Description

BSE announces changes to securities under Short Term Additional Surveillance Measure framework, including new additions, stage movements, and exits effective December 10, 2025.

Summary

BSE has updated the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 10, 2025. Seven securities are being newly shortlisted, one security will move to a higher ASM stage, and two securities are exiting the framework. The ST-ASM framework applies enhanced surveillance to securities exhibiting abnormal price movements or other concerns.

Key Points

  • 7 securities newly shortlisted in ST-ASM Framework (5/15/30 Days)
  • 1 security (Spright Agro Ltd) moving to higher stage ASM
  • 2 securities moving out of ST-ASM Framework (Containerway International Ltd, Umiya Tubes Ltd)
  • Changes effective from December 10, 2025
  • Framework includes both mainboard and SME securities
  • Includes T+0 scrips shortlisted based on parent company criteria
  • Consolidated list shows 16+ securities currently under various ST-ASM stages

Securities Added to ST-ASM

Newly Shortlisted (Stage I):

  1. B.C. Power Controls Ltd (537766, INE905P01028)
  2. Brijlaxmi Leasing & Finance Ltd (532113, INE957E01031)
  3. Kaynes Technology India Ltd (543664, INE918Z01012) - As per NSE
  4. Kaynes Technology India Ltd (143664, INE918Z01012) - T+0 Scrip as per parent
  5. Kesoram Industries Ltd (502937, INE087A01019) - As per NSE
  6. RR MetalMakers India Ltd (531667, INE117K01013)
  7. Transvoy Logistics India Ltd (543754, INE0MPU01011) - SME Scrip

Moving to Higher Stage:

  • Spright Agro Ltd (531205, INE179O01031) - Continuing in framework with stage escalation

Exiting ST-ASM:

  • Containerway International Ltd (540597, INE319U01022)
  • Umiya Tubes Ltd (539798, INE173U01015)

Regulatory Framework

The ST-ASM framework is designed to:

  • Monitor securities with unusual price/volume movements
  • Apply graded surveillance measures (Stage I, II, etc.)
  • Restrict trading to protect investor interests
  • Move securities between stages based on ongoing assessment
  • Remove securities when concerns are addressed

Securities may exit ST-ASM due to:

  • Inclusion in LT-ASM Framework
  • Inclusion in Trade for Trade Framework
  • Inclusion in GSM Framework
  • Inclusion in Pledge Framework
  • Inclusion in ESM Framework

Compliance Requirements

  • Trading Members: Must implement enhanced surveillance protocols for listed securities
  • Investors: Should be aware of trading restrictions on ST-ASM securities
  • Listed Companies: Subject to heightened monitoring and potential additional disclosure requirements
  • Market Participants: Must comply with any trading limitations imposed under the framework

Important Dates

  • Effective Date: December 10, 2025
  • All changes to ST-ASM classification take effect from market opening on this date

Impact Assessment

Market Impact:

  • Liquidity: Securities under ST-ASM typically face reduced liquidity due to enhanced surveillance measures
  • Trading: May involve additional margin requirements, price bands, or other restrictions
  • Investor Confidence: Framework aims to protect investors from excessive speculation

Operational Impact:

  • Trading members must update surveillance systems
  • Risk management protocols need adjustment for affected securities
  • Investors holding these securities may face trading limitations
  • Higher stages of ASM involve progressively stricter measures

Sectoral Impact:

  • Includes diverse sectors: power equipment, finance, technology, metals, logistics
  • Both large-cap (Kesoram, Kaynes Technology) and SME securities affected
  • Signals regulatory focus on price stability across market segments

Impact Justification

ST-ASM framework directly restricts trading in identified securities, impacting liquidity and investor ability to trade. Multiple securities added/moved, affecting market participants immediately.