Description
BSE announces changes to Short Term ASM framework effective December 11, 2025, including addition of 5 new securities, movement of securities between ASM stages, and removal of 8 securities from the framework.
Summary
BSE has issued updates to the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 11, 2025. The circular identifies securities being newly added to the ST-ASM framework, securities moving between different ASM stages, and securities exiting the framework. A total of 5 securities are being newly shortlisted, 1 security is moving to a lower stage, and 8 securities are moving out of the ST-ASM framework.
Key Points
- 5 new securities added to Short Term 5/15/30 Days ASM Framework: Dalmia Industrial Development Ltd, Epsom Properties Ltd, LGT Business Connextions Ltd (SME), SRU Steels Ltd, and Swagtam Trading & Services Ltd
- 1 security (Mangalam Drugs & Organics Ltd) moving to lower Stage ASM
- No securities moving to higher Stage ASM
- 8 securities exiting ST-ASM Framework with various reasons: some moving to LT-ASM, ESM, or other surveillance frameworks
- Framework includes special markings for SME scrips (@), T+0 scrips (~), and securities moving to other frameworks ($, *, **, #, ^)
- Consolidated list provided showing all securities currently under ST-ASM with their respective stages
Regulatory Changes
The Short Term Additional Surveillance Measure (ST-ASM) framework continues to be applied with regular periodic reviews. Securities are evaluated based on specific criteria and moved between different surveillance stages or frameworks as warranted. The framework uses a staged approach (Stage I, Stage II, etc.) with progressively stricter surveillance measures.
Compliance Requirements
- Trading members and investors must note the applicability of ST-ASM framework on the listed securities
- Securities under ST-ASM are subject to specific trading restrictions and surveillance measures
- Market participants should be aware that securities marked with special symbols have additional characteristics (SME status, T+0 settlement, or migration to other frameworks)
- Brokers must ensure compliance with trading restrictions applicable to securities in different ASM stages
Important Dates
- Effective Date: December 11, 2025 - All changes to ST-ASM framework take effect
- Circular Date: December 10, 2025
Impact Assessment
Market Impact: Medium - The addition of 5 securities to ST-ASM framework will result in enhanced surveillance and potential trading restrictions for these stocks. Investors holding or trading these securities should expect increased scrutiny and may face limitations on intraday trading.
Trading Impact: Securities entering ST-ASM typically face restrictions such as 100% margin requirements, no intraday trading, and additional disclosures. The 8 securities exiting ST-ASM will see relief from these restrictions unless they are moving to other surveillance frameworks (ESM, LT-ASM, etc.).
Investor Impact: Investors in the 5 newly added securities should review their positions and understand the implications of ASM applicability. Those holding securities exiting ST-ASM (but moving to ESM or LT-ASM) should note that surveillance measures continue under different frameworks.
Securities Details
Newly Added to ST-ASM (Stage I):
- Dalmia Industrial Development Ltd (539900, INE642P01019)
- Epsom Properties Ltd (531155, INE601F01016)
- LGT Business Connextions Ltd (544489, INE191201016) - SME
- SRU Steels Ltd (540914, INE425C01017)
- Swagtam Trading & Services Ltd (539406, INE150R01019)
Moving to Lower Stage:
- Mangalam Drugs & Organics Ltd (532637, INE584F01014)
Exiting ST-ASM:
- B.C. Power Controls Ltd (537766) - Moving to ESM
- Jayant Infratech Ltd (543544) - SME
- Kesoram Industries Ltd (502937) - Moving to ESM
- Mish Designs Ltd (544015) - SME, Moving to LT-ASM
- Ovobel Foods Ltd (530741)
- Pan Electronics India Ltd (517397) - Moving to LT-ASM
- Raghav Productivity Enhancers Ltd (539837)
- Welcure Drugs & Pharmaceuticals Ltd (524661)
Impact Justification
Routine surveillance framework update affecting multiple securities with trading restrictions. Important for investors in affected stocks but part of regular surveillance operations.