What is the difference between long-term and short-term ASM?

Long-term ASM (LT-ASM) has four stages, I to IV. Its measures start with 100% margin and add lower price bands, and Stage IV adds gross settlement with a 5% price band. A stock stays at least 90 calendar days. Short-term ASM (ST-ASM) has two stages: 50% margin in Stage I and 100% in Stage II, with a review after 5 or 15 trading days.

How long does a stock stay in long-term ASM?

At least 90 calendar days. After that the exchanges review it every week, one stage at a time: a Stage IV stock first moves to Stage III, and so on, and only a Stage I stock that no longer meets the entry criteria leaves the framework.

Is being put under ASM an adverse action against the company?

No. The exchanges state that shortlisting under ASM is purely on account of market surveillance and should not be read as an adverse action against the company.

Is ASM the same as ESM?

No. ESM covers companies with a market capitalisation under ₹1,000 crore whose price has varied far more than usual, and has two stages. ASM looks at price and volume variation together with how concentrated the trading is, and has a long-term and a short-term framework. A stock can attract more than one measure.

Where can I see the current ASM list?

On the exchanges' ASM pages: NSE lists long-term and short-term ASM stocks on its ASM page, and BSE publishes a daily notice with the stocks moving in, moving out and the consolidated list. The exchanges' lists are the official ones.

What is ASM (Additional Surveillance Measure)?

Last reviewed 13 October 2026 · by Rachid Asen

The Additional Surveillance Measure (ASM) is a set of surveillance actions that NSE and BSE, together with SEBI, apply to stocks whose price, volume or trading pattern raises surveillance concerns. A stock on ASM keeps trading, but with higher margins and, in the later long-term stages, a tighter price band, until a review takes it out.

Who decides, and on what basis

SEBI and the exchanges set objective criteria in their joint surveillance meetings, and the exchanges shortlist stocks on them in a coordinated way. According to NSE's FAQ on ASM (last updated 20 September 2024), the criteria use these parameters:

High-low price variation and close-to-close price variation
Concentration of trading among the top 25 clients
Market capitalisation, volume variation and delivery percentage
The number of unique PANs trading the stock, and the P/E ratio

Securities already under the Graded Surveillance Measure (GSM) or in trade-for-trade settlement are left out of ASM shortlisting. The exchange issues a notice after market hours, typically one trading day before a change takes effect.

Two frameworks: long-term and short-term

Framework	Stages	Typical measures (stocks without derivatives)	Review
Long-term ASM	I, II, III, IV	Stage I: 100% margin. Stages II and III: the price band is cut to the next lower level each time, with 100% margin. Stage IV: gross settlement, 100% margin and a 5% price band.	At least 90 calendar days in the framework, then a weekly review, one stage at a time
Short-term ASM	I, II	Stage I: 50% margin, or the existing margin if higher (at most 100%). Stage II: 100% margin.	At least 5 or 15 trading days in a stage, then a review from the 6th or 16th trading day

Measures as published in NSE's FAQ on ASM (last updated 20 September 2024), checked on 13 October 2026. The exchanges change them by circular; the current circular applies.

Stocks with derivatives (F&O) have their own measures in both frameworks, such as a lower market-wide position limit in long-term ASM. See the FAQ linked under Sources.

Entry and exit, in brief

Entry. A stock that meets one of a framework's criteria is shortlisted into its Stage I; in long-term ASM the measures apply from T+3, T being the day the stock was shortlisted. A further sharp price move with concentrated trading over 5 consecutive trading days can move a stock up a stage.
Long-term exit. After 90 calendar days, the weekly review moves a stock down one stage at a time when it no longer meets the entry criteria of its stage. Only a Stage I stock leaves the framework.
Short-term exit. After the minimum period, a stock that does not meet the entry criteria on the review date moves out. A stock that moves to long-term ASM leaves the short-term provisions behind.

