Description

NSE announces inclusion of 4 securities in Short-Term ASM Framework Stage-I and exclusion of 4 securities from ASM Framework effective November 18, 2025.

Summary

NSE has announced changes to the Short-Term Additional Surveillance Measure (ST-ASM) Framework effective November 18, 2025. Four securities have been shortlisted for inclusion in ST-ASM Framework Stage-I: Anand Rathi Share and Stock Brokers Limited, Indian Phosphate Limited, Medistep Healthcare Limited, and S A Tech Software India Limited. Additionally, four securities are being excluded from the ASM Framework: Lead Reclaim And Rubber Products Limited, Sacheerome Limited (moved to ESM framework), Siddhi Cotspin Limited, and Vijaypd Ceutical Limited. The consolidated ASM Framework now contains 28 securities, all currently in Stage-I.

Key Points

  • 4 securities added to Short-Term ASM Framework Stage-I effective November 18, 2025
  • No securities in ST-ASM Framework Stage-II
  • No securities moving between Stage-I and Stage-II
  • 4 securities excluded from ASM Framework (1 moved to ESM framework)
  • Total of 28 securities now under ASM Framework surveillance
  • All securities in the consolidated list are currently in Stage-I

Regulatory Changes

Securities included in ST-ASM Stage-I will be subject to enhanced surveillance measures including:

  • Additional disclosure requirements
  • Price band restrictions
  • Trade-for-trade settlement
  • 100% margin requirements
  • Possible restrictions on derivative contracts

Sacheerome Limited has been moved from ST-ASM to the Enhanced Surveillance Measure (ESM) framework, indicating escalation of surveillance requirements.

Compliance Requirements

  • Trading members must ensure compliance with ST-ASM framework requirements for the 4 newly included securities
  • Clients trading in these securities must be informed about the applicable surveillance measures
  • 100% upfront margin requirements must be collected for trades in ST-ASM securities
  • Settlement will be on a trade-for-trade basis for securities under ST-ASM
  • Trading members should review and update risk management systems for affected securities

Important Dates

  • Effective Date: November 18, 2025 - ST-ASM measures become applicable for newly included securities and exclusions take effect

Impact Assessment

Market Impact: The inclusion of 4 securities in ST-ASM Stage-I will result in reduced liquidity and increased trading costs for these stocks due to trade-for-trade settlement and 100% margin requirements. This may lead to wider bid-ask spreads and increased price volatility.

Operational Impact: Brokers and trading members will need to update their systems and processes to handle the surveillance requirements for newly added securities. Client communication and margin collection processes will require immediate attention.

Investor Impact: Investors holding or trading in the 4 newly included securities will face stricter trading conditions, including full upfront margin requirements and inability to carry forward positions. This is intended to curb excessive speculation and protect investor interests.

Notable Securities: The list includes Anand Rathi Share and Stock Brokers Limited (ARSSBL), a financial services company, and Chennai Petroleum Corporation Limited (CHENNPETRO), a public sector undertaking, indicating surveillance measures extend across various sectors and company types.

Impact Justification

Affects 4 securities entering ST-ASM Stage-I with enhanced surveillance measures and 4 securities being excluded from ASM framework, impacting trading conditions for these specific stocks