Description

NSE adds Graphisads Limited to ST-ASM Stage I and excludes Neptune Petrochemicals, Suratwwala Business Group, and TCI Finance from ASM framework effective December 23, 2025.

Summary

NSE has updated the Short-Term Additional Surveillance Measure (ST-ASM) framework effective December 23, 2025. One security (Graphisads Limited) has been added to ST-ASM Stage I, while three securities have been excluded from the ASM framework. The consolidated ASM list now contains 29 securities across Stage I and Stage II.

Key Points

  • Graphisads Limited (INE0POU01017) added to ST-ASM Stage I
  • Three securities excluded from ASM framework: Neptune Petrochemicals Limited, Suratwwala Business Group Limited, and TCI Finance Limited
  • TCI Finance Limited moved from ST-ASM to Enhanced Surveillance Measure (ESM) framework
  • No securities moving between Stage I and Stage II
  • No securities in ST-ASM Stage II currently
  • Total of 29 securities remain under ASM framework (28 in Stage I, 1 in Stage II)

Regulatory Changes

Additions to ST-ASM Stage I:

  • Graphisads Limited (Symbol: GRAPHISAD, ISIN: INE0POU01017)

Exclusions from ASM Framework:

  • Neptune Petrochemicals Limited (Symbol: NEPTUNE, ISIN: INE156901014)
  • Suratwwala Business Group Limited (Symbol: SBGLP, ISIN: INE05ST01028)
  • TCI Finance Limited (Symbol: TCIFINANCE, ISIN: INE911B01018) - transferred to ESM framework

Compliance Requirements

Securities under ST-ASM framework are subject to:

  • Enhanced surveillance measures as per SEBI/NSE guidelines
  • Additional disclosure and monitoring requirements
  • Potential trading restrictions based on stage classification
  • Investors and market participants must comply with applicable ST-ASM framework conditions

Important Dates

  • Circular Date: December 22, 2025
  • Effective Date: December 23, 2025

Impact Assessment

For Graphisads Limited: Placement in ST-ASM Stage I indicates heightened surveillance due to price volatility or other surveillance parameters. This may result in increased scrutiny, potential trading restrictions, and additional compliance obligations.

For Excluded Securities: Neptune Petrochemicals and Suratwwala Business Group are removed from surveillance framework, indicating improved compliance or stabilized trading patterns. TCI Finance’s movement to ESM suggests continued surveillance concerns requiring enhanced monitoring.

Market Impact: Limited to affected securities. The consolidated ASM list maintains 29 securities under various stages of surveillance, representing ongoing market monitoring efforts by NSE.

Impact Justification

Affects 4 securities with surveillance changes - 1 addition to ST-ASM and 3 exclusions from ASM framework. Limited market-wide impact but significant for affected stocks.