Description
BSE announces securities being added to, moved within stages of, and the consolidated list under the Long Term Additional Surveillance Measure (LT-ASM) framework effective March 12, 2026.
Summary
BSE has issued a circular detailing changes to the Long Term Additional Surveillance Measure (LT-ASM) framework effective March 12, 2026. Five new securities are being added to the framework (Part A), two securities are being moved to higher ASM stages (Part B), no securities are moving to lower stages (Part C), one security is being placed directly into Stage IV (Part D), and no securities are exiting the framework (Annexure II). A consolidated list of all securities currently under LT-ASM is also provided (Annexure III).
Key Points
- 5 new securities shortlisted into the LT-ASM framework effective March 12, 2026 (Part A)
- 2 securities moved to higher Stage 2 ASM within the LT-ASM framework (Part B)
- No securities moved to lower ASM stages (Part C — Nil)
- 1 security (Titan Biotech Ltd) placed directly into Stage IV LT-ASM (Part D)
- No securities exiting the LT-ASM framework (Annexure II — Nil)
- A comprehensive consolidated list of all securities under LT-ASM is provided in Annexure III
Regulatory Changes
Part A — New entrants to LT-ASM (effective March 12, 2026):
| Scrip Code | ISIN | Scrip Name |
|---|---|---|
| 539984 | INE799B01017 | Hindusthan Urban Infrastructure Ltd |
| 531288 | INE531D01010 | Lead Financial Services Ltd |
| 543545 | INE0ID001024 | Veerkrupa Jewellers Ltd |
| 539167 | INE347L01022 | Virat Leasing Ltd |
| 544726 | INE0J0B01017 | Kotyark Industries Limited |
Part B — Securities moving to higher ASM Stage (effective March 12, 2026):
| Scrip Code | ISIN | Scrip Name | Moved to Stage |
|---|---|---|---|
| 511246 | INE910D01024 | Bombay Talkies Ltd | Stage 2 |
| 538894 | INE513C01010 | Octal Credit Capital Ltd | Stage 2 |
Part C — Securities moving to lower ASM Stage: Nil
Part D — Securities placed directly into Stage IV LT-ASM (per notice 20210604-41):
| Scrip Code | ISIN | Scrip Name | Stage |
|---|---|---|---|
| 524717 | INE150C01029 | Titan Biotech Ltd | Stage 4 |
Compliance Requirements
- Brokers and trading members must apply enhanced surveillance measures, including applicable margin requirements, for all securities listed under LT-ASM
- Investors holding or trading in affected securities should be aware of the additional surveillance conditions and any trading restrictions that apply under the relevant ASM stage
- Market participants should refer to the consolidated list in Annexure III for the complete current list of LT-ASM securities and their respective stages
Important Dates
- Effective Date: March 12, 2026 — All changes (new inclusions, stage movements, direct Stage IV placement) come into effect
Impact Assessment
The LT-ASM framework imposes enhanced surveillance and margin requirements on listed securities that exhibit abnormal price or volume behavior over an extended period. Securities placed under or moved to higher stages face increased scrutiny, higher margin obligations, and potential trading restrictions, which can significantly impact liquidity and investor participation. The addition of 5 new securities and escalation of 2 securities to Stage 2, along with the direct Stage IV placement of Titan Biotech Ltd, signals heightened regulatory concern over these counters. Investors and traders in these securities should exercise caution and review applicable trading conditions before transacting.
Impact Justification
Directly affects trading conditions for multiple listed securities by placing them under or moving them within the LT-ASM framework, which imposes trading restrictions and margin requirements on affected stocks.