3 Adani stocks, others under ASM framework of NSE from Friday: What this means
Stock exchange NSE has shortlisted a host of stocks under its Additional Surveillance Measure (ASM) framework on a short-term basis with effect from February 3rd. This would mean that intraday trading will also require a 100% upfront margin and will likely curb a lot of speculation and short selling.
Among the shortlisted firms under the ASM framework, three belonged to the Adani Group. These were Adani Enterprises, Adani Ports and Special Economic Zone, and Ambuja Cements.
Other stocks in the list were:
– The Phosphate Company
– Kandagiri Spinning Mills
– Nidhi Granites
– Super Bakers India
– Heranba Industries
– Monarch Networth Capital
– PC Jewellers
These stocks are shortlisted for the short term which is 5 days/15 days/ 30 days under the ASM framework.
The shortlisting of securities for placing in ASM is based on an objective criterion as jointly decided by SEBI and exchanges. These include parameters such as high-low variation, client concentration, close-to-close price variation, market capitalization, volume variation, delivery percentage, number of unique PANs, and price to equity.
The purpose of the ASM framework is to alert and advice investors to be extra cautious while dealing in these securities. Also, it advices market participants to carry out necessary due diligence while dealing in these securities, as per NSE FAQs.
ASM means surveillance concerns on securities based on price or volume variation, volatility, etc.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.