Question 1

Has Refex Industries Ltd. been shortlisted under Additional Surveillance Measure (ASM)?

Accepted Answer

No, Refex Industries Ltd. has not been shortlisted under Additional Surveillance Measure (ASM).

Question 2

When did Refex Industries Ltd. exit Long-term Additional Surveillance Measure (ASM)?

Accepted Answer

Refex Industries Ltd. exited Long-term Additional Surveillance Measure (ASM) on 25 Apr, 2025.

Question 3

When did Refex Industries Ltd. exit Short-term Additional Surveillance Measure (ASM)?

Accepted Answer

Refex Industries Ltd. exited Short-term Additional Surveillance Measure (ASM) on 06 Aug, 2024.

Question 4

Has Refex Industries Ltd. been shortlisted under Graded Surveillance Measure (GSM)?

Accepted Answer

No, Refex Industries Ltd. has not been shortlisted under Graded Surveillance Measure (GSM).

Question 5

What is Graded Surveillance Measure (GSM)?

Accepted Answer

Graded Surveillance Measure (GSM) is one of many surveillance measures implemented, by SEBI and Exchanges, on securities with price not commensurate with financial health and fundamentals like Earnings, Book value, Fixed assets, Net-worth, P/E multiple, Market Capitalisation etc.

Question 6

What are the main objectives of Graded Surveillance Measure (GSM)?

Accepted Answer

Alert and advice investors to be extra cautious while dealing in these securities.
Advise market participants to carry out necessary due diligence while dealing in these securities.

Question 7

Where can more details on Graded Surveillance Measure (GSM) be found?

Accepted Answer

FAQ booklet on GSM by BSE
GSM page on BSE website

Question 8

Should shortlisting under Graded Surveillance Measure (GSM) be construed as an adverse action against the concerned company/entity?

Accepted Answer

The shortlisting of securities under Graded Surveillance Measure (GSM) is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company/entity.

Question 9

What are the criteria for shortlisting scrips under Graded Surveillance Measure (GSM) framework?

Accepted Answer

The detailed criteria for shortlisting & review of securities under GSM Framework is given below:

Criteria I:
The following criteria shall be made applicable for inclusion of securities under GSM Framework.

Securities with latest available Net worth (Share Capital + Reserves & Surplus – debit balance in P&L) less than or equal to Rs. 10 crores;

AND

Securities with latest available Net Fixed Assets (Tangible Assets + Capital Work in Progress) less than or equal to Rs. 25 crores;

AND

Securities with PE greater than 2 times PE of Benchmark Index (Nifty 500) OR negative PE.

The following securities shall be excluded from the process of shortlisting of securities under GSM:

Securities where the price discovery is yet to take place as per the provision of SEBI circulars CIR/MRD/DP/01/2012 and CIR/MRD/DP/02/2012 dated January 20, 2012.
Securities already under suspension;
Securities on which derivative products are available;
Securities as a part of any index (NSE or BSE);
Public Sector Enterprises and its subsidiaries, if available;
Securities listed during last 1 year through Initial Public Offering (IPO);
Securities which have paid a dividend for each of the last three preceding years;
Securities with Institutional holding greater than 10% only if the following conditions are met:

If the promoter entity has not offloaded any share in the last 5 years;

AND

The current trading price of the security is within the range of High & Low price in last 3 years of the respective security.

Securities listed through Scheme of Arrangement involving Merger / Demerger during last 1 year:

In case of demerger, the following condition shall be applicable:

If the parent company is under purview of GSM, the resultant demerged companies shall also attract GSM.
If the parent company is not under purview of GSM, the resultant demerged companies shall not be part of GSM at the time of demerger and shall be considered during the subsequent quarterly review.

In case of merger of companies, if any of the securities at time of merger are under the purview of GSM, then the same shall be continued on the resultant entity.

Criteria II:
The following criteria shall be made applicable for inclusion of securities.

Securities with full market capitalization less than Rs. 25 crore;

AND

Securities with PE greater than 2 times PE of Benchmark Index (Nifty 500);

OR

Securities with negative PE, the following should be considered:

P/B (Price to Book) value of scrip greater than 2 times the P/B value of Benchmark Index (Nifty 500)

OR

P/B value is negative

Question 10

What is Additional Surveillance Measure (ASM)?

