The Short-term Additional Surveillance Measure (ST-ASM) is a regulatory mechanism introduced by SEBI and Indian stock exchanges to closely monitor stocks that exhibit unusual or sudden trading activity. Its primary goal is to safeguard investors and uphold market stability by applying temporary, tighter trading restrictions on highly volatile or speculative stocks.
Criteria for Exclusion from ST-ASM
A stock may be considered for exit from the ST-ASM framework if it no longer meets the inclusion criteria. The process is as follows:
- Minimum Period: A stock must remain in the Short-term ASM (ST-ASM) framework for a minimum period, typically 5 or 15 trading days, depending on the stage, before it becomes eligible for review and possible exit.
- Stage-wise Review: Stocks are reviewed after completing the minimum period in each stage. The review assesses whether the stock still meets the entry criteria for ST-ASM, such as abnormal price movements or high client concentration.
- Exit Criteria: If, during the review, the stock no longer meets the inclusion criteria for its current stage, it is eligible to move to the next lower stage. A stock in Stage I that does not meet the criteria can be fully exited from the ST-ASM framework.
- Ongoing Monitoring: The process is dynamic, with regular reviews ensuring that only stocks displaying recent abnormal trading patterns remain under ST-ASM.
Here is the list of stocks that have been excluded from the ST-ASM Framework:
Cybertech Systems & Software Ltd
CyberTech Systems and Software Ltd. is an India-based company that provides IT and software development services, specializing in enterprise cloud transformation, SAP digital solutions, and next-generation geospatial analytics. With strategic partnerships with companies like SAP, Esri, and Microsoft, they serve diverse industries such as government, utilities, healthcare, and manufacturing. On October 06, 2025, Cybertech Systems & Software was excluded from the ST-ASM Framework by the stock exchanges.
IB Infotech Enterprises Ltd
IB Infotech Enterprises Ltd. is an India-based information technology (IT) company. It provides IT-enabled services, software products, and deals in data encryption and other IT-related areas. Formerly known as Indian Beverages Limited and the company has later expanded its operations into various IT services and product trading. On October 06, 2025, IB Infotech Enterprises was excluded from the ST-ASM Framework by the stock exchanges.
Associated Coaters Ltd
Associated Coaters Ltd. is an Indian company based in Kolkata that provides pre-treatment and powder coating services for aluminum extrusions, as well as other finishes like polyvinylidene fluoride (PVDF) and wood film coatings. The company serves the architectural and real estate industries and is an approved applicator for major paint brands like Akzonobel, Jotun, and Asian Paints. On October 06, 2025, Associated Coaters was excluded from the ST-ASM Framework by the stock exchanges.
Rajasthan Gases Ltd
Rajasthan Gases Ltd. is an Indian company that focuses on gas filling, transportation, and distribution, mainly in the state of Rajasthan. The company was initially formed as a private limited company and converted to a public limited company, with operations including LPG bottling and a growing focus on other distribution network activities and warehousing. On October 06, 2025, Rajasthan Gases was excluded from the ST-ASM Framework by the stock exchanges.
Vaghani Techno-Build Ltd
Vaghani Techno-Build Ltd is an Indian company, formerly known as Dhruv Makhan (India) Ltd and is primarily engaged in the trading of Transfer of Development Rights (TDR) and Real Estate Development. The company was originally involved in dairy products, but discontinued that activity later and shifted its focus to real estate and TDR trading. On October 06, 2025, Vaghani Techno-Build was excluded from the ST-ASM Framework by the stock exchanges.
Criteria for Inclusion in ST-ASM
Stocks are selected for the Short-term Additional Surveillance Measure (ST-ASM) list based on objective, market-based parameters jointly defined by SEBI and the exchanges. The main criteria include:
The criteria for inclusion in the Short-term Additional Surveillance Measure (ST-ASM) are based on sudden abnormal price movements, sharp volume fluctuations, high client concentration, limited trader diversity, and volatility over a short period (typically 5 to 15 days). These parameters help exchanges identify stocks showing speculative or unusual trading activity for temporary, stricter monitoring
Written by Sridhar J
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