The Bombay Stock Exchange (BSE) on Wednesday clarified on the new additional surveillance rules in a bid to curbing excessive price movement in securities listed on the trading platform. The exchange in a circular has said that it has partially modified and superseded the notification it released on Monday. It said that the framework is applicable to BSE Exclusive securities in groups 'X, XT, Z, ZP, ZY, Y' and on entities that have market valuations of less than Rs 1,000 crore. It adds that the securities should have a price of Rs 10 and more, as on the date of review, among others.
Exchanges in consultation with Market regulator Sebi, have introduced several surveillance steps such as Graded Surveillance Measures (GSM), Additional Surveillance Measure (LT-ASM), Short-Term Additional Surveillance Measure (ST-ASM), Trade for Trade (TT) among others.
BSE on Monday said that in continuation with its efforts to maintain market integrity and curb excessive price movement in securities listed exclusively on BSE Trading Platform, a need has been felt to further strengthen the extant surveillance measures. "Accordingly, a new surveillance framework –that is, Add-on Price Band Framework is being introduced by the Exchange for securities listed exclusively on BSE Trading Platform," it had said.
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