Description

BSE circular notifying securities shortlisted, moved to higher/lower stages, and removed from the Long Term Additional Surveillance Measure (LT-ASM) framework effective March 10, 2026.

Summary

BSE has issued this circular detailing changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective March 10, 2026. Five new securities have been shortlisted for inclusion, one security has been moved to a higher ASM stage, no securities have been moved to a lower stage, and two securities have been removed from the framework. A consolidated list of all securities currently under LT-ASM is also provided.

Key Points

  • 5 new securities added to LT-ASM framework effective March 10, 2026 (Part A)
  • 1 security (Sirohia & Sons Ltd) moved to higher Stage 2 ASM (Part B)
  • No securities moved to lower ASM stages (Part C - Nil)
  • No securities placed directly into Stage IV LT-ASM (Part D - Nil)
  • 2 securities removed from LT-ASM framework effective March 09, 2026 (Annexure II)
  • Consolidated list of all securities under LT-ASM provided in Annexure III

Regulatory Changes

Newly Added to LT-ASM (Part A - effective March 10, 2026):

  • Alfavision Overseas India Ltd (Scrip Code: 531156, ISIN: INE883B01027)
  • Bhagawati Gas Ltd (Scrip Code: 500051, ISIN: INE099C01010)
  • Decorous Investment & Trading Co Ltd (Scrip Code: 539405, ISIN: INE183R01010)
  • Garware Marine Industries Ltd (Scrip Code: 509563, ISIN: INE925D01014)
  • Magenta Lifecare Ltd (Scrip Code: 544188, ISIN: INE0QZ901011)

Moved to Higher ASM Stage (Part B - effective March 10, 2026):

  • Sirohia & Sons Ltd (Scrip Code: 538667, ISIN: INE785O01019) — moved to Stage 2

Removed from LT-ASM (Annexure II - effective March 09, 2026):

  • Noble Polymers Ltd (Scrip Code: 539200, ISIN: INE203Q01026) — removed due to inclusion in ESM Framework ($)
  • OTCO International Ltd (Scrip Code: 523151, ISIN: INE910B01028) — removed due to inclusion in GSM Framework (#)

Compliance Requirements

  • Market participants and investors holding or trading in securities listed under LT-ASM must comply with the additional surveillance-related trading conditions applicable to each ASM stage.
  • Brokers and trading members must update their systems to reflect the new LT-ASM inclusions, stage changes, and exclusions effective from the specified dates.
  • Securities moving out of LT-ASM due to inclusion in ESM or GSM frameworks are now subject to those respective frameworks’ rules instead.

Important Dates

  • March 10, 2026: New securities added to LT-ASM (Part A), stage upgrade for Sirohia & Sons Ltd (Part B) become effective.
  • March 09, 2026: Noble Polymers Ltd and OTCO International Ltd removed from LT-ASM framework.

Impact Assessment

Investors and traders in the five newly added securities will face enhanced surveillance conditions including potential restrictions on trading frequency, margins, and settlement. Sirohia & Sons Ltd faces tighter restrictions after being escalated to Stage 2. Noble Polymers Ltd and OTCO International Ltd, while exiting LT-ASM, are now subject to ESM and GSM frameworks respectively, which carry their own trading restrictions. The overall impact is significant for retail investors holding these securities, as LT-ASM placement typically results in reduced liquidity and higher margin requirements.

Impact Justification

Directly affects trading conditions for multiple securities by placing them under or moving them within the LT-ASM framework, which imposes significant trading restrictions on affected stocks and their investors.