Description
BSE announces securities being added to, moved within, and removed from the Short Term Additional Surveillance Measure (ST-ASM) framework effective October 27, 2025.
Summary
BSE has issued updates to the Short Term Additional Surveillance Measure (ST-ASM) framework effective October 27, 2025. The circular identifies 14 securities being newly added to ST-ASM, 1 security moving to a higher stage within ST-ASM, and 9 securities exiting the framework. The ST-ASM framework applies enhanced surveillance and trading restrictions to securities that exhibit unusual price movements or volatility over short timeframes (5/15/30 days).
Key Points
- 14 securities newly shortlisted for ST-ASM framework effective October 27, 2025
- Welcure Drugs & Pharmaceuticals Ltd will move to a higher stage within ST-ASM
- 9 securities moving out of ST-ASM framework
- Securities exiting ST-ASM include those moving to other surveillance frameworks (LT-ASM, ESM, GSM, Trade for Trade, Pledge Framework)
- Aptus Pharma Ltd exits ST-ASM due to inclusion in ESM (Enhanced Surveillance Measure) Framework
- Framework includes SME scrips and T+0 scrips categorized separately
- Consolidated list provided showing all securities currently under ST-ASM with their respective stages
Regulatory Changes
Securities Added to ST-ASM (Stage I):
- Bhageria Industries Ltd (530803)
- Chandni Machines Ltd (542627)
- Helpage Finlease Ltd (539174)
- Infinity Infoway Ltd (544567)
- Mafatlal Industries Ltd (500264)
- Marc Loire Fashions Ltd (544437)
- One Global Service Provider Ltd (514330)
- Pace E-Commerce Ventures Ltd (543637)
- Raghuvansh Agrofarms Ltd (538921)
- Rajkot Investment Trust Ltd (539495)
- Response Informatics Ltd (538273)
- SBL Infratech Ltd (543366)
- Silicon Rental Solutions Ltd (543615)
- Swati Projects Ltd (543914)
Securities Moving to Higher Stage:
- Welcure Drugs & Pharmaceuticals Ltd (524661)
Securities Exiting ST-ASM:
- Adeshwar Meditex Ltd, Angel Fibers Ltd, Aptus Pharma Ltd ($), Bonlon Industries Ltd, Getalong Enterprise Ltd, Laddu Gopal Online Services Ltd, Modern Engineering And Projects Ltd, Regent Enterprises Ltd, UR Sugar Industries Ltd
Compliance Requirements
- Market participants must adhere to enhanced surveillance measures for securities listed in ST-ASM framework
- Trading in ST-ASM securities subject to specific restrictions including potential price bands, margin requirements, and settlement conditions
- Investors should be aware of heightened scrutiny and potential liquidity constraints in these securities
- Brokers and trading members must ensure appropriate risk disclosures to clients trading in ST-ASM securities
- Securities moving to other frameworks (ESM, GSM, LT-ASM) will be subject to those frameworks’ specific compliance requirements
Important Dates
- October 27, 2025: Effective date for all ST-ASM framework changes including additions, stage movements, and exits
Impact Assessment
Trading Impact: The addition of 14 securities to ST-ASM will result in enhanced surveillance and potentially restrictive trading conditions including higher margin requirements, reduced position limits, or modified settlement mechanisms. This may reduce liquidity and increase trading costs for these securities.
Market Participant Impact: Investors holding positions in newly added securities should expect potential margin calls and trading restrictions. The movement of Welcure Drugs & Pharmaceuticals to a higher stage indicates continued volatility concerns and will result in stricter surveillance measures.
Systemic Impact: Limited systemic impact as most affected securities are small to mid-cap stocks with relatively lower trading volumes. However, the continued application of surveillance measures demonstrates BSE’s proactive approach to market integrity and investor protection.
Positive Development: 9 securities exiting ST-ASM indicates improved price stability or migration to appropriate alternative frameworks, which may restore normal trading conditions for those stocks (except those moving to more restrictive frameworks like ESM).
Impact Justification
Affects 23+ securities with surveillance measure changes that impact trading conditions, but primarily involves smaller cap stocks with limited market-wide systemic impact