Description
BSE circular detailing securities newly shortlisted, moved between stages, and removed from the Short Term 5/15/30 Days ASM Framework effective February 24, 2026. Covers 11 additions, 1 downgrade, and 15 removals.
Summary
BSE has issued its Short Term Additional Surveillance Measure (ST-ASM) update effective February 24, 2026. The circular lists 11 securities newly shortlisted into the ST-ASM 5/15/30 Days framework, 1 security moving to a lower stage, and 15 securities exiting the framework — some transitioning to the Long Term ASM (LT-ASM) or Enhanced Surveillance Measure (ESM) frameworks.
Key Points
- 11 securities added to ST-ASM framework effective February 24, 2026
- No securities moved to a higher ASM stage
- 1 security (Avanti Feeds Ltd) moved to a lower ASM stage
- 15 securities removed from ST-ASM, with reasons including inclusion in LT-ASM (4 securities) and ESM (2 securities)
- 2 securities marked as SME scrips (Dipna Pharmachem Ltd, Titaanium Ten Enterprise Ltd)
- 2 securities shortlisted as per NSE (Shankara Buildpro Ltd, VL E-Governance & IT Solutions Ltd)
Regulatory Changes
Newly Added to ST-ASM (Annexure I, Part A):
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 535916 | INE030P01017 | Alacrity Securities Ltd |
| 2 | 542865 | INE490Z01012 | Anuroop Packaging Ltd |
| 3 | 543594 | INE0MC401013 | Dipna Pharmachem Ltd (SME) |
| 4 | 539216 | INE653S01028 | Garment Mantra Lifestyle Ltd |
| 5 | 531997 | INE164D01010 | Ikoma Technologies Ltd |
| 6 | 500672 | INE234A01025 | Novartis India Ltd |
| 7 | 512217 | INE730E01016 | Prism Medico and Pharmacy Ltd |
| 8 | 512047 | INE510H01015 | Royal India Corporation Ltd |
| 9 | 544517 | INE24OJ01011 | Shankara Buildpro Ltd (as per NSE) |
| 10 | 539985 | INE120V01014 | Titaanium Ten Enterprise Ltd (SME) |
| 11 | 543958 | INE03HW01020 | VL E-Governance & IT Solutions Ltd (as per NSE) |
Moved to Lower Stage:
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 512573 | INE871C01038 | Avanti Feeds Ltd |
Moved to Higher Stage: Nil
Removed from ST-ASM (Annexure II, Part A):
| Sr No | Scrip Code | ISIN | Scrip Name | Reason |
|---|---|---|---|---|
| 1 | 543336 | INE488A01050 | Chemplast Sanmar Ltd | — |
| 2 | 538787 | INE997C01015 | Goenka Business & Finance Ltd | — |
| 3 | 532457 | INE255D01024 | Gulshan Polyols Ltd | — |
| 4 | 513295 | INE611C01020 | Imec Services Ltd | — |
| 5 | 531633 | INE405C01035 | Lincoln Pharmaceuticals Ltd | — |
| 6 | 500267 | INE201B01022 | Majestic Auto Ltd | — |
| 7 | 526873 | INE184D01026 | Rajasthan Securities Ltd | — |
| 8 | 505192 | INE294B01019 | SML Mahindra Ltd | — |
| 9 | 537259 | INE442P01014 | Suyog Telematics Ltd | — |
| 10 | 531989 | INE132E01015 | Deccan Polypacks Ltd | Moved to ESM |
| 11 | 540728 | INE327G01032 | Sayaji Industries Ltd | Moved to LT-ASM |
| 12 | 531328 | INE128R01023 | Kretto Syscon Ltd | Moved to LT-ASM |
| 13 | 523519 | INE951C01012 | Universal Office Automation Ltd | Moved to LT-ASM |
| 14 | 509015 | INE190F01028 | Thakral Services India Ltd | Moved to LT-ASM |
| 15 | 532290 | INE791A01024 | BLB Ltd | Moved to ESM |
Compliance Requirements
- Market participants and brokers must apply revised ST-ASM margin and trading restrictions for all newly added securities from February 24, 2026
- Securities moving out of ST-ASM and into LT-ASM or ESM will be subject to the respective framework’s trading conditions
- For SME scrips (marked @), ST-ASM conditions apply specifically within the SME segment
- Scrips marked as per NSE (*) — applicability confirmed jointly with NSE
Important Dates
- Effective Date: February 24, 2026 — all changes to ST-ASM framework applicability come into force
- Circular Date: February 23, 2026
Impact Assessment
The addition of Novartis India Ltd (a large-cap, widely tracked pharmaceutical company) is the most market-significant inclusion in this update, likely to attract retail and institutional investor attention. The remaining additions are predominantly small/micro-cap and SME securities.
For the 4 securities transitioning to LT-ASM (Sayaji Industries, Kretto Syscon, Universal Office Automation, Thakral Services India), trading restrictions will be more prolonged and stringent than ST-ASM. The 2 securities moving to ESM (Deccan Polypacks, BLB Ltd) face the most severe surveillance-related trading constraints.
Avanti Feeds Ltd — a well-known aquaculture company — moving to a lower ASM stage is a mildly positive signal, indicating reduced surveillance concern. Overall market impact is moderate, primarily affecting traders in small/mid-cap and SME segments.
Impact Justification
Routine ST-ASM surveillance update affecting 11 newly shortlisted securities including Novartis India Ltd (a notable large-cap). 15 securities exit the framework, several transitioning to LT-ASM or ESM. Trading conditions change for all listed securities effective next trading day.