Description
BSE announces securities being added to, moved within, and removed from the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 30, 2025.
Summary
BSE has issued updates to the Short Term Additional Surveillance Measure (ST-ASM) framework effective December 30, 2025. The circular identifies 12 securities being newly added to the ST-ASM framework, 1 security moving to a higher stage within the framework, and 7 securities being removed from ST-ASM (some due to inclusion in other surveillance frameworks).
Key Points
- 12 securities shortlisted for ST-ASM framework including A2Z Infra Engineering Ltd, Baroda Extrusion Ltd, K&R Rail Engineering Ltd, KNR Constructions Ltd, Omaxe Ltd, Rail Vikas Nigam Limited, and others
- Spice Islands Industries Ltd to move to higher Stage ASM within ST-ASM framework
- 7 securities moving out of ST-ASM framework including Amines & Plasticizers Ltd, Ampvolts Ltd, K K Silk Mills Ltd, Meesho Ltd, PMC Fincorp Ltd, Sanrhea Technical Textiles Ltd, and Soma Papers & Industries Ltd
- Some securities exiting ST-ASM due to inclusion in other frameworks: LT-ASM, Trade for Trade, GSM, Pledge Framework, or ESM Framework
- Framework includes both regular stocks and SME scrips (marked with @)
- T+0 scrips shortlisted based on parent company (marked with ~)
- Consolidated list provided showing securities and their ST-ASM stage classifications
Regulatory Changes
The Short Term 5/15/30 Days ASM Framework applies enhanced surveillance measures to securities showing unusual price movements or volatility. Securities in this framework face stricter trading conditions including higher margins, reduced position limits, and periodic auctions to curb excessive speculation.
Compliance Requirements
- Market participants must be aware of securities entering ST-ASM and adjust trading strategies accordingly
- Higher margins and stricter position limits will apply to affected securities
- Brokers must inform clients about securities under ST-ASM framework
- Trading members should ensure compliance with applicable margin requirements for ST-ASM securities
Important Dates
- Effective Date: December 30, 2025 - All changes to ST-ASM framework become applicable
Impact Assessment
Market Impact: Securities entering ST-ASM will experience reduced liquidity due to higher trading costs (margins) and stricter position limits. This typically results in lower trading volumes and wider bid-ask spreads.
Investor Impact: Retail and institutional investors holding positions in newly added ST-ASM securities will need to maintain higher margins. Day traders and short-term speculators will find these securities less attractive due to increased costs.
Operational Impact: The movement of Spice Islands Industries Ltd to a higher ASM stage indicates continued surveillance concerns. Securities exiting ST-ASM (particularly those moving to LT-ASM or other frameworks) may continue to face restrictions under different surveillance mechanisms.
Securities Details
Newly Added to ST-ASM (Stage I):
- A2Z Infra Engineering Ltd (533292)
- Baroda Extrusion Ltd (513502)
- K&R Rail Engineering Ltd (514360)
- KNR Constructions Ltd (532942)
- Omaxe Ltd (532880)
- Oval Projects Engineering Ltd (544498)
- Prime Industries Ltd (519299)
- Rail Vikas Nigam Limited (142649, 542649)
- Sofcom Systems Ltd (538923)
- SSMD Agrotech India Ltd (544621)
- Symbiox Investment & Trading Company Ltd (539278)
Moving to Higher Stage:
- Spice Islands Industries Ltd (526827)
Exiting ST-ASM:
- Amines & Plasticizers Ltd (506248)
- Ampvolts Ltd (535719)
- K K Silk Mills Ltd (544624) - SME scrip
- Meesho Ltd (544632)
- PMC Fincorp Ltd (534060)
- Sanrhea Technical Textiles Ltd (514280)
- Soma Papers & Industries Ltd (516038) - moved to LT-ASM
Impact Justification
Affects trading conditions for 12 securities entering ST-ASM and 7 securities exiting, with specific surveillance stages impacting liquidity and trading costs for affected stocks.