Description
BSE announces changes to the Short Term Additional Surveillance Measure (ST-ASM) framework including new inclusions, stage movements, and securities moving out effective January 9-12, 2026.
Summary
BSE has issued updates to the Short Term Additional Surveillance Measure (ST-ASM) framework effective January 9 and January 12, 2026. The circular announces 8 new securities entering the ST-ASM framework, 1 security moving to lower stage, and 10 securities exiting the framework. The ST-ASM framework is designed to monitor securities experiencing unusual price movements over short periods (5/15/30 days) and applies enhanced surveillance measures including price bands and higher margin requirements.
Key Points
- 8 securities newly shortlisted in Short Term 5/15/30 Days ASM Framework effective January 12, 2026
- 1 security (V B Industries Ltd) moving to lower Stage ASM effective January 12, 2026
- 10 securities moving out of ST-ASM Framework effective January 9, 2026
- No securities moving to higher Stage ASM in this update
- Includes both mainboard and SME scrips (marked with @)
- Some exiting securities are moving to other surveillance frameworks (Trade for Trade, ESM)
Securities Newly Included (Effective January 12, 2026)
- AI Champdany Industries Ltd (532806)
- Global Ocean Logistics India Ltd@ (544665)
- Golkonda Aluminium Extrusions Ltd (513309)
- IEC Education Ltd (531840)
- National Standard (India) Ltd (504882)
- Oval Projects Engineering Ltd@ (544498)
- Rajeshwari Cans Ltd@ (543285)
- Vashu Bhagnani Industries Ltd (532011)
Securities Moving to Lower Stage (Effective January 12, 2026)
- V B Industries Ltd (539123)
Securities Exiting ST-ASM Framework (Effective January 9, 2026)
- Baba Arts Ltd** - Moving to Trade for Trade Framework
- Filatex Fashions Ltd (532022)
- Jupiter Infomedia Ltd (534623)
- KSR Footwear Ltd** - Moving to Trade for Trade Framework
- Manbro Industries Ltd** - Moving to Trade for Trade Framework
- Mangalam Drugs & Organics Ltd** - Moving to Trade for Trade Framework
- Navkar Urbanstructure Ltd (531494)
- NRB Industrial Bearings Ltd (535458)
- Ravelcare Ltd@ (544629)
- Spice Islands Industries Ltd$ - Moving to ESM Framework
Regulatory Changes
The ST-ASM framework applies graded surveillance measures based on unusual price movements. Securities in this framework are subject to:
- Restricted price bands
- Enhanced margin requirements
- Trading restrictions to curb excessive speculation
- Stage-wise escalation if abnormal price movements continue
Compliance Requirements
- Trading members must ensure compliance with applicable price bands for securities under ST-ASM
- Higher margin requirements apply to these securities
- Members should inform clients about the surveillance status of these securities
- Position limits and trading restrictions as per the ST-ASM framework must be adhered to
Important Dates
- January 9, 2026: 10 securities exit ST-ASM Framework
- January 12, 2026: 8 new securities enter ST-ASM Framework; 1 security moves to lower stage
Impact Assessment
Market Impact: High - The inclusion of securities in ST-ASM typically results in reduced liquidity and trading volumes due to enhanced restrictions. Price discovery may be affected by the restricted price bands.
Investor Impact: Investors holding or trading these securities will face:
- Limited intraday price movement due to tighter price bands
- Higher margin requirements increasing capital costs
- Potential exit of short-term traders, affecting liquidity
Operational Impact: Brokers and trading members must update their systems to reflect the new surveillance categories and ensure proper risk management controls are in place for these securities.
Impact Justification
ST-ASM framework directly impacts trading conditions for 25+ securities with price band restrictions and margin requirements, affecting investor trading strategies and liquidity