Description

BSE announces changes to the Long Term ASM Framework effective March 06, 2026, including 3 new securities shortlisted, 1 security moved to higher stage, and 2 securities moved out of LT-ASM.

Summary

BSE has issued an update to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective March 06, 2026. Three new securities have been shortlisted under LT-ASM (Part A), one security is being moved to a higher ASM stage (Part B), no securities are being moved to a lower stage (Part C), no securities are being placed in Direct Stage IV (Part D), and two securities are moving out of the LT-ASM Framework (Annexure II).

Key Points

  • 3 new securities added to LT-ASM Framework effective March 06, 2026: Dhansafal Finserve Ltd (512048), Golechha Global Finance Ltd (531360), and Vanta Bioscience Ltd (540729)
  • 1 security upgraded to a higher ASM stage: Elango Industries Ltd (513452) moved to Stage II
  • No securities moved to lower ASM stages (Part C: Nil)
  • No securities placed in Direct Stage IV LT-ASM (Part D: Nil)
  • 2 securities removed from LT-ASM Framework: Sikozy Realtors Ltd (524642) moved out due to inclusion in GSM Framework; True Green Bio Energy Ltd (533407) moved out due to inclusion in ESM Framework
  • A consolidated list of all securities currently under LT-ASM is provided in Annexure III

Regulatory Changes

The LT-ASM Framework is updated periodically by BSE in coordination with NSE. Securities are placed under LT-ASM based on surveillance criteria including price volatility, volume anomalies, and corporate governance concerns. Securities marked (*) are moved out due to Trade for Trade framework inclusion; (#) due to GSM Framework; ($) due to ESM Framework; (&) due to IBC Framework.

Compliance Requirements

  • Market participants and brokers must note revised trading conditions applicable to newly added and stage-upgraded securities under LT-ASM from March 06, 2026
  • Enhanced margin requirements and trade-for-trade settlement may apply to affected securities
  • Investors holding positions in newly listed LT-ASM securities should review their exposure
  • Brokers should update their risk management systems to reflect the changes in ASM stages

Important Dates

  • Effective Date: March 06, 2026 — All changes to LT-ASM Framework (additions, stage changes, and removals) come into effect
  • Circular Date: March 05, 2026

Impact Assessment

Securities newly added to LT-ASM (Dhansafal Finserve, Golechha Global Finance, Vanta Bioscience) will face increased margin requirements and heightened regulatory scrutiny, likely reducing liquidity and increasing trading costs for investors. Elango Industries Ltd moving to Stage II implies stricter surveillance and potentially higher margins. The two securities exiting LT-ASM (Sikozy Realtors, True Green Bio Energy) are transitioning to other regulatory frameworks (GSM and ESM respectively), meaning their trading restrictions continue under different surveillance mechanisms rather than being lifted. The overall consolidated list in Annexure III reflects a large number of securities (100+) currently under LT-ASM, indicating broad market surveillance activity.

Impact Justification

LT-ASM placement significantly restricts trading conditions for affected securities, impacting liquidity and investor activity. Multiple securities are added, upgraded in stage, or removed, directly affecting traders and investors holding these stocks.