Description

BSE announces changes to securities under Short Term Additional Surveillance Measure framework with effect from October 15, 2025, including new additions and removals from the framework.

Summary

BSE has announced changes to the Short Term Additional Surveillance Measure (ST-ASM) framework effective October 15, 2025. Three securities are newly shortlisted in the ST-ASM Framework: Cargotrans Maritime Ltd, Niraj Cement Structurals Ltd, and Shiv Texchem Ltd. Six securities are moving out of the ST-ASM Framework, including ABM Knowledgeware Ltd, Bazel International Ltd, Dharani Finance Ltd (moving to ESM Framework), Khyati Multimedia Entertainment Ltd, LGT Business Connextions Ltd, and SP Capital Financing Ltd. A consolidated list of securities under various ST-ASM stages is also provided.

Key Points

  • 3 securities newly shortlisted in Short Term 5/15/30 Days ASM Framework (Stage I)
  • 6 securities moving out of ST-ASM Framework effective October 15, 2025
  • No securities moving to higher or lower stages within the ST-ASM framework
  • Consolidated list includes 16+ securities across Stage I and Stage II
  • Some securities marked with special designations: @ for SME scrips, ~ for T+0 scrips
  • Securities may move out due to inclusion in other frameworks (LT-ASM, Trade for Trade, GSM, Pledge, or ESM)

Regulatory Changes

The ST-ASM Framework continues to apply enhanced surveillance measures to securities exhibiting abnormal price movements or trading patterns. Securities in this framework are subject to 5/15/30 day surveillance periods with specific trading restrictions aimed at curbing excessive speculation and protecting investor interests.

Compliance Requirements

  • Trading members must note the applicable ST-ASM stage for affected securities
  • Enhanced margin requirements and trading restrictions apply to securities under ST-ASM
  • Market participants should review their positions in affected securities
  • SME scrips (marked @) and T+0 scrips (marked ~) have additional considerations

Important Dates

  • Effective Date: October 15, 2025 - Changes to ST-ASM framework take effect

Impact Assessment

New Additions: Cargotrans Maritime Ltd, Niraj Cement Structurals Ltd, and Shiv Texchem Ltd will face enhanced surveillance measures including potentially higher margins and trading restrictions, which may impact liquidity and price discovery.

Removals: Six securities are exiting ST-ASM framework, with Dharani Finance Ltd moving to the Enhanced Surveillance Measure (ESM) framework which may impose stricter controls. Other securities moving out may see improved trading conditions.

Market Impact: The surveillance measures are designed to protect investors from excessive volatility and speculation, but may temporarily reduce liquidity in affected securities. Traders and investors holding positions in these securities should review their strategies and ensure compliance with applicable margin requirements.

Impact Justification

Impacts trading operations for multiple securities under surveillance framework, affecting liquidity and trading mechanisms for listed companies