Where ASM is published

NSE: the long-term and short-term ASM lists on NSE's ASM page. NSE's surveillance indicator marks short-term ASM Stages I and II as 11 and 12, and long-term ASM Stages I to IV as 13 to 16.
BSE: a daily notice, “Applicability of Additional Surveillance Measure”, whose annexures list the stocks moving in, the stocks moving out and the consolidated list.

What ASM is not

ASM shortlisting is a market-surveillance measure. It is not an adverse action against the company, not a judgement about its business, and not a signal to trade. How ASM differs from ESM and GSM: ASM vs ESM vs GSM.

ASM on this site

See the ASM stocks list: names only (symbol, company, exchange and framework), rewritten every weekday night. The ESM stocks list works the same way.

ASM stocks this week — work in progress. Coming soon. This site does not show ASM entries and exits yet; the exchanges' own notices are linked below.

Frequently asked questions

What is ASM in the stock market?: ASM (Additional Surveillance Measure) is a set of surveillance actions that NSE and BSE, with SEBI, apply to stocks whose price, volume or trading pattern raises surveillance concerns. A stock on ASM keeps trading, but with higher margins and, in the later long-term stages, a tighter price band, until a review takes it out.
What is the difference between long-term and short-term ASM?: Long-term ASM (LT-ASM) has four stages, I to IV. Its measures start with 100% margin and add lower price bands, and Stage IV adds gross settlement with a 5% price band. A stock stays at least 90 calendar days. Short-term ASM (ST-ASM) has two stages: 50% margin in Stage I and 100% in Stage II, with a review after 5 or 15 trading days.
How long does a stock stay in long-term ASM?: At least 90 calendar days. After that the exchanges review it every week, one stage at a time: a Stage IV stock first moves to Stage III, and so on, and only a Stage I stock that no longer meets the entry criteria leaves the framework.
Is being put under ASM an adverse action against the company?: No. The exchanges state that shortlisting under ASM is purely on account of market surveillance and should not be read as an adverse action against the company.
Is ASM the same as ESM?: No. ESM covers companies with a market capitalisation under ₹1,000 crore whose price has varied far more than usual, and has two stages. ASM looks at price and volume variation together with how concentrated the trading is, and has a long-term and a short-term framework. A stock can attract more than one measure.
Where can I see the current ASM list?: On the exchanges' ASM pages: NSE lists long-term and short-term ASM stocks on its ASM page, and BSE publishes a daily notice with the stocks moving in, moving out and the consolidated list. The exchanges' lists are the official ones.

Sources

NSE: FAQs – Additional Surveillance Measure (ASM), last updated 20 September 2024: shortlisting criteria, long-term stages I–IV, short-term stages I–II, review and exit. It cites circulars NSE/SURV/52090 (22 April 2022, long-term ASM) and NSE/SURV/52144 (28 April 2022, short-term ASM).
NSE: Additional Surveillance Measure (ASM): the framework's parameters and NSE's list of shortlisted securities.
BSE: Additional Surveillance Measure (ASM) and BSE: FAQs on ASM: BSE's circulars, its long-term and short-term ASM lists, and its daily “Applicability of Additional Surveillance Measure” notices.

Exchange circulars change. Where this page and the current circular differ, the circular applies.

More ESM and ASM guides

What is ESM?Who can be put under ESM on NSE and BSE, what changes for the stock, and who decides.
ESM Stage 1The price-variation tests that put a stock in Stage 1 and the trading limits that follow.
ESM Stage 2When a Stage 1 stock moves to the stricter Stage 2, and when it can move back.
ESM exit rulesThe weekly review, the 90-day minimum and why a Stage 2 stock exits in two steps.
Long-term ASM (LT-ASM)The four long-term stages, what each one changes, and the 90-day stage-wise exit.
Short-term ASM (ST-ASM)The two short-term stages, their margins and the 5 or 15 trading-day review.
ASM vs ESM vs GSMWhat triggers each measure, its stages and typical limits, side by side.

Not investment advice. This page explains the exchanges' published rules for education only. It does not recommend buying, selling or holding any security. Inclusion, stage changes and exit are decided solely by NSE and BSE.