Description

NSE updates Long-Term ASM Framework stages for various securities effective November 03, 2025, including new entries, stage movements, and exclusions from surveillance measures.

Summary

NSE has issued updates to the Additional Surveillance Measure (ASM) Framework effective November 03, 2025. The circular announces changes to Long-Term ASM stages for various securities, including one new security entering Stage-I (PPAP Automotive Limited), one security moving down from Stage-III to Stage-II (Sri Adhikari Brothers Television Network Limited), and eight securities being excluded from the ASM Framework entirely.

Key Points

  • PPAP Automotive Limited (PPAP) newly shortlisted in Long-Term ASM Framework Stage-I
  • Sri Adhikari Brothers Television Network Limited (SABTNL) moves from Stage-III to Stage-II
  • 8 securities excluded from ASM Framework: BALCO, GARUDA, HIRECT, NURECA, SELMC, SHARDACROP, STLTECH, and VR
  • No securities moving to or from Stage-IV
  • No securities advancing to higher surveillance stages
  • Changes effective from November 03, 2025

Regulatory Changes

The Long-Term ASM Framework applies surveillance measures to securities based on specific criteria. Securities in higher stages face stricter trading restrictions. Stage-IV securities under Criteria VII are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis.

Securities Affected

New Entry to Stage-I:

  • PPAP Automotive Limited (PPAP) - ISIN: INE095I01015

Moving from Stage-III to Stage-II:

  • Sri Adhikari Brothers Television Network Limited (SABTNL) - ISIN: INE416A01044

Excluded from ASM Framework:

  1. Solve Plastic Products Limited (BALCO) - ISIN: INE0U0201016
  2. Garuda Construction and Engineering Limited (GARUDA) - ISIN: INE0JVO01026
  3. Hind Rectifiers Limited (HIRECT) - ISIN: INE835D01023
  4. Nureca Limited (NURECA) - ISIN: INE0DSF01015
  5. SEL Manufacturing Company Limited (SELMC) - ISIN: INE105I01020
  6. Sharda Cropchem Limited (SHARDACROP) - ISIN: INE221J01015
  7. Sterlite Technologies Limited (STLTECH) - ISIN: INE089C01029
  8. V R Infraspace Limited (VR) - ISIN: INE0QQM01017

Important Dates

  • Effective Date: November 03, 2025

Impact Assessment

Securities entering or moving within ASM stages face enhanced surveillance and may have trading restrictions including price bands, trade-for-trade settlements, and reduced position limits. The exclusion of 8 securities from ASM Framework indicates improved compliance or market behavior for those companies. PPAP Automotive shareholders should be aware of Stage-I surveillance measures, while SABTNL investors will see relaxed surveillance as it moves from Stage-III to Stage-II.

Impact Justification

Regular surveillance measure update affecting specific securities with stage changes and exclusions, impacts trading conditions for listed companies under ASM framework