Description

BSE circular on securities being shortlisted, moved between stages, or exiting the Short Term ASM framework effective December 05, 2025.

Summary

BSE has issued updates to the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 05, 2025. The circular identifies securities newly entering the framework, those moving between ASM stages, and securities exiting ST-ASM due to inclusion in other surveillance frameworks (LT-ASM, ESM, GSM, or Trade for Trade).

Key Points

  • 2 securities newly shortlisted in Short Term 5/15/30 Days ASM Framework: Kapil Raj Finance Ltd and Mini Diamonds India Ltd
  • 1 security (Eraaya Lifespaces Ltd) moving to higher Stage II ASM while continuing in ST-ASM
  • 6 securities moving out of ST-ASM Framework, including SME scrips and those moving to other surveillance frameworks
  • Consolidated list includes 18+ securities across various ST-ASM stages
  • Changes effective from December 05, 2025

Regulatory Changes

New Inclusions in ST-ASM (Stage I):

  • Kapil Raj Finance Ltd (Scrip Code: 539679, ISIN: INE332Q01023)
  • Mini Diamonds India Ltd (Scrip Code: 523373, ISIN: INE281E01028)

Stage升级 (Moving to Higher Stage):

  • Eraaya Lifespaces Ltd moved from Stage I to Stage II (Scrip Code: 531035, ISIN: INE432F01032)

Exits from ST-ASM:

  • Batliboi Ltd (522004)
  • Dhanashree Electronics Ltd* (542679) - moved to LT-ASM
  • Halder Venture Ltd* (539854) - moved to LT-ASM
  • Jet Freight Logistics Ltd$ (543420) - moved to ESM
  • LS Industries Ltd (514446)
  • Yug Decor Ltd@* (540550) - SME scrip moved to LT-ASM

Compliance Requirements

  • Market participants must note the revised surveillance status of affected securities
  • Trading in ST-ASM securities subject to additional surveillance measures including stricter price bands and monitoring
  • Securities marked with @ are SME scrips with specific surveillance requirements
  • Securities marked with ~ are T+0 scrips shortlisted based on parent company
  • Brokers and traders must comply with enhanced surveillance conditions for listed securities

Important Dates

  • Effective Date: December 05, 2025 - All changes to ST-ASM framework become applicable

Impact Assessment

Market Impact: The ST-ASM framework subjects securities to enhanced surveillance due to price volatility or other concerns. Securities in this framework face:

  • Stricter price bands
  • Increased monitoring by exchange
  • Potential trading restrictions
  • Additional disclosure requirements

Affected Entities:

  • Investors holding or trading the 2 newly included securities will face enhanced surveillance conditions
  • Eraaya Lifespaces Ltd investors will experience stricter Stage II measures
  • 6 securities exiting ST-ASM will move to different surveillance frameworks (LT-ASM, ESM) or return to normal trading
  • SME segment particularly affected with multiple scrips under surveillance

Trading Implications: Securities under ST-ASM may experience reduced liquidity and higher transaction costs due to surveillance measures. Movement to higher stages indicates continued concerns, while exits to LT-ASM or ESM suggest long-term surveillance needs or enhanced monitoring requirements.

Impact Justification

Affects multiple securities through surveillance framework changes, impacting trading conditions for specific stocks but not broad market-wide changes