Description

NSE announces inclusion of 3 securities in Short-Term ASM Framework Stage-I and exclusion of 7 securities from ASM Framework, effective November 3, 2025.

Summary

NSE has updated the Short-Term Additional Surveillance Measure (ST-ASM) Framework effective November 3, 2025. Three securities are being added to ST-ASM Stage-I, while seven securities are being excluded from the ASM Framework. The consolidated ASM Framework now contains 25 securities in Stage-I. This circular includes annexures detailing the specific securities affected and the current consolidated list of all securities under surveillance.

Key Points

  • 3 securities added to Short-Term ASM Framework Stage-I: Giriraj Civil Developers Limited, Megastar Foods Limited, and Nirman Agri Genetics Limited
  • 7 securities excluded from ASM Framework: GFL Limited, GK Energy Limited, Lexus Granito (India) Limited, Mcon Rasayan India Limited, Pratham EPC Projects Limited, Richa Info Systems Limited, and Tatva Chintan Pharma Chem Limited
  • Richa Info Systems Limited moved from ST-ASM to ESM (Enhanced Surveillance Measure) framework
  • No securities in ST-ASM Stage-II currently
  • No securities moving between Stage-I and Stage-II
  • Total of 25 securities now under ASM Framework Stage-I

Regulatory Changes

The Short-Term Additional Surveillance Measure (ST-ASM) Framework is being applied to identify and monitor securities showing unusual price movements or trading patterns. Securities are categorized into stages based on surveillance criteria, with Stage-I representing initial surveillance level. The framework allows for securities to move between stages or be excluded based on their trading behavior and compliance with market norms.

Compliance Requirements

Market participants trading in the affected securities must adhere to the surveillance measures applicable under the ST-ASM Framework. This includes compliance with any additional margin requirements, trading restrictions, or reporting obligations that apply to securities under surveillance. Investors should review the specific conditions applicable to ST-ASM Stage-I securities before trading.

Important Dates

  • Effective Date: November 3, 2025 - Changes to ST-ASM Framework take effect

Impact Assessment

The inclusion of three securities in ST-ASM Stage-I will subject them to enhanced surveillance and may result in additional trading restrictions or margin requirements, potentially reducing liquidity and increasing transaction costs for these stocks. Conversely, the exclusion of seven securities from the ASM Framework indicates normalized trading patterns and removes previous restrictions, which should improve liquidity and trading conditions for those stocks. The movement of Richa Info Systems Limited to ESM framework suggests heightened concerns requiring more stringent monitoring measures.

Securities Added to ST-ASM Stage-I

  1. Giriraj Civil Developers Limited (Symbol: GIRIRAJ, ISIN: INE614Z01017)
  2. Megastar Foods Limited (Symbol: MEGASTAR, ISIN: INE00EM01016)
  3. Nirman Agri Genetics Limited (Symbol: NIRMAN, ISIN: INE0OK701014)

Securities Excluded from ASM Framework

  1. GFL Limited (Symbol: GFLLIMITED, ISIN: INE538A01037)
  2. GK Energy Limited (Symbol: GKENERGY, ISIN: INE1AG301022)
  3. Lexus Granito (India) Limited (Symbol: LEXUS, ISIN: INE500X01013)
  4. Mcon Rasayan India Limited (Symbol: MCON, ISIN: INE0O4M01019)
  5. Pratham EPC Projects Limited (Symbol: PRATHAM, ISIN: INE0QA601016)
  6. Richa Info Systems Limited (Symbol: RICHA, ISIN: INE0J1P01015) - Moved to ESM Framework
  7. Tatva Chintan Pharma Chem Limited (Symbol: TATVA, ISIN: INE0GK401011)

Impact Justification

Affects 10 securities with trading restrictions being imposed or lifted, impacting investors and traders in these specific stocks