Description

NSE circular on securities shortlisted for Short-Term Additional Surveillance Measure (ST-ASM) framework effective December 05, 2025, with one security added to Stage I and three securities excluded.

Summary

NSE has issued a circular updating the list of securities under the Short-Term Additional Surveillance Measure (ST-ASM) framework effective December 05, 2025. One security, Gurunanak Agriculture India Limited (GURUNANAK), has been newly shortlisted for inclusion under ST-ASM Stage I. Three securities - Greenleaf Envirotech Limited, Integrity Infrabuild Developers Limited, and Jet Freight Logistics Limited - are being excluded from the ASM framework. The consolidated ASM list now includes 20 securities across Stage I and Stage II.

Key Points

  • Gurunanak Agriculture India Limited (GURUNANAK, ISIN: INE1CCX01012) added to ST-ASM Stage I effective December 05, 2025
  • No securities shortlisted for ST-ASM Stage II
  • No securities moving between stages
  • Three securities excluded from ASM framework: Greenleaf Envirotech Limited (GREENLEAF), Integrity Infrabuild Developers Limited (INTEGRITY), and Jet Freight Logistics Limited (JETFREIGHT)
  • Jet Freight Logistics Limited moved from ST-ASM to ESM (Enhanced Surveillance Measure) framework
  • Consolidated ASM framework now contains 20 securities: 17 in Stage I and 3 in Stage II
  • Circular references previous circulars dating from October 27, 2018 to September 20, 2024

Regulatory Changes

This circular implements changes to the Short-Term Additional Surveillance Measure framework as part of NSE’s ongoing surveillance activities. The ST-ASM framework applies enhanced monitoring and surveillance measures to securities meeting specific criteria for price movements, volatility, or trading patterns. Securities in this framework are subject to additional restrictions and monitoring to protect investor interests.

Compliance Requirements

Members and market participants should:

  • Note the inclusion of Gurunanak Agriculture India Limited in ST-ASM Stage I
  • Apply applicable surveillance measures to securities listed in the framework
  • Be aware that securities under ST-ASM are subject to enhanced monitoring, trading restrictions, and additional margin requirements
  • Update internal systems to reflect the revised ASM framework list
  • Note the exclusion of three securities from the ASM framework

Important Dates

  • December 04, 2025: Circular issue date
  • December 05, 2025: Effective date for ST-ASM changes

Impact Assessment

Market Impact: The addition of Gurunanak Agriculture India Limited to ST-ASM Stage I will result in enhanced surveillance and potential trading restrictions for this security. The exclusion of three securities provides relief from surveillance measures, though Jet Freight Logistics transitions to the ESM framework which also involves monitoring.

Trading Impact: Securities under ST-ASM typically face additional price bands, margin requirements, and trade-for-trade settlement obligations. The consolidated list of 20 securities across both stages indicates continued focus on monitoring specific securities for abnormal price movements or volumes.

Operational Impact: Market participants trading in affected securities must comply with the surveillance framework requirements, including additional margins and settlement obligations.

Impact Justification

Affects trading surveillance for specific securities with enhanced monitoring requirements. Gurunanak Agriculture India Limited added to ST-ASM Stage I, while three securities excluded from framework.