ASM List Stocks in India: Significance to Investors

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ASM list stocks in India

ASM List: Introduction

It is not a hidden fact that the Indian stock market is subject to high volatility. And while checking on the past trends, we have not only been witnessing a streamlined high-fall situation but also have been subject to some massive market manipulation and scams.

Yet, the stock market remains to be one of the most appealing places for investment, especially for retail investors. For this reason, it becomes crucial for the Securities Board Exchange of  India (SEBI) to establish pre-emptive measures to protect the integrity of the 

market. Though, to curb the trading difficulties, SEBI  has introduced some highly regulated surveillance measures, one of which is the Additional Surveillance Measure (ASM). 

Let us understand the relevance of the same. 

Summary in brief:

  • What are ASM and ASM List in the share market?
  • Criteria to determine ASM List stocks.
  • Significance of ASM list for investors
  • Conditions for adding stocks under ASM List
  • Stagewise Surveillance action
  • Exiting the ASM List
  • 10 ASM List shares.
  • FAQs

What are ASM and ASM List in the Share Market?

Additional Surveillance Measure or ASM was introduced in 2018 as a regulatory initiative by SEBI and recognised stock exchanges to monitor the highly volatile stocks in the Indian stock market. It serves as a control speculative trading measure to safeguard the interest of retail investors and protect them from adverse trading situations. 

The ASM List stocks are those securities that are currently under surveillance owing to their price variation, volume variation, and their volatility. The objective to put these stocks on an ASM list is to make the investors cautious and to alert them while dealing with such stocks.

However, it is to note that the intention of an ASM framework is purely for the reasons of market surveillance and not to be construed as an action against the company. 

Criteria to Determine ASM List Stocks

The following parameters have been used as a criterion by SEBI and stock exchanges to shortlist ASM List stocks:

  • Close to Close Price Variation
  • Client Concentration
  • Delivery Percentage
  • High Low Variation
  • Market Capitalization
  • No. of Unique PANs
  • Price Earning Ratio (PE)
  • Volume Variation

Significance of ASM list for the Investors

As an investor, it is of utmost importance that one keeps an eye on the major fluctuations to make the best investment decision. ASM serves that purpose. 

A stock under the ASM list is subject to stricter regulations. They cannot be pledged and also are denied the intraday leverages such as cover order, bracket order, etc. Here, the regulation point is established as 100% of the traded value of such stocks gets blocked as margins. Also, these are subject to a 5% circuit filter. This means that the share price of an ASM-listed stock is not to fluctuate by more than 5%. This limits the profit or loss for traders. This also results in stability in the price of the stock. Thus, working best in the interest of long-term retail investors. 

Whatsoever, despite being added to the ASM list, the company's actions benefiting the investors are not affected. Perks like dividends, bonuses and stock splits are carried out as usual. 

Conditions For Adding Stocks Under ASM List

The following are the conditions based on which the stock is put under an ASM list:


  • In the previous 3 months, there was a price fluctuation of  around 150% or more (based on corporate action adjusted prices) AND a minimum 25% concentration of the top 25 clients in the 
  • last 30 days AND market capitalization is greater than 100 crores on the review date


  • In the last 60 trading days, there was a  Close–to–Close Price Variation (based on corporate action adjusted prices) of a minimum of 100% AND in the last 30 days the concentration of Top 25 clients account is a minimum of 30% of the combined trading volume of BSE & NSE in the stock 


  • In 365 days if there was a Close–to–Close Price Variation (based on corporate action adjusted prices) of a minimum of 100%  AND the high–low Price Variation (based on corporate action adjusted prices) was a minimum of 200% + (Beta (β) of the stock * Nifty 50 variation) AND Market Capitalization is more than Rs.500 Crore as of the review date AND in the last 30 days, the concentration of Top 25 clients account was a minimum 30% of the combined trading volume of BSE & NSE in the stock 


  • The average daily volume in a month is a minimum of 10,000 shares & more than 500% of the Average volume in the preceding 3 months at both exchanges (BSE & NSE) AND in the last 30 days, the concentration of Top 25 clients accounts for a minimum of 30% of the combined trading volume of BSE & NSE in the stock. AND in the last 3 months, the average delivery % is more than 50%  AND the market capitalisation is more than Rs.500 Crore as of the review date AND in last month, the close–to–close price variation (based on corporate action adjusted prices) is more than (50% + Beta (β) of the stock * Nifty 50 variation).

