Description
BSE announces changes to the Short Term Additional Surveillance Measure (ST-ASM) framework effective March 16, 2026, including 9 new securities added, 1 moved to higher stage, and 9 securities exiting the framework.
Summary
BSE has announced changes to the Short Term (5/15/30 Days) Additional Surveillance Measure (ST-ASM) framework effective March 16, 2026. Nine securities are being newly shortlisted into the ST-ASM framework, one security is being moved to a higher ASM stage, and nine securities are exiting the ST-ASM framework (some due to inclusion in other surveillance frameworks such as LT-ASM and ESM).
Key Points
- 9 new securities added to ST-ASM framework w.e.f. March 16, 2026 (Annexure I, Part A)
- 1 security (Corporate Merchant Bankers Ltd) moved to a higher ST-ASM stage w.e.f. March 16, 2026
- NIL securities moved to a lower ST-ASM stage
- 9 securities exiting the ST-ASM framework w.e.f. March 16, 2026 (Annexure II)
- Securities marked with
*are shortlisted/moving as per NSE; securities marked@are SME scrips - Securities marked
*in exit list are moving out due to inclusion in LT-ASM Framework - Security marked
$(Sylph Industries Ltd) is moving out due to inclusion in ESM Framework
Regulatory Changes
Securities entering ST-ASM (Annexure I, Part A):
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 542066 | INE399L01023 | Adani Total Gas Ltd* |
| 2 | 531380 | INE405H01018 | Centenial Surgical Suture Ltd |
| 3 | 524564 | INE052E01015 | Gayatri BioOrganics Ltd |
| 4 | 539013 | INE776O01018 | Gita Renewable Energy Ltd |
| 5 | 540062 | INE222U01010 | Golden Crest Education & Services Ltd |
| 6 | 544304 | INE0WCH01015 | Jungle Camps India Ltd@ |
| 7 | 544485 | INE0MHO01029 | Regaal Resources Ltd* |
| 8 | 531033 | INE101E01010 | Regal Entertainment & Consultants Ltd |
| 9 | 544708 | INE1O6P01016 | YASHHTEJ INDUSTRIES (INDIA) LIMITED@ |
Security moving to higher ST-ASM stage:
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 540199 | INE850R01014 | Corporate Merchant Bankers Ltd |
Securities exiting ST-ASM (Annexure II):
| Sr No | Scrip Code | ISIN | Scrip Name | Reason |
|---|---|---|---|---|
| 1 | 540649 | INE349W01017 | Avadh Sugar & Energy Ltd | — |
| 2 | 539552 | INE108T01013 | F Mec International Financial Services Ltd | — |
| 3 | 533482 | INE524L01026 | Kridhan Infra Ltd | — |
| 4 | 530805 | INE125F01032 | Onesource Industries And Ventures Ltd | — |
| 5 | 544367 | INE0SII01026 | Quality Power Electrical Equipments Ltd | — |
| 6 | 531436 | INE474D01013 | Saffron Industries Ltd | — |
| 7 | 511447 | INE706F01021 | Sylph Industries Ltd$ | Inclusion in ESM |
| 8 | 532398 | INE240C01028 | Usha Martin Education & Solutions Ltd* | Inclusion in LT-ASM |
| 9 | 526953 | INE411B01019 | Venus Remedies Ltd* | Inclusion in LT-ASM |
Compliance Requirements
- Trading members and market participants must note the revised ST-ASM applicability for the listed securities from March 16, 2026
- Securities under ST-ASM are subject to additional surveillance conditions including applicable price bands and periodic review of trading patterns
- Participants dealing in SME scrips marked
@should take note of their inclusion under the ST-ASM framework - Brokers must ensure clients are informed of changed surveillance status for affected securities
Important Dates
- Circular Date: March 13, 2026
- Effective Date: March 16, 2026 (all additions, stage changes, and exits)
Impact Assessment
The inclusion of Adani Total Gas Ltd (a large-cap, widely traded security) in ST-ASM is notable and will attract significant market attention, potentially causing heightened volatility and reduced liquidity for the stock. For the 8 smaller-cap and SME securities newly added, ST-ASM placement typically results in trade-for-trade settlement and tighter surveillance, reducing speculative activity. The exit of Usha Martin Education & Solutions Ltd and Venus Remedies Ltd from ST-ASM into LT-ASM indicates persistent surveillance concerns, while Sylph Industries Ltd’s exit into ESM signals escalation of oversight. Overall, the circular moderately tightens market surveillance across a broad set of securities spanning large-cap, small-cap, and SME segments.
Impact Justification
Directly affects trading conditions for multiple listed securities; inclusion in ST-ASM imposes additional surveillance restrictions including price bands and trade-for-trade settlement, impacting liquidity and investor activity.