Description

BSE announces changes to the Long Term ASM Framework effective March 16, 2026, including new additions, stage movements, and removals of securities.

Summary

BSE has announced changes to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective March 16, 2026. The circular details securities newly shortlisted under LT-ASM (Part A), securities moved to higher ASM stages (Part B), securities moved to lower ASM stages (Part C), securities placed directly into Stage IV (Part D), and securities exiting the LT-ASM framework (Annexure II).

Key Points

  • Part A – New Entrants (Stage I): 2 securities shortlisted in LT-ASM Framework w.e.f. March 16, 2026: Usha Martin Education & Solutions Ltd (532398) and Venus Remedies Ltd (526953).
  • Part B – Moved to Higher Stage: 2 securities moved to Stage II: ITCONS E-Solutions Ltd (543806) and Viji Finance Ltd (537820).
  • Part C – Moved to Lower Stage: 4 securities moved to lower stages: Elango Industries Ltd (513452) → Stage I; Elitecon International Ltd (539533) → Stage II; LKP Finance Ltd (507912) → Stage II; Shukra Pharmaceuticals Ltd (524632) → Stage III.
  • Part D – Direct Stage IV: 3 securities placed directly into Stage IV: Accedere Ltd (531533), Citurgia Biochemicals Ltd (506373), and Mahamaya Steel Industries Ltd (513554).
  • Annexure II – Exits: 12 securities removed from the LT-ASM Framework, including Alfavision Overseas India Ltd, Axiscades Technologies Ltd, Bharat Global Developers Ltd, DCM Financial Services Ltd, Delphi World Money Ltd, Hanman Fit Ltd, Integrated Proteins Ltd, Mish Designs Ltd, Pan Electronics India Ltd, Raconteur Global Resources Ltd, Rajdarshan Industries Ltd, and Sobhagya Mercantile Ltd.
  • Annexure III provides a consolidated list of all securities currently under LT-ASM.

Regulatory Changes

The LT-ASM framework applies additional trading restrictions and surveillance to securities exhibiting abnormal price or volume behaviour over a prolonged period. Stage progression (I through IV) indicates increasing levels of surveillance and trading restrictions. Securities marked (*) were identified as per NSE; securities marked (^) are flagged based on non-promoter holding criteria.

Compliance Requirements

  • Trading members must ensure compliance with applicable margin and trading restrictions for all securities under LT-ASM, effective March 16, 2026.
  • Investors and brokers must note the revised ASM stages for affected securities and apply the corresponding trade settlement and margin obligations.
  • Securities exiting the framework due to inclusion in GSM, ESM, Trade for Trade, or IBC frameworks remain subject to those respective frameworks’ restrictions.

Important Dates

  • Effective Date: March 16, 2026 — all additions, stage changes, and exits from the LT-ASM framework take effect.
  • Circular Date: March 13, 2026.

Impact Assessment

The changes affect a significant number of small and mid-cap securities. Securities newly added or moved to higher ASM stages (especially Stage IV) face stricter trading conditions including higher margins, trade-to-trade settlement, and reduced liquidity. Investors holding these securities may face increased costs and limited exit opportunities. The 12 securities exiting the framework may see improved liquidity and reduced trading restrictions, though several are transitioning to equally restrictive frameworks (ESM, GSM, IBC). Market participants should review the consolidated list in Annexure III for the full current LT-ASM universe.

Impact Justification

This circular directly affects trading conditions for numerous securities by placing them under enhanced surveillance, moving them between ASM stages, or removing them from the framework — impacting liquidity, margin requirements, and investor participation for all listed stocks involved.