However, the following securities are to excluded to be shortlisted under ASM List

  • Public Sector Enterprises and Public Sector Banks (PSU)
  • Securities on which derivative products are available
  • Securities already under Graded Surveillance Measure (GSM)
  • Securities already under Trade for Trade

Stagewise Surveillance Action

After entering into the ASM list, the stocks are categorized into 4 stages and accordingly actions are taken on the same. The actions can be summarized in the below table:

Stage I

The applicable margin for all clients

will be 80% from T+3 days 

Stage II

Reduction of price band to next lower

level and applicable margin for all clients. will be 100% from T+3 day 

Stage III

Further reduction of price band to next

lower level and applicable margin shall

be 100% from T+3 day for all clients.


Stage IV

Settlement is on a Gross basis with

100% margin on all clients and 5%

price band.


Exiting the ASM List

Securities which have completed 90 trading days in the long-term ASM shall be liable to exit the list. Also, the stage review shall be done weekly.

10 ASM List Shares

The current ASM List includes the following 98 stocks as per NSE for long term. Investors are suggested to be extra cautious while dealing with such high volatile stocks:

14THDIMFourth Dimension Solutions LimitedINE382T01030LTASM - IV (16)
2ACEINTEGAce Integrated Solutions LimitedINE543V01017LTASM - I (13)
3ADANIGREENAdani Green Energy LimitedINE364U01010LTASM - I (13)
4ADANITRANSAdani Transmission LimitedINE931S01010LTASM - I (13)
5AGNIAgni Green Power LimitedINE0LF301013LTASM - I (13)
6APOLLOApollo Micro Systems LimitedINE713T01010LTASM - I (13)
7ARCHIESArchies LimitedINE731A01020LTASM - I (13)
8ARENTERPRajdarshan Industries LimitedINE610C01014LTASM - I (13)
9ARROWGREENArrow Greentech LimitedINE570D01018LTASM - I (13)
10ATGLAdani Total Gas LimitedINE399L01023LTASM - I (13)
11AXISCADESAXISCADES Engineering Technologies LimitedINE555B01013LTASM - I (13)
12AXISCADESAXISCADES Technologies LimitedINE555B01013LTASM - I (13)
13BRIGHTBright Solar LimitedINE684Z01010LTASM - I (13)
14BRNLBharat Road Network LimitedINE727S01012LTASM - I (13)
15BSHSLBombay Super Hybrid Seeds LimitedINE032Z01020LTASM - IV (16)
16CADSYSCadsys (India) LimitedINE090Y01013LTASM - I (13)
17CEREBRAINTCerebra Integrated Technologies LimitedINE345B01019LTASM - I (13)
18CLOUDVaranium Cloud LimitedINE0JOO01013LTASM - I (13)
19CONTIContinental Seeds and Chemicals LimitedINE340Z01019LTASM - I (13)
20DRLDhanuka Realty LimitedINE704V01015LTASM - I (13)
21DTILDhunseri Tea & Industries LimitedINE341R01014LTASM - I (13)
22FELDVRFuture Enterprises LimitedIN9623B01058LTASM - I (13)
23GENCONGeneric Engineering Construction and Projects LimitedINE854S01022LTASM - I (13)
24GOLDSTARGoldstar Power LimitedINE405Y01021LTASM - I (13)
25GOLDTECHGoldstone Technologies LimitedINE805A01014LTASM - I (13)
26GRPLTDGRP LimitedINE137I01015LTASM - I (13)
27HEADSUPHeads UP Ventures LimitedINE759V01019LTASM - I (13)
28HIRECTHind Rectifiers LimitedINE835D01023LTASM - I (13)
29HITECHGEARThe Hi-Tech Gears LimitedINE127B01011LTASM - I (13)
30INDSWFTLABInd-Swift Laboratories LimitedINE915B01019LTASM - I (13)
31INDSWFTLTDInd-Swift LimitedINE788B01028LTASM - I (13)
32JWLJupiter Wagons LimitedINE209L01016LTASM - I (13)
33KAMDHENUKamdhenu LimitedINE390H01012LTASM - I (13)
34KKCLKewal Kiran Clothing LimitedINE401H01017LTASM - I (13)
35KOHINOORKohinoor Foods LimitedINE080B01012LTASM - I (13)
36KOREJay Jalaram Technologies LimitedINE0J6801010LTASM - I (13)
37KRISHIVALEmpyrean Cashews LimitedINE0GGO01015LTASM - I (13)
38KTKBANKThe Karnataka Bank LimitedINE614B01018LTASM - I (13)
