Description

NSE circular updating the list of securities under the Additional Surveillance Measure (ASM) framework, with one security (Karnika Industries) being excluded and moved to ESM framework effective November 18, 2025.

Summary

NSE has issued its regular update on securities under the Additional Surveillance Measure (ASM) framework effective November 18, 2025. The circular shows no new securities being added to Long-Term ASM across any stage (I-IV), and no securities transitioning between stages. One security, Karnika Industries Limited (KARNIKA), has been excluded from the ASM framework as it has been moved to the Enhanced Surveillance Measure (ESM) framework.

Key Points

  • No new securities shortlisted in Long-Term ASM Framework Stage I
  • No new securities shortlisted in Long-Term ASM Framework Stage IV
  • No securities moving between ASM stages (I to II, II to III, III to IV, or reverse movements)
  • Karnika Industries Limited (KARNIKA, ISIN: INE0MGA01012) excluded from ASM and moved to ESM framework
  • Consolidated ASM list includes securities like AARON, ABINFRA, APOLLO, ARTNIRMAN, ASTRON, ATALREAL, ATHERENERG, and AXISCADES in Stage I
  • Securities in Stage IV under Criteria VII remain in Trade for Trade (Series: BE) on T+3 basis

Regulatory Changes

No new regulatory changes introduced. The circular represents a status update maintaining the existing ASM framework structure with Long-Term ASM stages (I through IV) and associated trading restrictions.

Compliance Requirements

Trading members and investors should note:

  • Securities in Long-Term ASM Stage IV under Criteria VII continue to trade on Trade for Trade basis (Series: BE) with T+3 settlement
  • Karnika Industries Limited is now under ESM framework and subject to ESM trading restrictions instead of ASM
  • All other securities remain in their current ASM stages with applicable surveillance measures

Important Dates

  • November 18, 2025: Effective date for exclusion of Karnika Industries from ASM framework and all ASM stage classifications

Impact Assessment

The impact of this circular is minimal as it represents a maintenance update rather than significant changes to the surveillance framework. The exclusion of one security (KARNIKA) affects only that specific stock’s investors and traders who will now face ESM restrictions instead of ASM. The absence of any stage transitions or new additions indicates stable market conditions for securities currently under surveillance. Market participants should continue monitoring their positions in ASM securities as per existing guidelines.

Impact Justification

Routine surveillance update with no new securities added to ASM framework. Only one security excluded and moved to ESM. No stage transitions occurred for any securities.