Description

BSE circular detailing securities moving in and out of the Short Term Additional Surveillance Measure framework effective October 21, 2025.

Summary

BSE has issued a circular regarding the applicability of Short Term Additional Surveillance Measure (ST-ASM) framework effective October 21, 2025. The circular identifies securities exiting the ST-ASM framework, with 9 securities moving out due to inclusion in other surveillance frameworks (LT-ASM or ESM). No new securities are being added to the ST-ASM framework, and no securities are moving between different ST-ASM stages. The consolidated list shows 17 securities currently in Stage I of the Short Term 5/15/30 Days ASM framework.

Key Points

  • No new securities shortlisted for ST-ASM framework effective October 21, 2025
  • 9 securities moving out of ST-ASM framework, transitioning to other surveillance measures
  • 2 securities (Bits Ltd and Croissance Ltd) moving to LT-ASM Framework
  • 2 securities (Earkart Ltd and Tarapur Transformers Ltd) moving to ESM Framework
  • 5 securities (BlueStone Jewellery, Bothra Metals, Hybrid Financial, Jay Ushin, Keynote Financial) exiting ST-ASM with no specified alternate framework
  • Consolidated list contains 17 securities in Stage I of ST-ASM
  • Framework includes special markings for SME scrips (@), T+0 scrips (~), and various exit reasons

Regulatory Changes

The ST-ASM framework continues to operate with its existing 5/15/30 Days structure, categorizing securities into different surveillance stages. Securities are being redistributed across surveillance frameworks including:

  • Long Term ASM (LT-ASM) Framework
  • Enhanced Surveillance Measure (ESM) Framework
  • Trade for Trade Framework
  • Graded Surveillance Measure (GSM) Framework
  • Pledge Framework

The framework applies different treatment for SME scrips and T+0 scrips based on parent company classification.

Compliance Requirements

  • Market participants must note the change in surveillance status for the 9 securities exiting ST-ASM
  • Trading members should update their systems to reflect the new surveillance framework applicable to affected securities
  • Entities must comply with the specific requirements of the new surveillance framework (LT-ASM or ESM) for securities transitioning out of ST-ASM
  • Securities remaining in ST-ASM Stage I continue to be subject to short-term additional surveillance measures with applicable price bands and position limits

Important Dates

  • Effective Date: October 21, 2025 - All changes to ST-ASM framework applicability become effective
  • Circular Date: October 20, 2025

Impact Assessment

Market Impact: Medium - The movement of 9 securities out of ST-ASM framework affects trading conditions and liquidity parameters for these stocks. Securities moving to LT-ASM or ESM will face different surveillance measures, potentially impacting trading volumes and investor participation.

Operational Impact: Market participants trading in the affected securities need to adjust to new surveillance parameters. Securities exiting ST-ASM may experience changes in price discovery mechanisms and trading restrictions based on their new framework classification.

Investor Impact: Investors holding positions in the 9 securities moving out of ST-ASM should be aware of the changed surveillance status and associated trading restrictions that may apply under their new frameworks (LT-ASM or ESM).

Impact Justification

Affects trading conditions for multiple securities through surveillance framework changes, impacting liquidity and trading parameters for listed companies effective October 21, 2025.