What is Additional Surveillance Measures (ASM)?

SEBI has introduced various surveillance measures to safeguard the interests of investors and enhance market transparency, including reducing price bands, conducting periodic call auctions and transferring securities to the Trade-to-Trade (T2T) segment as required.

ASM is a part of this and was introduced to curb speculative trading and control volatility in securities. It is enforced based on objective parameters such as price (high-low) variations, volume variations, volatility, etc. Based on these parameters, securities are shortlisted and reviewed under different frameworks including
  • Short-term ASM- 2 stages
  • Long-term ASM - 4 stages
  • ASM for companies under the Inter Creditor Agreement (ICA) Resolution Process
  • ASM for companies under the Insolvency Bankruptcy Code (IBC)
  • The company has been loss making for at least the last 8 quarters for main board and last 2 years for SME companies on consolidated basis.
  • Encumbrance of Promoters/ promoter group shareholding is at least 50% of the total capital.
  • The company is in BZ/SZ series due to non-compliance with SEBI SOP Circular.
  • The company has failed to pay Annual listing fee.
  • The security is scheduled to move out of derivatives. No fresh far month contracts shall be issued.
  • Security is in BAN for Trade on account of breach of 95% of MWPL (i.e., 20% of Non-promoter holding. 

Refer the NSE and BSE websites to learn more.

* Only delivery-based trading (T+1 settlement) is permitted for stocks under the T2T segment; intraday trading is not allowed.

* Check the complete list of ASM securities

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