Description

BSE announces changes to the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 01, 2025, including addition of 6 securities, removal of 8 securities, and consolidated list of all securities under ST-ASM.

Summary

BSE has announced updates to the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 01, 2025. Six securities are being newly added to the ST-ASM Stage I framework, while eight securities are being removed from the framework. No securities are being moved to higher or lower stages within the ST-ASM framework. The circular includes a consolidated list of all securities currently under ST-ASM surveillance.

Key Points

  • 6 new securities added to ST-ASM Stage I framework (including 3 SME scrips)
  • 8 securities moving out of ST-ASM framework (various reasons including migration to other surveillance frameworks)
  • No securities moving to higher or lower ASM stages
  • Changes effective from December 01, 2025
  • ST-ASM framework applies 5/15/30 day surveillance periods
  • Some securities exiting ST-ASM are moving to other surveillance frameworks (LT-ASM, ESM)

Regulatory Changes

Securities Added to ST-ASM Stage I:

  1. Best Agrolife Ltd (Scrip Code: 539660, ISIN: INE052T01013) - *As per NSE
  2. Gilada Finance & Investments Ltd (Scrip Code: 538788, ISIN: INE918C01029)
  3. Halder Venture Ltd (Scrip Code: 539854, ISIN: INE115S01010)
  4. JD Cables Ltd (Scrip Code: 544524, ISIN: INE14VP01014) - @SME Scrip
  5. Srigee Dlm Ltd (Scrip Code: 544399, ISIN: INE0RJ901010) - @SME Scrip
  6. Supertech Ev Ltd (Scrip Code: 544428, ISIN: INE0SC101013) - @SME Scrip

Securities Exiting ST-ASM Framework:

  1. Garnet International Ltd (Scrip Code: 512493, ISIN: INE590B01010)
  2. Magellanic Cloud Ltd (Scrip Code: 538891, ISIN: INE613C01026) - *Moving to LT-ASM
  3. Parmeshwar Metal Ltd (Scrip Code: 544330, ISIN: INE0QQJ01021) - @SME Scrip
  4. Regal Entertainment & Consultants Ltd (Scrip Code: 531033, ISIN: INE101E01010) - $Moving to ESM
  5. Universal Cables Ltd (Scrip Code: 504212, ISIN: INE279A01012)
  6. Venus Remedies Ltd (Scrip Code: 526953, ISIN: INE411B01019) - $Moving to ESM
  7. VL E-Governance & IT Solutions Ltd (Scrip Code: 543958, ISIN: INE03HW01020)
  8. VLS Finance Ltd (Scrip Code: 511333, ISIN: INE709A01018)

Compliance Requirements

  • Trading members must apply appropriate risk controls for securities under ST-ASM framework
  • Enhanced due diligence required for transactions in ST-ASM securities
  • Investors trading in these securities should be aware of heightened surveillance and potential trading restrictions
  • Market participants must monitor the consolidated list for all securities currently under ST-ASM
  • Securities marked with special indicators (@SME, *NSE coordination, $ESM migration, etc.) require attention to specific conditions

Important Dates

  • Effective Date: December 01, 2025 - All changes to ST-ASM framework become applicable
  • Circular Date: November 28, 2025

Impact Assessment

Market Impact:

  • Trading in the 6 newly added securities will face additional surveillance and potential restrictions under ST-ASM Stage I
  • 8 securities gaining relief from ST-ASM restrictions, though some moving to other surveillance frameworks (LT-ASM, ESM)
  • ST-ASM typically results in higher margins, additional disclosures, and trading restrictions (periodic call auctions)

Operational Impact:

  • Brokers and traders must update risk management systems for affected securities
  • Increased margin requirements for securities entering ST-ASM
  • Enhanced monitoring and reporting obligations for market participants
  • Securities exiting to LT-ASM or ESM will face different surveillance parameters

Investor Considerations:

  • Higher transaction costs and reduced liquidity expected for securities entering ST-ASM
  • Improved trading conditions for securities exiting ST-ASM (except those moving to stricter frameworks)
  • 3 SME scrips added indicate heightened scrutiny in small-cap segment
  • Consolidated list provides transparency on all securities under short-term surveillance

Impact Justification

Affects trading dynamics for 14 securities through addition/removal from surveillance framework. Important for traders and investors in these specific stocks but limited broader market impact.