Description

BSE updates the list of securities under Short Term Additional Surveillance Measure framework, adding new securities, moving some to higher/lower stages, and removing others effective January 27, 2026.

Summary

BSE has issued updates to the Short Term Additional Surveillance Measure (ST-ASM) framework effective January 27, 2026. The circular identifies securities being newly added to the framework, securities moving between different ASM stages, and securities exiting the ST-ASM framework due to inclusion in other surveillance mechanisms.

Key Points

  • 6 securities newly shortlisted in Short Term 5/15/30 Days ASM Framework
  • 1 security (Logiciel Solutions Ltd) moving to higher Stage ASM while continuing in ST-ASM
  • 1 security (Western Overseas Study Abroad Ltd) moving to lower Stage ASM while continuing in ST-ASM
  • 10 securities moving out of ST-ASM Framework for various reasons including inclusion in LT-ASM, Trade for Trade, and ESM frameworks
  • Consolidated list provided showing all securities currently under ST-ASM with their respective stages
  • Framework includes SME scrips and T+0 scrips with special markings

Regulatory Changes

The ST-ASM framework applies enhanced surveillance measures to securities based on short-term price movements and volatility. Securities are classified into different stages (I, II, III) with progressively stringent trading restrictions.

New Additions to ST-ASM (Stage I):

  • Baazar Style Retail Ltd (544243)
  • Forbes & Company Ltd (502865)
  • Heubach Colorants India Ltd (506390)
  • Quest Flow Controls Ltd (543982) - SME scrip
  • RMC Switchgears Ltd (540358) - SME scrip
  • Shekhawati Industries Ltd (533301)

Stage Changes:

  • Logiciel Solutions Ltd (544625) - moving to higher stage
  • Western Overseas Study Abroad Ltd (544636) - moving to lower stage

Compliance Requirements

Securities under ST-ASM framework are subject to:

  • Additional price bands and trading restrictions
  • Enhanced margin requirements
  • 100% upfront margin collection from buyers
  • Possible Trade-to-Trade (T2T) settlement
  • Restrictions on derivative contracts where applicable

Market participants must ensure compliance with the revised surveillance measures for affected securities.

Important Dates

  • Effective Date: January 27, 2026 - All changes to ST-ASM framework become applicable

Impact Assessment

Market Impact:

  • Reduced liquidity for securities newly added to ST-ASM framework
  • Trading restrictions may limit speculative activity
  • Increased margin requirements may reduce trading volumes

Investor Impact:

  • Investors in affected securities must provide 100% upfront margins
  • Reduced intraday trading opportunities
  • Potential impact on stock prices due to reduced participation

Securities Exiting ST-ASM: 10 securities are moving out, with most transitioning to other surveillance frameworks:

  • 5 securities moving to Trade for Trade framework (stricter restrictions)
  • 1 security (Jauss Polymers Ltd) moving to ESM framework
  • These transitions indicate continued surveillance concerns requiring alternative monitoring mechanisms

The circular reflects BSE’s ongoing efforts to maintain market integrity by monitoring securities with unusual price movements or volatility patterns.

Impact Justification

Affects trading conditions for multiple securities through surveillance framework changes, impacting liquidity and trading parameters for listed companies