Description

NSE circular detailing securities added to and excluded from the Short-Term Additional Surveillance Measure (ST-ASM) framework effective October 29, 2025.

Summary

NSE has updated the Short-Term Additional Surveillance Measure (ST-ASM) framework effective October 29, 2025. Three securities have been added to Stage-I of ST-ASM: ARVIND PORT AND INFRA LIMITED, Fabtech Technologies Limited, and Richa Info Systems Limited. Four securities are being excluded from the ASM framework entirely: Global Vectra Helicorp Limited, Gurunanak Agriculture India Limited, Kore Digital Limited, and Sp Refractories Limited (moved to ESM framework). The consolidated ASM list now contains 28 securities in Stage-I.

Key Points

  • 3 securities added to ST-ASM Stage-I effective October 29, 2025
  • No securities added to ST-ASM Stage-II
  • No securities moving between Stage-I and Stage-II
  • 4 securities excluded from ASM framework (3 completely excluded, 1 moved to ESM)
  • Total of 28 securities currently under ASM Stage-I surveillance
  • ST-ASM framework applies enhanced surveillance measures to securities showing abnormal price movements

Regulatory Changes

Securities newly placed under ST-ASM Stage-I will be subject to:

  • Additional surveillance monitoring
  • Potential trading restrictions including price bands
  • Enhanced disclosure requirements
  • Possible reduction in price bands and increase in margin requirements

Sp Refractories Limited has been moved from ST-ASM to the Enhanced Surveillance Measure (ESM) framework, indicating a different category of surveillance concerns.

Compliance Requirements

For Trading Members:

  • Update surveillance parameters for affected securities
  • Ensure clients are informed about surveillance status changes
  • Apply applicable margin requirements for securities under ASM

For Investors:

  • Be aware of enhanced surveillance status for these securities
  • Expect potential impact on liquidity and trading costs
  • Monitor for further surveillance actions

Important Dates

  • Effective Date: October 29, 2025 - Changes to ST-ASM framework become applicable

Impact Assessment

Market Impact:

  • Securities entering ST-ASM may experience reduced liquidity due to enhanced surveillance measures
  • Trading costs may increase for affected securities due to potential margin requirements
  • Investor sentiment may be negatively impacted for newly added securities

Affected Securities - New Additions:

  1. ARVINDPORT (INE0P4T01013) - ARVIND PORT AND INFRA LIMITED
  2. FABTECH (INE0HF201011) - Fabtech Technologies Limited
  3. RICHA (INE0J1P01015) - Richa Info Systems Limited

Affected Securities - Exclusions:

  1. GLOBALVECT (INE792H01019) - Global Vectra Helicorp Limited
  2. GURUNANAK (INE1CCX01012) - Gurunanak Agriculture India Limited
  3. KDL (INE0O4R01018) - Kore Digital Limited
  4. SPRL (INE0JW501011) - Sp Refractories Limited (moved to ESM)

Positive Impact: Securities excluded from ASM framework will see relaxation of surveillance measures, potentially improving liquidity and reducing trading restrictions.

Consolidated ASM Stage-I Securities

The complete list of 28 securities under ASM Stage-I includes established names across various sectors including construction, pharmaceuticals, energy, manufacturing, and infrastructure, indicating continued regulatory focus on price volatility and market integrity across diverse industry segments.

Impact Justification

Affects trading conditions for specific securities under surveillance framework. Limited to 3 new entries in Stage-I and 4 exclusions, impacting liquidity and trading costs for these stocks.