Description

NSE announces securities entering and exiting the Short-Term Additional Surveillance Measure (ST-ASM) framework effective December 17, 2025, impacting 26 securities across various stages.

Summary

NSE has announced changes to the Short-Term Additional Surveillance Measure (ST-ASM) framework effective December 17, 2025. Six securities have been added to ST-ASM Stage-I, and four securities are being excluded from the ASM framework entirely. The consolidated ASM list now contains 26 securities across Stage-I and Stage-II, subject to enhanced surveillance and trading restrictions.

Key Points

  • 6 securities added to Short-Term ASM Stage-I: CEWATER, DIGJAMLMTD, MAHAPEXLTD, SATECH, SHAKTIPUMP, TARIL
  • 4 securities excluded from ASM framework: CAPTRUST, ELDEHSG, POSITRON, SAFEENTP
  • No securities moved between Stage-I and Stage-II
  • No new additions to Stage-II
  • DIGJAMLMTD satisfies criteria at BSE
  • Total 26 securities remain under consolidated ASM framework (24 in Stage-I, 2 in Stage-II)

Regulatory Changes

The ST-ASM framework is designed to alert investors about securities exhibiting abnormal price movements. Securities under ST-ASM are subject to:

  • Enhanced surveillance monitoring
  • Potential trading restrictions including price bands
  • Additional margin requirements
  • Reduced trading limits for certain participant categories

Stage-I represents initial surveillance level, while Stage-II indicates heightened concerns requiring stricter measures.

Compliance Requirements

  • Trading members must ensure compliance with ST-ASM framework requirements for affected securities
  • Enhanced due diligence required for client orders in ST-ASM securities
  • Margin requirements as specified by the exchange must be collected
  • Investors should be made aware of securities under surveillance framework
  • Price discovery mechanisms subject to applicable ASM stage restrictions

Important Dates

  • Effective Date: December 17, 2025 - Changes to ST-ASM framework become applicable

Impact Assessment

Market Impact: High - The addition of 6 securities to ST-ASM Stage-I will result in increased trading costs through higher margins and potential liquidity constraints. Investors in these securities may face restricted order placement capabilities.

Liquidity Impact: Securities entering ST-ASM typically experience reduced trading volumes due to enhanced surveillance measures and stricter position limits.

Positive Development: Exclusion of 4 securities (CAPTRUST, ELDEHSG, POSITRON, SAFEENTP) from ASM framework indicates improved price stability and normalizing trading patterns, restoring regular trading conditions.

Investor Consideration: The ST-ASM framework serves as a risk indicator. Investors should exercise caution when trading in listed securities and conduct thorough due diligence before taking positions.

Impact Justification

ST-ASM framework directly impacts trading conditions for 30 securities with 6 additions to Stage-I and 4 exclusions, affecting investor accessibility and liquidity