39LATTEYSLatteys Industries LimitedINE262Z01023LTASM - II (14)
40LGBFORGELGB Forge LimitedINE201J01017LTASM - I (13)
41LPDCLandmark Property Development Company LimitedINE197J01017LTASM - I (13)
42MADHUCONMadhucon Projects LimitedINE378D01032LTASM - I (13)
43MAGNUMMagnum Ventures LimitedINE387I01016LTASM - I (13)
44MAHAPEXLTDMaha Rashtra Apex Corporation LimitedINE843B01013LTASM - I (13)
45MAKSMaks Energy Solutions India LimitedINE0CDK01019LTASM - I (13)
46MALUPAPERMalu Paper Mills LimitedINE383H01017LTASM - I (13)
47MANAKSIAManaksia LimitedINE015D01022LTASM - I (13)
48MANUGRAPHManugraph India LimitedINE867A01022LTASM - I (13)
49MARATHONMarathon Nextgen Realty LimitedINE182D01020LTASM - I (13)
50MARSHALLMarshall Machines LimitedINE00SZ01018LTASM - II (14)
51MBAPLMadhya Bharat Agro Products LimitedINE900L01010LTASM - IV (16)
52MCLMadhav Copper LimitedINE813V01022LTASM - I (13)
53MEPMEP Infrastructure Developers LimitedINE776I01010LTASM - I (13)
54MIRCELECTRMIRC Electronics LimitedINE831A01028LTASM - I (13)
55MOLDTECHMold-Tek Technologies LimitedINE835B01035LTASM - I (13)
56MOTOGENFINThe Motor & General Finance LimitedINE861B01023LTASM - I (13)
57MRO-TEKMRO-TEK Realty LimitedINE398B01018LTASM - I (13)
58NAGREEKEXPNagreeka Exports LimitedINE123B01028LTASM - I (13)
59NDTVNew Delhi Television LimitedINE155G01029LTASM - I (13)
60NITCONitco LimitedINE858F01012LTASM - I (13)
61NITIRAJNitiraj Engineers LimitedINE439T01012LTASM - I (13)
62NPSTNetwork People Services Technologies LimitedINE0FFK01017LTASM - II (14)
63NURECANureca LimitedINE0DSF01015LTASM - I (13)
65ONELIFECAPOnelife Capital Advisors LimitedINE912L01015LTASM - I (13)
66PANSARIPansari Developers LimitedINE697V01011LTASM - I (13)
67PARSVNATHParsvnath Developers LimitedINE561H01026LTASM - I (13)
68PCJEWELLERPC Jeweller LimitedINE785M01013LTASM - I (13)
69PERFECTPerfect Infraengineers LimitedINE925S01012LTASM - I (13)
70PONNIERODEPonni Sugars (Erode) LimitedINE838E01017LTASM - I (13)
71REFEXRefex Industries LimitedINE056I01017LTASM - I (13)
72RILINFRARachana Infrastructure LimitedINE02OY01016LTASM - I (13)
73RMDRIPR M Drip and Sprinklers Systems LimitedINE219Y01018LTASM - II (14)
74ROLLTRollatainers LimitedINE927A01040LTASM - I (13)
75ROSSELLINDRossell India LimitedINE847C01020LTASM - I (13)
76RPPINFRAR.P.P. Infra Projects LimitedINE324L01013LTASM - I (13)
77SECURCREDSecUR Credentials LimitedINE195Y01010LTASM - I (13)
78SETCOSetco Automotive LimitedINE878E01021LTASM - I (13)
79SIMBHALSSimbhaoli Sugars LimitedINE748T01016LTASM - I (13)
80SITINETSiti Networks LimitedINE965H01011LTASM - I (13)
81SKMEGGPRODSKM Egg Products Export (India) LimitedINE411D01015LTASM - I (13)
82SOUTHBANKThe South Indian Bank LimitedINE683A01023LTASM - I (13)
83SPCENETSpacenet Enterprises India LimitedINE970N01027LTASM - IV (16)
84SUPREMEINFSupreme Infrastructure India LimitedINE550H01011LTASM - I (13)
86TAPIFRUITTapi Fruit Processing LimitedINE0M7001010LTASM - I (13)
87TCPLPACKTCPL Packaging LimitedINE822C01015LTASM - I (13)
88TGBHOTELSTGB Banquets And Hotels LimitedINE797H01018LTASM - I (13)
89TIMESGTYTimes Guaranty LimitedINE289C01025LTASM - I (13)
90UJJIVANUjjivan Financial Services LimitedINE334L01012LTASM - I (13)
91URAVIUravi T and Wedge Lamps LimitedINE568Z01015LTASM - I (13)
92USASEEDSUpsurge Seeds Of Agriculture LimitedINE0CBM01019LTASM - I (13)
93VASAVasa Retail and Overseas LtdINE068Z01016LTASM - I (13)
94WALCHANNAGWalchandnagar Industries LimitedINE711A01022LTASM - I (13)
95WELWonder Electricals LimitedINE02WG01016LTASM - I (13)
96WELINVWelspun Investments and Commercials LimitedINE389K01018LTASM - I (13)
97YAARIYaari Digital Integrated Services LimitedINE126M01010LTASM - I (13)
98ZIMLABZim Laboratories LimitedINE518E01015LTASM - I (13)

