Description

BSE announces changes to securities under Short Term Additional Surveillance Measure framework effective December 12, 2025, including new additions, stage movements, and removals.

Summary

BSE has issued an update on securities subject to Short Term Additional Surveillance Measure (ST-ASM) framework effective December 12, 2025. The circular identifies three securities newly entering the ST-ASM framework, one security moving to a higher stage, and four securities exiting the framework. A consolidated list of securities currently under ST-ASM is also provided.

Key Points

  • 3 securities newly shortlisted in Short Term 5/15/30 Days ASM framework: Amkay Products Ltd, Ecoboard Industries Ltd, and Sheetal Cool Products Ltd
  • 1 security (Rapid Multimodal Logistics Ltd) moving to higher Stage ASM while continuing in ST-ASM framework
  • 4 securities moving out of ST-ASM framework: Atishay Ltd, Infinity Infoway Ltd, LGT Business Connextions Ltd, and Workmates Core2Cloud Solution Limited
  • Multiple SME scrips affected, marked with @ symbol
  • Some securities exiting ST-ASM due to inclusion in other frameworks (ESM Framework)
  • Consolidated list shows 18+ securities currently under ST-ASM at various stages (Stage I and Stage II)

Regulatory Changes

The Short Term Additional Surveillance Measure (ST-ASM) framework continues to be applied to securities showing unusual price movements or other surveillance concerns. Securities can be placed in different stages (I, II, etc.) with varying levels of surveillance measures. Securities may transition between frameworks including Long Term ASM (LT-ASM), Enhanced Surveillance Measure (ESM), Graded Surveillance Measure (GSM), Trade for Trade, and Pledge Framework.

Compliance Requirements

  • Market participants must be aware of securities under ST-ASM framework as these may have special trading conditions
  • Trading members should inform clients about securities under surveillance measures
  • Enhanced disclosure and monitoring requirements apply to affected securities
  • Investors trading in ST-ASM securities should exercise caution due to heightened surveillance

Important Dates

  • Effective Date: December 12, 2025 - All changes to ST-ASM framework become applicable

Impact Assessment

The ST-ASM framework affects liquidity and trading patterns in the identified securities. New additions face increased scrutiny and potential trading restrictions. Securities include both mainboard and SME segment stocks. The movement of Rapid Multimodal Logistics to a higher stage indicates continued concerns requiring stricter surveillance. Exit of four securities from ST-ASM (some moving to ESM framework) suggests varying levels of risk mitigation or escalation. Market participants holding or trading these securities should monitor developments closely and adjust risk management strategies accordingly.

Impact Justification

Affects trading conditions for specific securities under surveillance framework. Limited market-wide impact but significant for affected securities and investors trading them.