Description

BSE circular on securities being added to, moved within, or removed from the Short Term Additional Surveillance Measure (ST-ASM) framework effective October 13, 2025.

Summary

BSE has issued updates to the Short Term Additional Surveillance Measure (ST-ASM) framework effective October 13, 2025. The circular identifies 13 securities being newly added to the ST-ASM framework, and 8 securities moving out of the framework. No securities are being moved to higher or lower ASM stages within the framework. The ST-ASM framework operates on 5/15/30 day cycles and applies enhanced surveillance to securities exhibiting unusual price or volume movements.

Key Points

  • 13 securities newly shortlisted for ST-ASM framework including BlueStone Jewellery, Hybrid Financial Services, and Shankara Building Products
  • 8 securities moving out of ST-ASM framework, several due to inclusion in other surveillance frameworks (LT-ASM, ESM)
  • Changes effective from October 13, 2025
  • Framework includes both main board and SME scrips
  • No securities moving to higher or lower stages within ST-ASM this cycle
  • Several securities marked with asterisk (*) indicate alignment with NSE measures

Regulatory Changes

The ST-ASM framework continues BSE’s ongoing surveillance mechanism to monitor securities with abnormal price movements or volumes. Securities are categorized into stages (Stage I being the initial level) with progressive restrictions. The framework operates independently but coordinates with NSE on certain securities as indicated by asterisk markings.

Compliance Requirements

  • Market participants must note the changed surveillance status of affected securities
  • Trading in ST-ASM securities may be subject to enhanced margin requirements and price bands
  • Surveillance measures apply to all trading members dealing in these securities
  • Members should review consolidated list in Annexure III for complete inventory of securities under ST-ASM

Important Dates

  • Effective Date: October 13, 2025 - All changes to ST-ASM framework come into effect

Impact Assessment

The addition of 13 securities to ST-ASM framework will result in enhanced surveillance and potentially higher margin requirements for traders. Securities moving out (8 total) may experience improved liquidity, though some are transitioning to other surveillance frameworks (LT-ASM, ESM) which may maintain restrictions. The framework aims to protect investors by monitoring volatile securities while allowing continued trading with appropriate safeguards. Market participants should expect reduced speculative activity in newly added securities.

Impact Justification

Affects trading surveillance measures for 21 securities across multiple sectors. While not market-wide, ST-ASM application impacts liquidity and trading mechanisms for affected stocks.