Description
BSE circular detailing securities entering, exiting, and moving between stages of the Short Term Additional Surveillance Measure (ST-ASM) framework effective November 04, 2025.
Summary
BSE has updated the Short Term Additional Surveillance Measure (ST-ASM) framework effective November 04, 2025. The circular identifies 19 securities being newly included in the ST-ASM framework (5/15/30 Days), 1 security moving to a higher stage within ST-ASM, and 11 securities exiting the ST-ASM framework. Securities under ST-ASM face enhanced surveillance due to price volatility or other market concerns.
Key Points
- 19 securities newly shortlisted for ST-ASM framework including Chennai Petroleum Corporation Ltd and Pasupati Acrylon Ltd
- 1 security (Pace E-Commerce Ventures Ltd) moving to higher stage ASM framework
- 11 securities moving out of ST-ASM framework, including Bhageria Industries Ltd and Mafatlal Industries Ltd
- Several SME scrips (marked with @) included in the changes
- Some securities exiting ST-ASM due to inclusion in other surveillance frameworks (LT-ASM, GSM, ESM, etc.)
- Changes effective from November 04, 2025
Regulatory Changes
The ST-ASM framework applies graded surveillance measures (5/15/30 days) to securities exhibiting unusual price movements or volatility. Securities under ST-ASM may face:
- Additional margin requirements
- Restricted trading conditions
- Enhanced disclosure obligations
- Reduced position limits
Securities can graduate between different ASM stages based on continued surveillance observations.
Compliance Requirements
- Trading members must ensure compliance with applicable margin and position limit requirements for securities under ST-ASM
- Investors should be aware of enhanced surveillance status when trading these securities
- Brokers must inform clients about the ST-ASM status of securities
- Risk management systems must be updated to reflect the new ST-ASM categorization
Important Dates
- Effective Date: November 04, 2025 - All ST-ASM framework changes become applicable
Impact Assessment
Market Impact: High - The ST-ASM framework directly affects trading dynamics for the listed securities. The 19 newly included securities will face stricter surveillance and potentially higher margins, which may reduce speculative trading and improve price discovery.
Liquidity Impact: Securities entering ST-ASM typically experience reduced liquidity due to higher margins and trading restrictions. Conversely, the 11 securities exiting the framework may see improved liquidity.
Investor Impact: Retail and institutional investors holding positions in affected securities must adjust their risk management strategies. Higher margins for ST-ASM securities increase capital requirements for maintaining positions.
Operational Impact: Trading members must update their systems to reflect the new surveillance categorization and ensure proper margin collection from clients.
Detailed Lists
Securities Newly Shortlisted in ST-ASM (Effective Nov 04, 2025)
- Anna Infrastructures Ltd (530799)
- Atishay Ltd (538713)
- Batliboi Ltd (522004)
- Chemcrux Enterprises Ltd (540395)
- Chennai Petroleum Corporation Ltd (500110)*
- Faalcon Concepts Ltd (544164)@
- Flex Foods Ltd (523672)
- HB Leasing & Finance Company Ltd (508956)
- Infonative Solutions Ltd (544393)@
- Kati Patang Lifestyle Ltd (531126)
- Khandelwal Extractions Ltd (519064)
- Krupalu Metals Ltd (544509)@
- LS Industries Ltd (514446)
- Maxheights Infrastructure Ltd (534338)
- Mish Designs Ltd (544015)@
- Pasupati Acrylon Ltd (500456)*
- Rapicut Carbides Ltd (500360)
- Shyamkamal Investments Ltd (505515)
- Titaanium Ten Enterprise Ltd (539985)@
*As per NSE | @ SME Scrips
Securities Moving to Higher Stage ASM
- Pace E-Commerce Ventures Ltd (543637)@ - Moving to higher surveillance stage
Securities Exiting ST-ASM Framework
- Bhageria Industries Ltd (530803)
- Helpage Finlease Ltd (539174)
- Jattashankar Industries Ltd (514318)* - Moving to LT-ASM
- Mafatlal Industries Ltd (500264)
- Marc Loire Fashions Ltd (544437)@
- One Global Service Provider Ltd (514330)
- Raghuvansh Agrofarms Ltd (538921)@
- Rajkot Investment Trust Ltd (539495)
- SBL Infratech Ltd (543366)@
- Silicon Rental Solutions Ltd (543615)@
- Supershakti Metaliks Ltd (541701)@
*Moving to LT-ASM Framework | @ SME Scrips
Impact Justification
ST-ASM framework significantly impacts trading conditions for listed securities, affecting liquidity and investor participation. Changes effective immediately require trader awareness.