Data : As on 24th Feb 2023, Source: NSE

Disclaimer: The securities quoted are exemplary and not recommendatory. Past performance is not indicative of future returns

The current ASM List includes the following 20 stocks as per NSE for short term. Investors are suggested to be extra cautious while dealing with such high volatile stocks:

13PLAND3P Land Holdings LimitedINE105C01023STASM - II (12)
2AAKASHAakash Exploration Services LimitedINE087Z01024STASM - I (11)
3AARVIAarvi Encon LimitedINE754X01016STASM - I (11)
4ADANIENTAdani Enterprises LimitedINE423A01024STASM - I (11)
6CAREERPCareer Point LimitedINE521J01018STASM - I (11)
7DCALDishman Carbogen Amcis LimitedINE385W01011STASM - I (11)
8DSSLDynacons Systems & Solutions LimitedINE417B01040STASM - II (12)
9FOCUSFocus Lighting and Fixtures LimitedINE593W01010STASM - I (11)
10GEEKAYWIREGeekay Wires LimitedINE669X01016STASM - I (11)
11IELIndiabulls Enterprises LimitedINE059901020STASM - I (11)
12KRITIKriti Industries (India) LimitedINE479D01038STASM - I (11)
13MGELMangalam Global Enterprise LimitedINE0APB01024STASM - I (11)
14NUCLEUSNucleus Software Exports LimitedINE096B01018STASM - I (11)
15PENINDPennar Industries LimitedINE932A01024STASM - I (11)
16SHRADHAShradha Infraprojects LimitedINE715Y01023STASM - I (11)
17SOMATEXSoma Textiles & Industries LimitedINE314C01013STASM - II (12)
18UNIVCABLESUniversal Cables LimitedINE279A01012STASM - I (11)
19VAISHALIVaishali Pharma LimitedINE972X01014STASM - I (11)
20ZEELEARNZee Learn LimitedINE565L01011STASM - I (11)

Data : As on 24th Feb 2023, Source: NSE

Important things to remember:

1. Do Not Blindly Follow Hot Tips

No matter how credible the source is, never follow a stock marketing tip blindly without conducting thorough research personally. Always select the stocks after doing proper research and analysis on the performance as well as the companies. While some tips can work out to give you huge benefits, the wrong ones can push you down under the risk pretty quickly. 

2. Eliminate Loser Stocks from Portfolio 

There is absolutely no guarantee that a stock will rise after a great fall. Know that it is extremely important to be practical about what is possible and what's impossible in the stock market. So, upon realizing that a stock is performing poorly in your portfolio, accept your mistake and sell it immediately to prevent further losses. 

3. Don't Exceed Your Investment Budget Abruptly 

While it's true that long-term investments are way better than other forms of investment, you shouldn't exceed your investment budget in a haste. Instead, decide on a fixed amount and invest it across various good stocks. Rather than investing in only one stock, divide your budget evenly across multiple good-performing stocks and shares. 

Disclaimer: The securities quoted are exemplary and not recommendatory. Past performance is not indicative of future returns

  • How are the market participants made aware of various ASM undertaken in short notice?

  • How to deal with the stocks in the ASM list?

  • What is the Stage 4 ASM list?

  • What happens if the stock pledged is moved under ASM?