Description

BSE circular listing securities entering, exiting, and continuing in the Short Term 5/15/30 Days Additional Surveillance Measure framework effective December 12, 2025.

Summary

BSE has issued an updated list of securities subject to the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 12, 2025. The circular identifies three categories: securities newly entering ST-ASM (3 securities), securities continuing in ST-ASM but moving to higher stages (1 security), and securities exiting ST-ASM (4 securities). Additionally, a consolidated list of 18+ securities currently under various ST-ASM stages is provided.

Key Points

  • 3 securities newly shortlisted for ST-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
  • 4 securities moving out of ST-ASM framework, including 3 SME scrips
  • Effective date: December 12, 2025
  • Multiple securities marked with special designations: @ for SME scrips, ~ for T+0 scrips, $ for ESM framework inclusion
  • Consolidated list includes securities in Stage I and Stage II of ST-ASM

Regulatory Changes

The Short Term Additional Surveillance Measure framework continues to operate under BSE’s surveillance mechanism to identify and monitor securities with abnormal price movements or volatility. Securities can be placed in multiple stages (I, II, etc.) with progressively stricter trading restrictions. The framework works in conjunction with other surveillance measures including Long Term ASM (LT-ASM), Enhanced Surveillance Measure (ESM), Graded Surveillance Measure (GSM), Trade for Trade, and Pledge frameworks.

Compliance Requirements

  • Trading members must be aware of securities entering ST-ASM and adjust trading strategies accordingly
  • Securities under ST-ASM may have enhanced margin requirements, price bands, or trading restrictions
  • Market participants should note the stage-wise classification as higher stages typically involve stricter surveillance measures
  • Investors should exercise caution when trading securities under surveillance frameworks

Important Dates

  • December 12, 2025: Effective date for all changes mentioned in the circular
    • New securities enter ST-ASM framework
    • Rapid Multimodal logistics Ltd moves to higher stage
    • Four securities exit ST-ASM framework

Impact Assessment

The ST-ASM framework impacts trading liquidity and investor sentiment for affected securities. Securities entering the framework may experience:

  • Reduced liquidity due to additional trading restrictions
  • Higher margin requirements for traders
  • Increased scrutiny from market participants
  • Potential impact on stock prices due to surveillance designation

Securities exiting the framework (particularly those moving to ESM or other frameworks) may face different but equally significant trading constraints. The presence of multiple SME scrips in both entering and exiting lists suggests heightened volatility in the SME segment requiring enhanced surveillance measures.

Impact Justification

Affects trading conditions for specific securities under enhanced surveillance, impacting liquidity and trading parameters for listed companies.