Description

BSE announces changes to the Long Term ASM Framework effective March 09, 2026, including 2 new securities shortlisted, 6 securities moved to lower ASM stages, and 25 securities moving out of the framework.

Summary

BSE has announced changes to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective March 09, 2026. The circular covers four categories: new securities shortlisted under LT-ASM (Part A), securities moving to higher ASM stages (Part B), securities moving to lower ASM stages (Part C), and securities exiting the LT-ASM framework entirely (Annexure II). A total of 33 securities are affected.

Key Points

  • Part A – New Entrants (2 securities): Bacil Pharma Ltd (524516, INE711D01018) and Transgene Biotek Ltd (526139, INE773D01018) have been shortlisted under the Long Term ASM Framework w.e.f. March 09, 2026.
  • Part B – Moving to Higher Stage: Nil — no securities are being moved to a higher ASM stage.
  • Part C – Moving to Lower Stage (6 securities): A-1 Ltd (Stage I), Aqylon Nexus Ltd (Stage II), Blue Pearl Agriventures Ltd (Stage III), Panjon Ltd (Stage I), Sadhana Nitro Chem Ltd (Stage I), and Sigma Advanced Systems Ltd (Stage I).
  • Part D – Direct Stage IV Inclusions: Nil.
  • Annexure II – Exiting LT-ASM (25 securities): Includes A2Z Infra Engineering Ltd, ACI Infocom Ltd, Aravali Securities & Finance Ltd, Aryaman Capital Markets Ltd, Cemantic Infra-Tech Ltd, Diggi Multitrade Ltd, Droneacharya Aerial Innovations Ltd, Global Longlife Hospital and Research Ltd, Grand Oak Canyons Distillery Ltd, IEC Education Ltd, Kothari Industrial Corporation Ltd, Magellanic Cloud Ltd, NACL Industries Ltd, Omnitex Industries India Ltd, Refex Renewables & Infrastructure Ltd, Sawaca Enterprises Ltd, Sera Investments & Finance India Ltd, Shlokka Dyes Ltd, Shreeshay Engineers Ltd, Tarmat Ltd, Thakral Services India Ltd, Tree House Education & Accessories Ltd, Trident Texofab Ltd, Udayshivakumar Infra Ltd, and Zelio E Mobility Ltd.

Regulatory Changes

  • Securities marked with (*) in Annexure II are exiting LT-ASM due to inclusion in the Trade for Trade (T2T) framework, which imposes its own trading restrictions.
  • Securities marked ($) are exiting LT-ASM for reasons indicated by the respective symbol footnote (footnote text was truncated in source).
  • The LT-ASM framework applies enhanced surveillance including additional margins and/or trade-for-trade settlement to curb unusual price movements in identified securities.

Compliance Requirements

  • Trading Members: Must update trading systems and client communication to reflect the new LT-ASM status of affected securities effective March 09, 2026.
  • Clients holding affected securities: Should be informed of changed margin and settlement requirements.
  • For securities exiting LT-ASM via T2T inclusion: Normal LT-ASM restrictions lift, but Trade for Trade settlement rules now apply — delivery obligations remain mandatory.

Important Dates

  • Effective Date: March 09, 2026 — all changes (new inclusions, stage movements, and exits) become applicable.
  • Circular Date: March 06, 2026.

Impact Assessment

  • New Entrants (Bacil Pharma, Transgene Biotek): These securities will now face enhanced surveillance margins and potentially trade-for-trade settlement, reducing speculative activity and liquidity. Investors holding these stocks may face higher margin requirements.
  • Securities Moving to Lower Stages: Reduced surveillance intensity for 6 securities signals partial improvement in their price/volume behavior; trading restrictions may ease somewhat.
  • Securities Exiting LT-ASM (25 stocks): Majority are exiting due to T2T inclusion, meaning overall restrictions do not fully lift — speculative intraday trading remains restricted. A few exit cleanly, potentially improving liquidity.
  • Market Impact: The net effect is a slight tightening (2 new entrants, 25 exits mostly to T2T) with no upward stage escalations, indicating BSE’s surveillance actions are broadly leading to normalization for many previously flagged securities.

Impact Justification

Affects 33 securities across multiple actions — new inclusions, stage movements, and exits from LT-ASM framework — with direct trading implications including trade-for-trade restrictions for many exiting securities.