Description
BSE circular announcing securities being added to, moved within, or removed from the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 26, 2025.
Summary
BSE has issued a circular updating the list of securities under the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 26, 2025. The circular identifies 8 securities being newly added to ST-ASM, 1 security moving to a higher stage within ST-ASM, and 21 securities being removed from the framework (some due to inclusion in other surveillance frameworks).
Key Points
- 8 securities newly shortlisted in Short Term 5/15/30 Days ASM Framework
- 1 security (Soma Papers & Industries Ltd) continuing in ST-ASM but moving to higher stage
- 21 securities moving out of ST-ASM framework
- Some securities exiting ST-ASM due to inclusion in other frameworks (LT-ASM, ESM, etc.)
- Changes effective from December 26, 2025
- Framework includes regular equities, SME scrips, and T+0 scrips
Regulatory Changes
Securities Added to ST-ASM (Annexure I - Part A):
- Baba Arts Ltd (532380)
- DCX Systems Ltd (543650)
- Galaxy Bearings Ltd (526073)
- Lakhotia Polyesters (India) Ltd (535387)
- Manaksia Steels Ltd (539044)
- Quadrant Future Tek Ltd (544336)
- Suditi Industries Ltd (521113)
- Teamo Productions HQ Ltd (533048)
Securities Moving to Higher Stage ASM:
- Soma Papers & Industries Ltd (516038)
Securities Removed from ST-ASM (Annexure II): Total 21 securities removed, including:
- 1 security moving to LT-ASM: Cupid Breweries And Distilleries Ltd
- 1 security moving to ESM: SC Agrotech Ltd
- 19 other securities exiting ST-ASM framework
Compliance Requirements
- Trading members must ensure compliance with ST-ASM framework requirements for affected securities
- Securities in ST-ASM framework may have enhanced margin requirements, price bands, or other trading restrictions
- Market participants must adjust their risk management systems for securities entering or exiting the framework
- Investors trading in these securities should be aware of applicable surveillance measures
Important Dates
- Effective Date: December 26, 2025 - All changes to ST-ASM framework become applicable
- Circular Date: December 24, 2025
Impact Assessment
Market Impact: The ST-ASM framework is designed to curb excessive speculation and protect investor interest in securities showing unusual price movements or volatility. Securities added to this framework will face enhanced surveillance which may:
- Reduce liquidity due to stricter trading conditions
- Require higher margins for trading
- Impact short-term trading strategies
- Alert investors to heightened risk profiles
Operational Impact: Brokers and trading members need to:
- Update their systems to reflect new surveillance categorizations
- Communicate changes to clients holding or trading these securities
- Ensure margin and risk management systems are adjusted accordingly
Investor Impact: Investors in the 8 newly added securities will face stricter trading conditions, while investors in the 21 securities being removed may see improved liquidity (unless moved to other restrictive frameworks like LT-ASM or ESM).
Impact Justification
Affects trading conditions for 29 securities through ST-ASM framework changes, impacting liquidity and trading requirements for investors in these stocks