Description
BSE circular listing securities added to, moved within, and removed from the Short Term 5/15/30 Days ASM Framework effective March 02, 2026. Eight securities are newly shortlisted and twelve are moving out.
Summary
BSE has issued a circular specifying changes to the Short Term (ST) Additional Surveillance Measure (ASM) framework effective March 02, 2026. Eight securities are newly shortlisted under the ST 5/15/30 Days ASM Framework, no securities are moving to higher or lower stages, and twelve securities are exiting the framework — several due to inclusion in stricter frameworks such as Trade for Trade or LT-ASM.
Key Points
- 8 securities newly added to the ST 5/15/30 Days ASM Framework (Annexure I, Part A) w.e.f. March 02, 2026.
- No securities are being moved to a higher or lower ASM stage within the ST framework.
- 12 securities are exiting the ST-ASM Framework (Annexure II), with varying reasons including inclusion in LT-ASM, Trade for Trade, and other surveillance frameworks.
- Annotations: Securities marked
*are added/removed as per NSE;@denotes SME scrips;**denotes movement to Trade for Trade framework;*(in removal list) denotes movement to LT-ASM. - A consolidated list of all securities currently under ST-ASM is provided in Annexure III.
Regulatory Changes
Newly Shortlisted in ST-ASM (Annexure I — effective March 02, 2026):
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 539946 | INE217E01014 | Bazel International Ltd |
| 2 | 531578 | INE580H01026 | KMF Builders & Developers Ltd |
| 3 | 540360 | INE715Q01029 | Leading Leasing Finance And Investment Company Ltd |
| 4 | 544456 | INE219Y01026 | R M Drip and Sprinklers Systems Ltd* |
| 5 | 532923 | INE722H01024 | Renaissance Global Ltd* |
| 6 | 544059 | INE0QZQ01019 | Shanti Spintex Ltd@ |
| 7 | 500356 | INE278B01020 | Shree Rama Newsprint Ltd* |
| 8 | 538923 | INE499Q01012 | Sofcom Systems Ltd |
*As per NSE | @SME Scrip
Moving to Higher Stage: NIL
Moving to Lower Stage: NIL
Exiting ST-ASM Framework (Annexure II — effective March 02, 2026):
| Sr No | Scrip Code | ISIN | Scrip Name | Reason |
|---|---|---|---|---|
| 1 | 544694 | INE1KVQ01019 | Accretion Nutraveda Ltd | SME (@) |
| 2 | 506373 | INE795B01031 | Citurgia Biochemicals Ltd | Inclusion in LT-ASM (*) |
| 3 | 530079 | INE963C01033 | Faze Three Ltd | Trade for Trade (**) |
| 4 | 507910 | INE296C01020 | Fiberweb India Ltd | Trade for Trade (**) |
| 5 | 544426 | INE0Y0E01012 | Icon Facilitators Ltd | SME (@) |
| 6 | 590041 | INE641C01019 | Kavveri Defence & Wireless Technologies Ltd | Trade for Trade (**) |
| 7 | 524522 | INE919B01011 | Laffans Petrochemicals Ltd | — |
| 8 | 524774 | INE887E01022 | NGL Fine Chem Ltd | — |
| 9 | 507690 | INE247F01018 | Orient Beverages Ltd | Trade for Trade (**) |
| 10 | 520111 | INE703B01027 | Ratnamani Metals & Tubes Ltd | — |
| 11 | 517286 | INE335Q01026 | Rnit Ai Solutions Ltd | Trade for Trade (**) |
| 12 | 539963 | INE819S01025 | Zeal Aqua Ltd | Trade for Trade (**) |
Compliance Requirements
- Brokers and trading members must apply applicable ST-ASM trading restrictions (margin requirements, price bands, trade-for-trade settlements) for the 8 newly included securities from March 02, 2026.
- Investors and portfolio managers holding positions in affected securities should review margin and settlement obligations under the ST-ASM framework.
- Securities moving out of ST-ASM due to Trade for Trade or LT-ASM inclusion remain under heightened surveillance — standard trading conditions do NOT apply until those frameworks also release the security.
- Refer to Annexure III (consolidated list) for the complete and current picture of all securities under ST-ASM and their respective stages (Stage I, II, etc.).
Important Dates
- Effective Date: March 02, 2026 — all additions, stage changes, and removals take effect.
- Circular Date: February 27, 2026.
Impact Assessment
- Newly added securities will face enhanced surveillance including higher margins, potential price band restrictions, and trade-for-trade settlement under the ST 5/15/30 Days ASM framework — this typically reduces liquidity and increases trading costs for retail and institutional participants.
- 6 of 12 exiting securities are moving to stricter frameworks (Trade for Trade or LT-ASM), meaning their trading restrictions are escalating, not relaxing — investors should not interpret removal from ST-ASM as a sign of improved risk profile for these scrips.
- The SME segment is specifically impacted, with Shanti Spintex Ltd added and Accretion Nutraveda Ltd and Icon Facilitators Ltd exiting — SME stocks are generally less liquid, so ASM inclusion has an outsized impact.
- Ratnamani Metals & Tubes Ltd (a relatively well-known mid-cap) exiting ST-ASM with no noted escalation to another framework suggests a normalization of its trading pattern.
Impact Justification
Directly affects trading conditions for 20 securities across inclusion and exclusion from ST-ASM framework; high impact on affected stock liquidity and investor trading behavior effective March 02, 2026.