effective Date: February 27, 2026 — all new LT-ASM shortlistings and any stage movements take effect
Impact Assessment
The addition of SpiceJet Ltd to the LT-ASM framework is the most market-significant element of this circular, given its status as a widely tracked mid-cap airline stock with high retail investor participation. Enhanced surveillance may reduce liquidity and increase transaction costs for retail and institutional traders in the scrip. The other seven securities are smaller-cap or less liquid companies where the practical trading impact may be more limited. The fact that no securities are exiting the LT-ASM framework in this review cycle suggests continued regulatory caution across the monitored universe.
Impact Justification
Addition of 8 securities to LT-ASM imposes enhanced surveillance and trading restrictions. Inclusion of SpiceJet Ltd (a prominent listed airline) significantly raises market impact. LT-ASM restrictions typically include additional margin requirements and trade-to-trade settlement.