Description

NSE announces inclusion of securities in Short-Term Additional Surveillance Measure (ST-ASM) framework effective December 09, 2025, with two securities added to Stage I and one security excluded from ASM.

Summary

NSE has issued circular 947/2025 regarding the applicability of Short-Term Additional Surveillance Measure (ST-ASM) effective December 09, 2025. Two securities - Eldeco Housing And Industries Limited (ELDEHSG) and Sar Televenture Limited (SARTELE) - have been included in ST-ASM Stage I. Additionally, Best Agrolife Limited (BESTAGRO) is being excluded from the ASM framework. The circular references previous circulars establishing the ASM framework and provides a consolidated list of 21 securities currently under ASM surveillance.

Key Points

  • Two securities added to Short-Term ASM Stage I: ELDEHSG (Eldeco Housing, INE668G01021) and SARTELE (Sar Televenture, INE0PUC01020)
  • No securities added to ST-ASM Stage II
  • No securities moved between Stage I and Stage II
  • One security excluded from ASM: BESTAGRO (Best Agrolife Limited, INE052T01013)
  • Total of 21 securities now under ASM framework (17 in Stage I, 4 in Stage II)
  • Surveillance actions will be as per provisions of Short-Term ASM framework
  • Circular references previous ASM circulars from 2018, 2020, 2022, 2023, and 2024

Regulatory Changes

This circular implements the Short-Term Additional Surveillance Measure (ST-ASM) framework established through previous NSE circulars. The ST-ASM is a surveillance mechanism designed to monitor securities that exhibit abnormal price movements or high volatility. Securities included in ST-ASM are subject to enhanced surveillance actions including trade-for-trade settlement, additional margin requirements, and price bands as applicable to their respective stages.

Compliance Requirements

  • Trading members must comply with applicable surveillance actions for securities under ST-ASM Stage I
  • Members must be aware of enhanced surveillance measures for ELDEHSG and SARTELE
  • Normal trading resumes for BESTAGRO as it exits ASM framework
  • Members should refer to previous ASM circulars (NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558, NSE/SURV/64066) for detailed framework provisions
  • Continued monitoring required for all 21 securities listed in consolidated ASM list

Important Dates

  • Circular Issue Date: December 08, 2025
  • Effective Date: December 09, 2025 - ST-ASM measures become applicable for newly included securities and exclusion takes effect

Impact Assessment

Market Impact: Limited to specific securities under surveillance. Investors in ELDEHSG and SARTELE will face enhanced surveillance measures including potential trade-for-trade settlement and higher margin requirements, which may reduce liquidity and increase trading costs.

Operational Impact: Trading members need to adjust their systems and risk management for the affected securities. The exclusion of BESTAGRO provides relief to that security with return to normal trading conditions.

Investor Impact: Investors holding or trading ELDEHSG and SARTELE should expect reduced liquidity, wider bid-ask spreads, and additional margin requirements. The consolidated list of 21 securities under ASM indicates ongoing exchange focus on securities with unusual price behavior or volatility patterns.

Impact Justification

Affects specific securities with enhanced surveillance measures. Two stocks added to ST-ASM Stage I and one stock excluded. Material impact for affected securities but limited broader market impact.