Description

BSE announces changes to Short Term ASM Framework effective December 03, 2025, including new securities added, securities moving to higher/lower stages, and securities moving out of the framework.

Summary

BSE has issued updates to the Short Term Additional Surveillance Measure (ST-ASM) Framework effective December 03, 2025. The circular details securities being newly added to the 5/15/30 Days ASM Framework, securities continuing but moving to higher or lower stages, and securities moving out of the framework due to inclusion in other surveillance mechanisms.

Key Points

  • 3 securities newly shortlisted in Short Term 5/15/30 Days ASM Framework: Dhanashree Electronics Ltd, Jayant Infratech Ltd (SME), and Sugs Lloyd Ltd (SME)
  • 1 security (Mangalam Drugs & Organics Ltd) moving to higher Stage ASM while continuing in ST-ASM framework
  • 7 securities moving out of ST-ASM Framework due to inclusion in other frameworks (LT-ASM, ESM, or general removal)
  • Consolidated list shows 15+ securities currently under various stages of ST-ASM surveillance
  • SME scrips and T+0 scrips are specifically marked in the framework

Regulatory Changes

The Short Term ASM Framework continues to be applied based on objective criteria to identify securities with abnormal price movements. Securities are categorized into different stages (Stage I, II, III, etc.) based on surveillance parameters. The framework now includes specific notations for:

  • SME scrips (marked with @)
  • T+0 scrips (marked with ~)
  • Securities moving between different surveillance frameworks (marked with *, **, #, ^, $)

Compliance Requirements

  • Market participants must note the enhanced surveillance applicable to listed securities from December 03, 2025
  • Trading members should ensure awareness of ASM Stage applicable to each security
  • Additional margins and trading restrictions may apply to securities under ST-ASM framework
  • Securities in higher ASM stages face progressively stricter surveillance measures

Important Dates

  • Effective Date: December 03, 2025 - All changes to ST-ASM Framework become applicable

Impact Assessment

The ST-ASM framework impacts liquidity and trading in affected securities through enhanced surveillance measures. Securities newly added to the framework (Dhanashree Electronics, Jayant Infratech, Sugs Lloyd) will face additional monitoring and potentially higher margin requirements. The movement of 7 securities out of ST-ASM framework may indicate either normalization of trading patterns or escalation to more stringent frameworks like LT-ASM or ESM. Market participants trading in these securities should expect reduced leverage and increased scrutiny of trading activities.

Securities Details

Newly Added to ST-ASM (Stage I):

  1. Dhanashree Electronics Ltd (542679 | INE413F01016)
  2. Jayant Infratech Ltd - SME (543544 | INE0KR801019)
  3. Sugs Lloyd Ltd - SME (544501 | INE0XX801016)

Moving to Higher Stage:

  1. Mangalam Drugs & Organics Ltd (532637 | INE584F01014)

Moving Out of ST-ASM:

  1. Getalong Enterprise Ltd - SME (543372 | INE0H1201020)
  2. Global Surfaces Ltd (543829 | INE0JSX01015)
  3. Refex Renewables & Infrastructure Ltd - to LT-ASM (531260 | INE332F01018)
  4. Rita Finance and Leasing Ltd - to ESM (543256 | INE018S01016)
  5. Spectrum Electrical Industries Ltd (544386 | INE01EO01010)
  6. United Cotfab Ltd - SME (544195 | INE0S0I01011)
  7. Vardhman Concrete Ltd (531444 | INE115C01014)

Impact Justification

Routine surveillance measure update affecting multiple securities with enhanced monitoring requirements. Impacts trading flexibility for listed securities but part of regular market surveillance protocol.