Description

NSE circular detailing securities moved between ASM framework stages, with InfoBeans Technologies Limited moving from Stage I to Stage II effective October 31, 2025.

Summary

NSE has issued updates to the Additional Surveillance Measure (ASM) Framework effective October 31, 2025. The circular identifies securities being moved between different ASM stages under the Long-Term ASM Framework. Only one security, InfoBeans Technologies Limited (INFOBEAN), is being moved from Stage I to Stage II. No securities are being added to or excluded from the ASM framework in this update.

Key Points

  • InfoBeans Technologies Limited (Symbol: INFOBEAN, ISIN: INE344S01016) is moving from Long-Term ASM Framework Stage I to Stage II
  • No new securities are being added to ASM Stage I or Stage IV
  • No securities are being excluded from the ASM Framework
  • No securities are moving to Stage IV (Trade for Trade basis)
  • The consolidated ASM list includes multiple securities across different stages, with AXISCADES Technologies Limited noted at Stage IV
  • All changes are effective from October 31, 2025

Regulatory Changes

The Long-Term ASM Framework continues to operate with its multi-stage surveillance mechanism:

  • Stage IV securities are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis
  • Securities meeting criteria under Criteria VII are subject to immediate Trade for Trade settlement
  • Progressive stages indicate increasing surveillance intensity based on security behavior patterns

Compliance Requirements

For Market Participants:

  • Review positions in INFOBEAN ahead of the Stage II migration
  • Apply enhanced due diligence for securities under ASM framework
  • Ensure awareness of trading restrictions applicable to Stage IV securities
  • Monitor the consolidated ASM list for portfolio exposure assessment

For Brokers:

  • Update surveillance systems to reflect stage changes
  • Inform clients holding positions in affected securities
  • Apply appropriate margin and position limit requirements

Important Dates

  • October 31, 2025: Effective date for all ASM stage changes
  • October 31, 2025: InfoBeans Technologies Limited moves to Stage II

Impact Assessment

Market Impact:

  • Limited immediate market impact as only one security is changing stages
  • InfoBeans Technologies Limited may experience increased margin requirements and trading restrictions at Stage II
  • Enhanced surveillance may lead to increased price discovery and reduced volatility manipulation

Operational Impact:

  • Brokers need to update risk management systems for INFOBEAN
  • Investors in INFOBEAN should expect higher surveillance scrutiny
  • Stage II typically involves additional reporting and monitoring requirements

Trading Impact:

  • Stage II securities face stricter surveillance but remain in rolling settlement
  • No immediate shift to Trade for Trade settlement for INFOBEAN
  • Market participants should review their exposure to all ASM securities listed in the consolidated annexure

Impact Justification

Routine ASM framework updates affecting one security (InfoBeans Technologies Limited) with stage progression, requiring increased surveillance measures and trading restrictions