Description

BSE announces changes to securities under Short Term ASM framework effective December 24, 2025, including new additions, stage movements, and removals from surveillance.

Summary

BSE has updated the list of securities under the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 24, 2025. The circular details securities being newly added to ST-ASM, those moving to higher or lower surveillance stages, and those exiting the framework. The ST-ASM framework is designed to alert investors about securities that have witnessed abnormal price movements.

Key Points

  • 6 securities newly shortlisted under Short Term 5/15/30 Days ASM framework
  • 1 security (Padam Cotton Yarns Ltd) moving to higher Stage ASM while continuing in ST-ASM
  • 11 securities moving out of ST-ASM framework
  • 1 security (Aerpace Industries Ltd) moving out due to inclusion in LT-ASM Framework
  • SME scrips marked with @ symbol, T+0 scrips marked with ~ symbol
  • Consolidated list of securities under ST-ASM provided in Annexure III

Regulatory Changes

The ST-ASM framework applies additional surveillance measures to securities exhibiting abnormal price movements. Securities under this framework face enhanced monitoring and potential trading restrictions across different stages (Stage I, II, III, etc.). The framework operates on 5/15/30 day cycles to identify and monitor volatile securities.

Compliance Requirements

  • Market participants must note the updated surveillance status of affected securities
  • Trading members should inform clients about securities under ST-ASM framework
  • Enhanced due diligence required for transactions in securities under surveillance
  • Investors should exercise caution when trading in securities under ST-ASM

Important Dates

  • Effective Date: December 24, 2025 - All changes to ST-ASM framework become applicable

Impact Assessment

New Additions (6 securities): Anupam Finserv Ltd, Astron Multigrain Ltd, D & H India Ltd, Munoth Communication Ltd, Niraj Cement Structurals Ltd, and V B Industries Ltd will face Stage I surveillance measures, potentially affecting trading liquidity and investor confidence.

Stage Movement: Padam Cotton Yarns Ltd moving to higher stage indicates continued price volatility concerns, likely resulting in stricter surveillance and reduced trading volumes.

Exits (11 securities): Securities exiting ST-ASM include those moving to other surveillance frameworks (LT-ASM for Aerpace Industries) or showing stabilized price behavior. This may improve trading conditions for 10 securities including Fermenta Biotech Ltd, Rico Auto Industries Ltd, and VLS Finance Ltd.

Market Impact: The changes affect both mainboard and SME segment securities, with implications for market makers, algorithmic trading systems, and retail investors who must adjust their strategies for securities under enhanced surveillance.

Impact Justification

Direct impact on trading conditions for multiple securities with enhanced surveillance measures affecting liquidity and investor participation