Description
BSE announces securities being added to, moved within, and removed from the Long Term Additional Surveillance Measure (LT-ASM) framework effective March 09, 2026.
Summary
BSE has issued an update to the Long Term Additional Surveillance Measure (LT-ASM) framework, effective March 09, 2026. The circular covers four categories: new securities shortlisted into LT-ASM (Part A), securities moving to higher ASM stages (Part B), securities moving to lower ASM stages (Part C), and securities moving out of LT-ASM entirely (Annexure II). A total of 2 securities are newly added, 6 are moved to lower stages, and 25 securities exit the framework.
Key Points
- 2 new securities added to LT-ASM framework effective March 09, 2026: Bacil Pharma Ltd (524516) and Transgene Biotek Ltd (526139)
- No securities are being moved to higher ASM stages (Part B: Nil)
- 6 securities are being moved to lower ASM stages (Part C)
- 25 securities are exiting the LT-ASM framework (Annexure II)
- No securities shortlisted directly into Stage IV under notice no. 20210604-41 (Part D: Nil)
- Securities marked (*) in Annexure II have been moved out of LT-ASM due to inclusion in the Trade for Trade framework
Regulatory Changes
Part A – New Entries into LT-ASM (w.e.f. March 09, 2026):
| Sr. No. | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 524516 | INE711D01018 | Bacil Pharma Ltd |
| 2 | 526139 | INE773D01018 | Transgene Biotek Ltd |
Part C – Securities Moving to Lower ASM Stage (w.e.f. March 09, 2026):
| Sr. No. | Scrip Code | ISIN | Scrip Name | Moved to Stage |
|---|---|---|---|---|
| 1 | 542012 | INE911Z01025 | A-1 Ltd | I |
| 2 | 530943 | INE416A01051 | Aqylon Nexus Ltd | II |
| 3 | 514440 | INE439N01031 | Blue Pearl Agriventures Ltd | III |
| 4 | 526345 | INE744D01019 | Panjon Ltd | I |
| 5 | 506642 | INE888C01040 | Sadhana Nitro Chem Ltd | I |
| 6 | 532408 | INE933B01012 | Sigma Advanced Systems Ltd | I |
Annexure II – Securities Exiting LT-ASM (w.e.f. March 09, 2026):
| Sr. No. | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 533292 | INE619I01012 | A2Z Infra Engineering Ltd* |
| 2 | 517356 | INE167B01025 | ACI Infocom Ltd* |
| 3 | 512344 | INE068C01015 | Aravali Securities & Finance Ltd* |
| 4 | 538716 | INE229R01011 | Aryaman Capital Markets Ltd |
| 5 | 538596 | INE222B01028 | Cemantic Infra-Tech Ltd* |
| 6 | 540811 | INE158R01012 | Diggi Multitrade Ltd |
| 7 | 543713 | INE0MQD01015 | Droneacharya Aerial Innovations Ltd |
| 8 | 543520 | INE0J2K01014 | Global Longlife Hospital and Research Ltd |
| 9 | 523862 | INE926B01016 | Grand Oak Canyons Distillery Ltd |
| 10 | 531840 | INE172B01017 | IEC Education Ltd* |
| 11 | 509732 | INE972A01020 | Kothari Industrial Corporation Ltd |
| 12 | 538891 | INE613C01026 | Magellanic Cloud Ltd |
| 13 | 524709 | INE295D01020 | NACL Industries Ltd |
| 14 | 514324 | INE814D01010 | Omnitex Industries India Ltd* |
| 15 | 531260 | INE332F01018 | Refex Renewables & Infrastructure Ltd |
| 16 | 531893 | INE248B01023 | Sawaca Enterprises Ltd* |
| 17 | 512399 | INE017I01027 | Sera Investments & Finance India Ltd |
| 18 | 544582 | INE1EUB01016 | Shlokka Dyes Ltd |
| 19 | 541112 | INE452Z01012 | Shreeshay Engineers Ltd |
| 20 | 532869 | INE924H01018 | Tarmat Ltd* |
| 21 | 509015 | INE190F01028 | Thakral Services India Ltd* |
| 22 | 533540 | INE040M01013 | Tree House Education & Accessories Ltd* |
| 23 | 540726 | INE071Y01013 | Trident Texofab Ltd |
| 24 | 543861 | INE0N0Y01013 | Udayshivakumar Infra Ltd* |
| 25 | 544563 | INE1B3501014 | Zelio E Mobility Ltd |
Note: Securities marked () are exiting LT-ASM due to inclusion in the Trade for Trade framework.*
Compliance Requirements
- Market participants and trading members must update their systems to reflect the revised LT-ASM classifications effective March 09, 2026
- Enhanced margin and surveillance requirements apply to newly added securities (Bacil Pharma Ltd and Transgene Biotek Ltd)
- Securities being downgraded to lower ASM stages will have correspondingly revised margin/surveillance requirements from the effective date
- Securities exiting the LT-ASM framework will revert to standard trading conditions, unless subject to other surveillance measures (e.g., Trade for Trade)
Important Dates
- Circular Date: March 06, 2026
- Effective Date: March 09, 2026 (for all changes listed in Parts A, B, C, D and Annexure II)
Impact Assessment
This circular has a significant market impact across multiple small and mid-cap securities. The addition of Bacil Pharma Ltd and Transgene Biotek Ltd to LT-ASM will result in higher margin requirements and increased scrutiny, potentially reducing liquidity in these counters. The downgrade of 6 securities to lower ASM stages signals improving compliance or price behavior for those companies, which may improve investor sentiment. The exit of 25 securities from LT-ASM is broadly positive, as it indicates normalized trading conditions; however, the 9 securities marked (*) are exiting LT-ASM only because they have been moved to the Trade for Trade (T2T) framework, which continues to impose trading restrictions. Overall, market participants should review their positions in all affected securities ahead of the March 09, 2026 effective date.
Impact Justification
This circular affects trading conditions for over 30 securities across multiple ASM stages, with direct implications for liquidity, margin requirements, and investor participation. New additions and exits from the LT-ASM framework effective March 09, 2026.