Description
BSE announces securities being added to, moved within, and removed from the Short Term 5/15/30 Days ASM Framework effective March 12, 2026. Eight securities are newly shortlisted, one moves to a higher stage, and nine exit the framework.
Summary
BSE has issued a circular detailing changes to the Short Term Additional Surveillance Measure (ST-ASM) framework effective March 12, 2026. Eight securities are newly shortlisted under the ST-ASM 5/15/30 Days framework, one security is moved to a higher ASM stage, no securities are moved to a lower stage, and nine securities are exiting the ST-ASM framework (some transitioning to LT-ASM).
Key Points
- 8 new securities added to ST-ASM framework (Stage I) effective March 12, 2026
- 1 security (Logiciel Solutions Ltd) moved to a higher ST-ASM stage effective March 12, 2026
- 0 securities moved to a lower ST-ASM stage
- 9 securities removed from ST-ASM framework effective March 12, 2026
- 2 of the exiting securities (Lead Financial Services Ltd, Veerkrupa Jewellers Ltd) are moving to LT-ASM framework
- SME scrips are included among newly shortlisted securities (Identixweb Ltd, Logiciel Solutions Ltd)
- NSE data used for Modern Thread India Ltd classification
Regulatory Changes
The ST-ASM framework applies enhanced surveillance to securities exhibiting abnormal price/volume movements. Securities under ST-ASM face restrictions including reduced price bands and/or periodic call auction mechanisms over 5, 15, or 30 trading day windows. Stage escalation (as applied to Logiciel Solutions Ltd) means tighter surveillance conditions.
Compliance Requirements
- Brokers and trading members must update client margins and trading parameters for all affected securities effective March 12, 2026
- Securities newly added to ST-ASM will be subject to applicable price band and trading restrictions per their assigned stage
- Investors holding or trading in affected securities should review the specific ST-ASM stage conditions applicable to each scrip
Important Dates
- Effective Date: March 12, 2026 — all additions, stage changes, and removals take effect
- Circular Date: March 11, 2026
Impact Assessment
Newly Added to ST-ASM (Stage I):
| Scrip Code | ISIN | Scrip Name |
|---|---|---|
| 530973 | INE042C01010 | Alfa Ica India Ltd |
| 530267 | INE021N01011 | Arigato Universe Ltd |
| 538713 | INE011R01013 | Atishay Ltd |
| 539946 | INE217E01014 | Bazel International Ltd |
| 538787 | INE997C01015 | Goenka Business & Finance Ltd |
| 544388 | INE0PA401012 | Identixweb Ltd (SME) |
| 500282 | INE794W01014 | Modern Thread India Ltd (per NSE) |
| 503624 | INE406N01014 | Svaraj Trading & Agencies Ltd |
Moved to Higher Stage:
| Scrip Code | ISIN | Scrip Name |
|---|---|---|
| 544625 | INE1BA901016 | Logiciel Solutions Ltd (SME) |
Removed from ST-ASM:
| Scrip Code | ISIN | Scrip Name | Reason |
|---|---|---|---|
| 500655 | INE291A01017 | Garware Hi-Tech Films Ltd | — |
| 532630 | INE887G01027 | Gokaldas Exports Ltd | — |
| 531288 | INE531D01010 | Lead Financial Services Ltd | Moving to LT-ASM |
| 511018 | INE679T01013 | Milgrey Finance & Investments Ltd | — |
| 532486 | INE637C01025 | Pokarna Ltd | — |
| 524542 | INE450E01029 | Sukhjit Starch & Chemicals Ltd | — |
| 543545 | INE0ID001024 | Veerkrupa Jewellers Ltd (SME) | Moving to LT-ASM |
| 532893 | INE222F01029 | VTM Ltd | — |
| 531225 | INE547B01028 | Xtglobal Infotech Ltd | — |
The placement of 8 new securities under ST-ASM signals regulatory concern over unusual price/volume activity. Investors in these scrips should expect trading restrictions. Securities exiting ST-ASM (excluding those moving to LT-ASM) see normalized trading conditions restored.
Impact Justification
ST-ASM placement directly affects trading conditions for multiple securities including trading frequency and price bands, impacting investors and market participants in 8 newly added scrips, 1 stage escalation, and 9 removals effective next trading day.