Description
BSE announces changes to the Short Term 5/15/30 Days ASM Framework effective March 12, 2026, including 8 new securities added, 1 moved to higher stage, and 9 securities removed from the framework.
Summary
BSE has issued changes to the Short Term (ST) 5/15/30 Days Additional Surveillance Measure (ASM) Framework effective March 12, 2026. Eight securities have been newly shortlisted under the ST-ASM framework, one security has been moved to a higher ASM stage, and nine securities have been removed from the framework. A consolidated list of all securities currently under ST-ASM is also provided.
Key Points
- 8 new securities added to ST-ASM framework (Part A, Annexure I) effective March 12, 2026
- 1 security (Logiciel Solutions Ltd) moved to a higher ASM stage within the ST-ASM framework
- No securities moved to a lower ASM stage
- 9 securities removed from ST-ASM framework (Annexure II) effective March 12, 2026
- 2 of the exiting securities (Lead Financial Services Ltd, Veerkrupa Jewellers Ltd) are moving out due to inclusion in the LT-ASM Framework
- SME scrips are specifically marked with ‘@’ throughout the circular
- Securities marked with ‘*’ indicate applicability as per NSE
Regulatory Changes
Newly Added to ST-ASM (effective March 12, 2026):
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 530973 | INE042C01010 | Alfa Ica India Ltd |
| 2 | 530267 | INE021N01011 | Arigato Universe Ltd |
| 3 | 538713 | INE011R01013 | Atishay Ltd |
| 4 | 539946 | INE217E01014 | Bazel International Ltd |
| 5 | 538787 | INE997C01015 | Goenka Business & Finance Ltd |
| 6 | 544388 | INE0PA401012 | Identixweb Ltd (SME) |
| 7 | 500282 | INE794W01014 | Modern Thread India Ltd |
| 8 | 503624 | INE406N01014 | Svaraj Trading & Agencies Ltd |
Moved to Higher ASM Stage:
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 544625 | INE1BA901016 | Logiciel Solutions Ltd (SME) |
Removed from ST-ASM (effective March 12, 2026):
| Sr No | Scrip Code | ISIN | Scrip Name | Reason |
|---|---|---|---|---|
| 1 | 500655 | INE291A01017 | Garware Hi-Tech Films Ltd | - |
| 2 | 532630 | INE887G01027 | Gokaldas Exports Ltd | - |
| 3 | 531288 | INE531D01010 | Lead Financial Services Ltd | Moved to LT-ASM |
| 4 | 511018 | INE679T01013 | Milgrey Finance & Investments Ltd | - |
| 5 | 532486 | INE637C01025 | Pokarna Ltd | - |
| 6 | 524542 | INE450E01029 | Sukhjit Starch & Chemicals Ltd | - |
| 7 | 543545 | INE0ID001024 | Veerkrupa Jewellers Ltd (SME) | Moved to LT-ASM |
| 8 | 532893 | INE222F01029 | VTM Ltd | - |
| 9 | 531225 | INE547B01028 | Xtglobal Infotech Ltd | - |
Compliance Requirements
- Trading members and investors must note revised surveillance classifications effective March 12, 2026
- Securities under ST-ASM are subject to enhanced surveillance conditions including applicable margin and trading restrictions per the ST-ASM framework stages (Stage I, II, etc.)
- Brokers must ensure compliance with applicable margin requirements for securities newly placed under ST-ASM
- Securities exiting the framework (except those moving to LT-ASM) revert to normal trading conditions
Important Dates
- Circular Date: March 11, 2026
- Effective Date: March 12, 2026 — all additions, stage changes, and removals take effect
Impact Assessment
The inclusion of 8 securities in the ST-ASM framework will subject them to enhanced surveillance measures including higher margins and potential trade-to-trade settlement, which may reduce liquidity and increase trading costs for investors holding or trading these scrips. Two SME scrips (Identixweb Ltd, Logiciel Solutions Ltd) are also affected, which may have an outsized impact given their typically lower liquidity. The removal of 9 securities from the framework—particularly Garware Hi-Tech Films, Gokaldas Exports, Pokarna, and Sukhjit Starch—represents positive news for those scrips as normal trading conditions are restored. Lead Financial Services Ltd and Veerkrupa Jewellers Ltd moving to LT-ASM indicates continued surveillance concern despite exiting ST-ASM.
Impact Justification
Directly affects trading conditions for multiple securities with immediate effect from March 12, 2026; inclusion in ASM framework imposes trading restrictions impacting investors and market participants in those scrips.