Description

BSE updates on securities shortlisted, moved, and removed from Short Term 5/15/30 Days Additional Surveillance Measure framework effective January 28, 2026.

Summary

BSE has issued an update on the applicability of Short Term Additional Surveillance Measure (ST-ASM) framework effective January 28, 2026. The circular identifies securities being newly shortlisted into the ST-ASM framework, securities moving to higher or lower ASM stages, and securities exiting the framework. The ST-ASM framework applies enhanced surveillance on securities showing unusual price movements or volatility over 5/15/30 day periods.

Key Points

  • 4 securities newly shortlisted in Short Term 5/15/30 Days ASM Framework (Bharat Rasayan Ltd, Dhampur Bio Organics Ltd, Oasis Securities Ltd, Spinaroo Commercial Ltd)
  • 1 security (Amit Securities Ltd) moving to higher Stage II ASM
  • 6 securities moving out of ST-ASM Framework (Astron Multigrain Ltd, Dolphin Offshore Enterprises, Neopolitan Pizza And Foods Ltd, Shree Rama Multi-Tech Ltd, Spright Agro Ltd, Wardwizard Innovations & Mobility Ltd)
  • Consolidated list includes 16+ securities currently under various ST-ASM stages
  • Framework includes special markings for SME scrips (@) and T+0 scrips (~)
  • Securities may exit ST-ASM due to inclusion in other frameworks (LT-ASM, Trade for Trade, GSM, Pledge, ESM)

Regulatory Changes

The Short Term ASM framework continues BSE’s surveillance mechanism to identify and monitor securities with abnormal price movements. Securities under ST-ASM face enhanced surveillance with potential restrictions on trading to protect investor interests. The framework operates in stages (Stage I, Stage II, etc.) with progressively stricter measures.

Compliance Requirements

  • Market participants must note the revised ST-ASM list effective January 28, 2026
  • Trading members should inform clients about securities under ST-ASM framework
  • Enhanced due diligence required for transactions in ST-ASM securities
  • Investors should be aware of additional surveillance and potential trading restrictions on listed securities

Important Dates

  • Effective Date: January 28, 2026 - All changes to ST-ASM framework become applicable

Impact Assessment

Trading Impact: Securities newly added to ST-ASM may experience reduced liquidity and increased volatility due to enhanced surveillance measures. Stage upgrades indicate continued concerns about price movements.

Market Participants: Brokers and investors holding or trading these securities must adjust strategies considering additional monitoring and potential restrictions.

Investor Protection: The framework aims to protect retail investors from excessive speculation and manipulation in volatile securities. Securities exiting the framework indicate improved stability or migration to other surveillance mechanisms.

SME Segment: Multiple SME scrips included, reflecting BSE’s heightened focus on surveillance in the SME segment where retail participation is significant.

Impact Justification

Surveillance measures affect trading dynamics and liquidity for specific securities. Medium impact as it involves multiple securities moving in/out of ST-ASM framework, affecting short-term trading activity and investor participation.