Accepted Answer

Additional Surveillance Measure (ASM) is part of SEBI and the Exchanges initiative to enhance market integrity and safeguard the interest of investors. The ASM list is a list of securities that are currently getting monitored due to factors like price fluctuation, volatility, volume variance, etc.

Question 11

What are the main objectives of and Additional Surveillance Measure (ASM)?

Accepted Answer

Alert and advice investors to be extra cautious while dealing in these securities.
Advise market participants to carry out necessary due diligence while dealing in these securities.

Question 12

Where can more details on Additional Surveillance Measure (ASM) be found?

Accepted Answer

FAQ booklet on ASM by BSE
ASM page on BSE website

Question 13

Should shortlisting under Additional Surveillance Measure (ASM) be construed as an adverse action against the concerned company/entity?

Accepted Answer

The shortlisting of securities under Additional Surveillance Measure (ASM) is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company/entity.

Question 14

What are the criteria for shortlisting scrips under Additional Surveillance Measure (ASM) framework?

Accepted Answer

The shortlisting of securities for placing in Additional Surveillance Measure (ASM) framework is based on an objective criteria as jointly decided by SEBI and Exchanges covering the following market based dynamic parameters:

High Low Variation
Client Concentration
Close to Close Price Variation
Volume Variation
Delivery Percentage
No. of Unique PANs
PE

High Low Variation
Client Concentration
Close to Close Price Variation
Volume Variation
Delivery Percentage
No. of Unique PANs
PE

Exchange	Long/Short Term	Stage	Entry date	Exit date
BSE	Long Term ASM	Stage IV	16 Apr 2025	25 Apr 2025
BSE	Long Term ASM	Stage II	04 Apr 2025	16 Apr 2025
BSE	Long Term ASM	Stage III	21 Mar 2025	04 Apr 2025
BSE	Long Term ASM	Stage IV	10 Mar 2025	21 Mar 2025
BSE	Long Term ASM	Stage II	28 Feb 2025	10 Mar 2025
BSE	Long Term ASM	Stage III	14 Feb 2025	28 Feb 2025
BSE	Long Term ASM	Stage IV	15 Jan 2025	14 Feb 2025
BSE	Long Term ASM	Stage III	03 Jan 2025	15 Jan 2025
BSE	Long Term ASM	Stage IV	01 Oct 2024	03 Jan 2025
BSE	Long Term ASM	Stage II	30 Sep 2024	01 Oct 2024
BSE	Long Term ASM	Stage I	20 Sep 2024	30 Sep 2024
BSE	Long Term ASM	Stage II	06 Sep 2024	20 Sep 2024
BSE	Long Term ASM	Stage I	22 Aug 2024	06 Sep 2024
BSE	Short Term ASM	Stage I	04 Jul 2024	06 Aug 2024
BSE	Long Term ASM	Stage I	26 Mar 2024	12 Apr 2024
BSE	Long Term ASM	Stage I	25 May 2023	26 Mar 2024
BSE	Short Term ASM	Stage I	24 May 2023	25 May 2023
BSE	Short Term ASM	Stage I	26 Apr 2023	19 May 2023
BSE	Short Term ASM	Stage I	12 Apr 2023	21 Apr 2023
BSE	Long Term ASM	Stage I	13 Dec 2022	17 Mar 2023
BSE	Short Term ASM	Stage I	10 Nov 2022	18 Nov 2022
BSE	Short Term ASM	Stage I	26 Apr 2021	04 May 2021
BSE	Short Term ASM	Stage I	07 Dec 2020	15 Dec 2020
BSE	Short Term ASM	Stage I	13 Apr 2020	07 May 2020
BSE	Short Term ASM	Stage II	17 Mar 2020	13 Apr 2020
BSE	Short Term ASM	Stage I	12 Feb 2020	17 Mar 2020
BSE	Long Term ASM	Stage II	01 Nov 2019	21 Jan 2020
BSE	Long Term ASM	Stage I	13 Dec 2019	21 Jan 2020
BSE	Long Term ASM	Stage III	15 Nov 2019	21 Jan 2020
BSE	Long Term ASM	Stage I	03 Oct 2019	06 Nov 2019

Refex Industries Ltd. Additional Surveillance Measure (ASM) and Graded Surveillance Measure (GSM) as of May 10, 2025

History

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