Description

BSE announces changes to Short-Term Additional Surveillance Measure framework with securities entering, moving between stages, and exiting effective November 25, 2025.

Summary

BSE has issued an update on the applicability of Short-Term Additional Surveillance Measure (ST-ASM) framework effective November 25, 2025. Five securities are being newly shortlisted under the ST-ASM framework, one security will move to a lower stage, and nine securities are moving out of the framework entirely. The circular also provides a consolidated list of all securities currently under various stages of ST-ASM.

Key Points

  • 5 new securities entering Short Term 5/15/30 Days ASM Framework: Capital Trust Ltd, Mangalam Drugs & Organics Ltd, Refex Renewables & Infrastructure Ltd, Spectrum Electrical Industries Ltd, and Vardhman Concrete Ltd
  • KBS India Ltd moving to a lower Stage ASM within the framework
  • 9 securities moving out of ST-ASM Framework including Amanaya Ventures Ltd, Ansal Buildwell Ltd, HCP Plastene Bulkpack Ltd, Indigo Paints Ltd, JD Cables Ltd, Mittal Sections Ltd, Premier Synthetics Ltd, Rachit Prints Ltd, and Technopack Polymers Ltd
  • No securities moving to higher Stage ASM at this time
  • Framework includes SME scrips and T+0 scrips with specific marking conventions
  • Consolidated list shows securities across different ST-ASM stages

Regulatory Changes

The Short-Term Additional Surveillance Measure framework is being updated to include new securities showing unusual price or volume movements. Securities can move between stages based on ongoing surveillance parameters or exit the framework when included in other surveillance mechanisms (LT-ASM, Trade for Trade, GSM, Pledge Framework, or ESM Framework).

Compliance Requirements

  • Market participants must note the changed surveillance status of affected securities
  • Trading in newly included ST-ASM securities will be subject to additional surveillance measures including potential additional margins, price bands, or trading restrictions
  • Brokers and investors should be aware of the specific stage (Stage I, etc.) applicable to each security as it determines the level of restrictions
  • Special attention required for SME scrips (marked @) and T+0 scrips (marked ~) under the framework

Important Dates

  • Effective Date: November 25, 2025 - All changes to ST-ASM framework become applicable

Impact Assessment

The inclusion of securities in ST-ASM typically results in reduced liquidity due to additional compliance requirements and higher margins. For the 5 new securities entering the framework, investors can expect increased scrutiny and potential trading restrictions. The 9 securities exiting the framework may see improved liquidity, though some are moving to other surveillance frameworks which may continue to impose restrictions. KBS India Ltd moving to a lower stage indicates improved market behavior and may see relaxation of certain restrictions. Overall market impact is limited as the number of affected securities is relatively small compared to the total market.

Impact Justification

Surveillance measure affects trading dynamics for 14 securities with specific companies entering or exiting framework, impacting liquidity and trading activity for affected stocks.