Description

BSE announces changes to Short Term ASM framework with securities being added, moved between stages, and removed effective November 12, 2025.

Summary

BSE has issued updates to the Short Term Additional Surveillance Measure (ST-ASM) framework effective November 12, 2025. The circular identifies securities being newly added to the ST-ASM framework (7 securities including Gallantt Ispat Ltd, Laddu Gopal Online Services Ltd, Retaggio Industries Ltd, Rnit Ai Solutions Ltd, Sera Investments & Finance India Ltd, and Transformers and Rectifiers (India) Ltd in both regular and T+0 segments). Additionally, 8 securities are being removed from the framework, with some moving to other surveillance frameworks (ESM, LT-ASM, GSM, Trade for Trade, or Pledge Framework).

Key Points

  • 7 securities added to Short Term 5/15/30 Days ASM Framework effective November 12, 2025
  • No securities moving to higher or lower ASM stages within ST-ASM framework
  • 8 securities moving out of ST-ASM framework, with some transitioning to ESM or other surveillance measures
  • Framework applies to both main market and SME scrips (marked with @)
  • T+0 scrips are included based on parent company status (marked with ~)
  • Consolidated list provided showing all securities currently under ST-ASM with their respective stages

Regulatory Changes

The Short Term ASM framework continues to be applied as a surveillance measure for securities showing unusual price movements or volatility. Securities can move between different surveillance frameworks (ST-ASM, LT-ASM, ESM, GSM, Trade for Trade, Pledge Framework) based on their trading patterns and risk profiles. The framework operates in stages (Stage I and higher) with varying levels of restrictions.

Compliance Requirements

  • Trading members must note the securities under ST-ASM framework and comply with applicable trading restrictions
  • Securities under ST-ASM may have additional margin requirements, price bands, or trading frequency limitations
  • Market participants must monitor the stage classification of securities as this determines the level of surveillance measures applied
  • Both regular and T+0 trading segments are subject to these measures where applicable

Important Dates

  • Effective Date: November 12, 2025 - All changes to ST-ASM framework become applicable

Impact Assessment

The inclusion of securities in ST-ASM framework typically results in reduced liquidity, wider bid-ask spreads, and potential trading restrictions for the affected stocks. Securities moving out of ST-ASM (8 stocks) may see improved liquidity if they are not transitioning to stricter frameworks. However, those marked with $ are moving to ESM framework (Mafia Trends Ltd, Sunsky Logistics Ltd, Trade Wings Ltd), which may maintain or increase restrictions. Investors holding these securities should be aware of the surveillance status and potential impact on trading conditions and margin requirements.

Impact Justification

Affects trading conditions for multiple securities through ST-ASM framework changes, impacting liquidity and trading activity for listed companies