Question 1

Has Kinetic Trust Ltd. been shortlisted under Additional Surveillance Measure (ASM)?

Accepted Answer

No, Kinetic Trust Ltd. has not been shortlisted under Additional Surveillance Measure (ASM).

Question 2

Has Kinetic Trust Ltd. been shortlisted under Graded Surveillance Measure (GSM)?

Accepted Answer

No, Kinetic Trust Ltd. has not been shortlisted under Graded Surveillance Measure (GSM).

Question 3

When did Kinetic Trust Ltd. exit Graded Surveillance Measure (GSM)?

Accepted Answer

Kinetic Trust Ltd. exited Graded Surveillance Measure (GSM) on 18 Mar, 2025.

Question 4

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 5

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 6

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 7

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 8

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 9

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 10

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 11

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 12

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 13

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	GSM	Stage III	11 Mar 2025	18 Mar 2025
BSE	GSM	Stage IV	11 Feb 2025	11 Mar 2025
BSE	GSM	Stage III	07 Feb 2025	11 Feb 2025
BSE	GSM	Stage IV	24 Dec 2024	07 Feb 2025
BSE	GSM	Stage III	10 Dec 2024	24 Dec 2024
BSE	GSM	Stage IV	15 Oct 2024	10 Dec 2024
BSE	GSM	Stage III	11 Oct 2024	15 Oct 2024
BSE	GSM	Stage IV	20 Aug 2024	11 Oct 2024
BSE	GSM	Stage III	09 Aug 2024	20 Aug 2024
BSE	GSM	Stage IV	19 Jun 2024	09 Aug 2024
BSE	GSM	Stage III	07 Jun 2024	19 Jun 2024
BSE	GSM	Stage IV	14 May 2024	07 Jun 2024
BSE	GSM	Stage III	10 May 2024	14 May 2024
BSE	GSM	Stage IV	19 Mar 2024	10 May 2024
BSE	GSM	Stage III	12 Mar 2024	19 Mar 2024
BSE	GSM	Stage IV	16 Jan 2024	12 Mar 2024
BSE	GSM	Stage III	27 Dec 2023	16 Jan 2024
BSE	GSM	Stage II	22 Dec 2023	27 Dec 2023
BSE	GSM	Stage I	15 Dec 2023	22 Dec 2023
BSE	GSM	Stage II	13 Nov 2023	15 Dec 2023
BSE	GSM	Stage I	10 Nov 2023	13 Nov 2023
BSE	GSM	Stage II	06 Oct 2023	10 Nov 2023
BSE	GSM	Stage III	29 Aug 2023	06 Oct 2023
BSE	GSM	Stage II	07 Aug 2023	29 Aug 2023
BSE	GSM	Stage I	25 Jul 2023	07 Aug 2023
BSE	GSM	Stage 0	23 Jun 2023	25 Jul 2023
BSE	GSM	Stage 0	06 May 2022	13 Mar 2023
BSE	GSM	Stage I	15 Mar 2022	06 May 2022
BSE	GSM	Stage II	01 Feb 2022	15 Mar 2022
BSE	GSM	Stage I	28 Jan 2022	01 Feb 2022

Kinetic Trust Ltd. Additional Surveillance Measure (ASM) and Graded Surveillance Measure (GSM) as of Apr 13, 2025

History

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