Description
BSE announces securities shortlisted for and moving out of Short Term Additional Surveillance Measure (ST-ASM) framework effective December 23, 2025.
Summary
BSE has issued updates to the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 23, 2025. The circular identifies 5 securities newly shortlisted for ST-ASM, 1 security moving to higher stage ASM, and 9 securities moving out of the framework. The ST-ASM framework applies enhanced surveillance on securities exhibiting abnormal price movements over short timeframes (5/15/30 days).
Key Points
- 5 securities newly shortlisted for Short Term 5/15/30 Days ASM Framework
- 1 security (SC Agrotech Ltd) continuing in ST-ASM but moving to higher Stage ASM
- 9 securities moving out of ST-ASM Framework
- Several securities marked as SME scrips (@) and T+0 scrips (~)
- Some exclusions are due to inclusion in other surveillance frameworks (LT-ASM, ESM)
- Effective date: December 23, 2025
Regulatory Changes
The ST-ASM framework continues BSE’s surveillance mechanism for securities showing unusual price volatility. Securities are placed in stages (I, II, III) based on severity, with progressive restrictions on trading.
New Inclusions in ST-ASM:
- Dynavision Ltd (517238)
- Logiciel Solutions Ltd@ (544625)
- NDA Securities Ltd (511535)
- Pulsar International Ltd (512591)
- Takyon Networks Ltd@ (544471)
Moving to Higher Stage:
- SC Agrotech Ltd (526081)
Moving Out of ST-ASM: Securities moving out include those transferred to other frameworks:
- Onix Solar Energy Ltd* - moved to LT-ASM Framework
- TCI Finance Ltd$ - moved to ESM Framework
- 7 other securities meeting exit criteria
Compliance Requirements
- Trading members must note the revised ST-ASM applicability for affected securities
- Enhanced due diligence required for securities under ST-ASM framework
- Members must inform clients about applicable surveillance measures
- Price discovery mechanisms and position limits as per ST-ASM stage apply
Important Dates
- Effective Date: December 23, 2025
- Circular Date: December 22, 2025
Impact Assessment
Market Impact: Medium - The changes affect 14 securities across various categories. Investors in these stocks will face enhanced surveillance measures including potential price bands, trading restrictions, or additional margin requirements.
Operational Impact: Trading members must update systems and client communications for affected securities. Securities moving to higher stages face stricter surveillance, while those exiting ST-ASM may see relaxed restrictions unless moved to other frameworks.
Investor Impact: Shareholders of newly included securities should expect increased scrutiny and potential trading restrictions. The consolidated list shows multiple securities remaining under various ST-ASM stages, indicating ongoing monitoring of volatility and trading patterns.
Impact Justification
Affects 14 securities with enhanced surveillance measures including new inclusions, stage changes, and exclusions from ST-ASM framework