Description

BSE circular regarding securities being added to, moved within, or removed from the Short Term Additional Surveillance Measure (ST-ASM) framework effective January 01, 2026.

Summary

BSE has issued a circular detailing changes to the Short Term Additional Surveillance Measure (ST-ASM) framework effective January 01, 2026. Nine securities are being newly added to the ST-ASM framework at Stage I, one security (Pulsar International Ltd) will move to a higher stage within the framework, and four securities are being removed from the ST-ASM framework. The circular provides consolidated lists of all affected securities with their scrip codes and ISIN numbers.

Key Points

  • 9 securities shortlisted for inclusion in Short Term 5/15/30 Days ASM Framework at Stage I
  • Includes both regular securities and SME scrips (marked with @)
  • Some securities marked with * are aligned with NSE measures
  • 1 security (Pulsar International Ltd) moving to higher Stage ASM while continuing in framework
  • 4 securities moving out of ST-ASM Framework (Dynavision Ltd, NDA Securities Ltd, Shree Metalloys Ltd, Takyon Networks Ltd)
  • Shree Metalloys Ltd moving out due to inclusion in ESM Framework
  • Changes effective from January 01, 2026
  • Consolidated list provided showing all securities currently in ST-ASM with their respective stages

Regulatory Changes

The Short Term Additional Surveillance Measure (ST-ASM) framework is being updated with new inclusions and exclusions. Securities under ST-ASM face enhanced surveillance and trading restrictions at various stages (5/15/30 days). The framework is designed to monitor securities exhibiting unusual price movements or volatility.

Compliance Requirements

  • Trading members must ensure compliance with ST-ASM framework requirements for affected securities
  • Enhanced surveillance measures including price bands and circuit filters will apply to newly included securities
  • Market participants should note the stage-wise progression for securities already in the framework
  • Different trading restrictions apply based on the ASM stage assigned to each security

Important Dates

  • Effective Date: January 01, 2026 - All changes to ST-ASM framework take effect

Impact Assessment

The inclusion of 9 new securities in the ST-ASM framework will result in enhanced surveillance and potential trading restrictions for these stocks, which may impact liquidity and price discovery. Investors in these securities should be aware of the additional surveillance measures. The removal of 4 securities from the framework (particularly Shree Metalloys Ltd moving to ESM) indicates either improved market behavior or transition to other surveillance frameworks. SME scrips (Riddhi Display Equipments Ltd and Waa Solar Ltd) entering ST-ASM may face additional scrutiny given their smaller market capitalization.

Impact Justification

Affects 9 securities newly entering ST-ASM framework and 4 securities exiting, with trading restrictions impacting liquidity and investor activity in these specific stocks.