Description

BSE announces securities shortlisted for Short Term ASM framework, securities moving to higher/lower stages, and securities exiting the framework effective November 21, 2025.

Summary

BSE has issued the updated list of securities under the Short Term Additional Surveillance Measure (ST-ASM) framework effective November 21, 2025. The circular identifies 8 securities newly shortlisted for ST-ASM, 2 securities moving to higher stage ASM, 6 securities moving out of the framework, and provides a consolidated list of all securities currently under ST-ASM across different stages.

Key Points

  • 8 securities newly shortlisted in Short Term 5/15/30 Days ASM Framework from November 21, 2025
  • 2 securities (AVI Polymers Ltd, Solvex Edibles Ltd) moving to higher Stage ASM while continuing in ST-ASM
  • 6 securities moving out of ST-ASM Framework, including 1 moving to ESM Framework and 5 SME scrips
  • No securities moving to lower Stage ASM
  • Multiple SME scrips and some T+0 scrips included in the framework
  • Consolidated list includes securities across Stage I and Stage II of ST-ASM

Regulatory Changes

The Short Term ASM framework applies enhanced surveillance measures to securities showing unusual price movements or volatility over short periods (5/15/30 days). Securities are categorized into different stages (Stage I, Stage II, etc.) with progressively stricter trading restrictions.

Compliance Requirements

  • Trading members must ensure compliance with ST-ASM framework requirements for affected securities
  • Enhanced surveillance measures apply including potential price bands, trade-to-trade settlement, or other restrictions
  • Market participants should note securities marked with special symbols: @ (SME scrips), * (as per NSE), ~ (T+0 scrips)
  • Securities moving out may be subject to other frameworks: ESM, LT-ASM, Trade for Trade, GSM, or Pledge Framework

Important Dates

  • Effective Date: November 21, 2025 - All changes to ST-ASM framework become applicable

Impact Assessment

Market Impact: Medium - Affects trading in specific securities with unusual price movements, particularly impacting SME segment with multiple scrips listed. The ST-ASM framework restricts speculative trading and enhances investor protection.

Operational Impact: Trading members and investors in affected securities will face enhanced surveillance measures including potential restrictions on intraday trading, modified settlement cycles, or additional margin requirements. Securities moving to higher stages face stricter controls, while those exiting ST-ASM may enter other surveillance frameworks with different restrictions.

Investor Impact: Investors holding or trading in the 8 newly listed securities and 2 securities moving to higher stages should expect reduced liquidity and trading flexibility. Those in the 6 securities moving out of ST-ASM should verify the new applicable framework.

Annexure Details

Annexure I - Part A: Lists 8 securities newly shortlisted including Garnet International Ltd, Parmeshwar Metal Ltd, Phaarmasia Ltd, Regal Entertainment & Consultants Ltd, Shanti Educational Initiatives Ltd, Universal Cables Ltd, VL E-Governance & IT Solutions Ltd, and VLS Finance Ltd.

Securities Moving to Higher Stage: AVI Polymers Ltd and Solvex Edibles Ltd (SME) continue in ST-ASM but move to higher surveillance stages.

Annexure II: Lists 6 securities exiting ST-ASM including Danube Industries Ltd (moving to ESM), Madhuveer Com 18 Network Ltd, Pace E-Commerce Ventures Ltd, Shiv Texchem Ltd, SK Minerals & Additives Ltd, and Supertech Ev Ltd.

Annexure III: Provides consolidated list of all securities under ST-ASM framework with their respective stages, though the content was truncated in the source data.

Impact Justification

Affects specific securities with enhanced surveillance measures, limiting trading flexibility for listed companies and investors in these scrips