Description

BSE announces changes to securities under Short-Term Additional Surveillance Measure framework, effective November 25, 2025, including additions, removals, and stage movements.

Summary

BSE has issued updates to the Short-Term Additional Surveillance Measure (ST-ASM) framework effective November 25, 2025. Five securities are newly shortlisted for ST-ASM Stage I, one security will move to a lower stage, and nine securities are being removed from the framework. The ST-ASM framework imposes additional trading restrictions on securities exhibiting unusual price movements or volatility.

Key Points

  • 5 securities newly shortlisted in Short Term 5/15/30 Days ASM Framework (Stage I)
  • 1 security (KBS India Ltd) moving to lower Stage ASM while continuing in framework
  • 9 securities moving out of ST-ASM Framework completely
  • No securities moving to higher Stage ASM
  • Changes effective from November 25, 2025
  • Framework includes both main board and SME scrips
  • Some securities marked with special designations (SME scrips, T+0 scrips, NSE alignment)

Securities Newly Shortlisted (Stage I)

  1. Capital Trust Ltd (511505, INE707C01018) - marked as per NSE
  2. Mangalam Drugs & Organics Ltd (532637, INE584F01014) - marked as per NSE
  3. Refex Renewables & Infrastructure Ltd (531260, INE332F01018)
  4. Spectrum Electrical Industries Ltd (544386, INE01EO01010) - marked as per NSE
  5. Vardhman Concrete Ltd (531444, INE115C01014)

Securities Moving to Lower Stage

  • KBS India Ltd (530357, INE883D01023) - continues in ST-ASM but moves to lower stage

Securities Moving Out of ST-ASM

  1. Amanaya Ventures Ltd (543804) - SME scrip
  2. Ansal Buildwell Ltd (523007)
  3. HCP Plastene Bulkpack Ltd (526717)
  4. Indigo Paints Ltd (543258)
  5. JD Cables Ltd (544524) - SME scrip
  6. Mittal Sections Ltd (544575) - SME scrip
  7. Premier Synthetics Ltd (509835)
  8. Rachit Prints Ltd (544503) - SME scrip
  9. Technopack Polymers Ltd (543656) - SME scrip

Regulatory Framework

The ST-ASM framework is designed to:

  • Monitor securities with abnormal price movements
  • Implement staged surveillance measures (5/15/30 days)
  • Apply additional trading restrictions progressively
  • Protect market integrity and investor interests

Securities may exit ST-ASM due to:

  • Inclusion in LT-ASM (Long-Term ASM) Framework
  • Inclusion in Trade for Trade Framework
  • Inclusion in GSM (Graded Surveillance Measure) Framework
  • Inclusion in Pledge Framework
  • Inclusion in ESM (Enhanced Surveillance Measure) Framework

Compliance Requirements

  • Market participants must note the revised surveillance categories
  • Trading members should update their systems for the affected securities
  • Enhanced due diligence required for securities under ST-ASM
  • Traders must comply with applicable additional margin requirements and trading restrictions specific to ASM framework

Important Dates

  • Effective Date: November 25, 2025
  • All changes to surveillance categorization take effect from market opening on this date

Impact Assessment

Market Impact: Medium - Affects trading liquidity and conditions for 15 securities across main board and SME segments

Operational Impact: Securities under ST-ASM face:

  • Reduced intraday leverage
  • Additional surveillance margins
  • Potential trade-to-trade settlement in higher stages
  • Increased scrutiny of price movements

Investor Impact:

  • Increased cost of trading due to additional margins
  • Reduced liquidity in affected securities
  • Signal for heightened caution in these stocks
  • Some securities graduating out indicates improved market behavior

Impact Justification

Affects trading conditions for multiple securities under surveillance framework; impacts liquidity and trading strategies for listed stocks.