Description
BSE announces the list of securities being added to, removed from, and continuing in the Short Term Additional Surveillance Measure (ST-ASM) framework effective October 30, 2025.
Summary
BSE has issued the updated list of securities under the Short Term Additional Surveillance Measure (ST-ASM) framework effective October 30, 2025. The circular identifies 15 securities being newly added to the ST-ASM framework, 3 securities moving out of the framework, and provides a consolidated list of all securities currently under surveillance. The ST-ASM framework is applied to securities exhibiting abnormal price movements and involves enhanced monitoring and trading restrictions.
Key Points
- 15 securities shortlisted for inclusion in Short Term 5/15/30 Days ASM Framework from October 30, 2025
- 3 securities moving out of ST-ASM Framework (Bhagwati Autocast Ltd, John Cockerill India Ltd, Jetking Infotrain Ltd)
- Jetking Infotrain Ltd is moving out due to inclusion in LT-ASM Framework
- No securities are moving to higher or lower stage ASM within the ST-ASM framework
- The framework includes both main board and SME securities
- T+0 scrips are also covered under the framework based on parent company classification
- Consolidated list provides current ST-ASM stage classification for all affected securities
Regulatory Changes
The ST-ASM framework applies additional surveillance measures to securities showing abnormal price movements. Securities under this framework are subject to:
- Enhanced monitoring by the exchange
- Potential trading restrictions based on stage (5/15/30 days)
- Periodic review for continuation, upgrade, downgrade, or removal from the framework
Securities can exit ST-ASM by moving to other surveillance frameworks including LT-ASM, Trade for Trade, GSM (Graded Surveillance Measure), Pledge Framework, or ESM (Enhanced Surveillance Measure).
Compliance Requirements
- Trading Members: Must ensure awareness of securities under ST-ASM and apply appropriate risk management measures
- Investors: Should note that securities under ST-ASM may have restricted liquidity and higher volatility
- Listed Companies: Companies whose securities are under ST-ASM should ensure timely disclosures and compliance with all regulatory requirements
- All market participants must comply with the additional surveillance requirements applicable to these securities
Important Dates
- Effective Date: October 30, 2025 - New ST-ASM list becomes applicable
- Circular Issue Date: October 29, 2025
Impact Assessment
Market Impact: The inclusion of 15 securities in ST-ASM will result in enhanced surveillance and potential trading restrictions, which may reduce liquidity and increase bid-ask spreads for these securities. Investors may experience difficulty in executing large orders.
Investor Impact: Shareholders of affected securities should expect increased volatility monitoring and potential additional margin requirements. The surveillance measure serves as a warning signal for abnormal price movements.
Operational Impact: Trading members will need to update their risk management systems to account for the revised ST-ASM list. SME securities marked with @ symbol require special attention as they may have lower liquidity.
Positive Aspect: The exit of 3 securities from ST-ASM indicates improved price stability for those companies, with Jetking Infotrain moving to long-term surveillance framework indicating sustained monitoring needs.
Securities Added to ST-ASM (15 Total)
- Adcon Capital Services Ltd
- Bhagyanagar India Ltd
- Bharat Wire Ropes Ltd
- Continental Controls Ltd
- Dhillon Freight Carrier Ltd (SME)
- DSM Fresh Foods Ltd (SME)
- Groarc Industries India Ltd
- Hatsun Agro Product Ltd
- Hatsun Agro Products Ltd (T+0)
- Hindustan Bio Sciences Ltd
- IFB Agro Industries Ltd
- Lancer Container Lines Ltd
- Riddhi Steel and Tube Ltd (SME)
- Switching Technologies Gunther Ltd
- Vivaa Tradecom Ltd (SME)
Securities Removed from ST-ASM (3 Total)
- Bhagwati Autocast Ltd
- John Cockerill India Ltd
- Jetking Infotrain Ltd (moved to LT-ASM Framework)
Impact Justification
ST-ASM framework imposes additional surveillance and trading restrictions on securities showing abnormal price movements, directly affecting liquidity and trading for 15+ securities with immediate effect from October 30, 2025.