Description

NSE announces securities shortlisted under Long-Term ASM Framework Stage I and IV, effective November 19, 2025, with two securities added to Stage I surveillance.

Summary

NSE has announced the applicability of Additional Surveillance Measure (ASM) under the Long-Term ASM Framework effective November 19, 2025. Two securities - Cadsys (India) Limited (CADSYS) and Kody Technolab Limited (KODYTECH) - have been shortlisted under Stage I of the framework. No securities are being moved between stages or excluded from the ASM framework in this update.

Key Points

  • Two securities added to Long-Term ASM Framework Stage I: CADSYS (INE090Y01013) and KODYTECH (INE0Q7P01013)
  • No securities shortlisted for Stage IV movement
  • No securities moving between different ASM stages (I to II, II to III, etc.)
  • No securities being excluded from the ASM Framework
  • Changes effective from November 19, 2025
  • Consolidated ASM list includes multiple securities across different stages

Regulatory Changes

Securities shortlisted under Criteria VII for Stage IV are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis, where T-day is the date of issuance of the circular.

Compliance Requirements

Market participants trading in securities under ASM Framework must comply with:

  • Enhanced surveillance measures applicable to Stage I securities for newly added CADSYS and KODYTECH
  • Trade for Trade settlement requirements if securities move to Stage IV under Criteria VII
  • Continued monitoring of all securities listed in the consolidated ASM Framework

Important Dates

  • Effective Date: November 19, 2025 - ASM measures applicable to newly shortlisted securities
  • Circular Issue Date: November 18, 2025

Impact Assessment

Market Impact: Limited impact as only two securities are newly added to Stage I surveillance. The absence of securities moving to higher stages or being excluded indicates stable surveillance conditions.

Trading Impact: CADSYS and KODYTECH will be subject to Stage I ASM measures, which may include additional margin requirements and trading restrictions. No immediate impact on securities already under ASM framework as no stage changes are occurring.

Investor Impact: Investors in CADSYS and KODYTECH should be aware of enhanced surveillance measures and potential increased volatility or liquidity constraints associated with ASM Stage I classification.

Impact Justification

Affects trading in specific securities under enhanced surveillance framework; limited to newly added securities CADSYS and KODYTECH in Stage I