Synopsis: The List of companies recently excluded from SEBI’s ASM frameworks, including ST-ASM and LT-ASM. It explains the criteria for exit from both ST and LT surveillance, highlighting stocks like Avanti Feeds, Novartis India, Auro Laboratories, and others.
The Short-term and Long-term Additional Surveillance Measures (ST-ASM and LT-ASM) are regulatory mechanisms introduced by SEBI and Indian stock exchanges to monitor stocks with unusual or sustained abnormal trading activity. While ST-ASM targets sudden volatility with temporary restrictions, LT-ASM addresses continuous irregular trading patterns by imposing extended, stricter conditions, both aiming to protect investors and maintain market stability.
Criteria for Exclusion from LT ASM
A stock may be considered for exit from the LT ASM framework if it no longer meets the inclusion criteria. Stocks undergo weekly stage-wise reviews and must complete a minimum period (e.g., 60–90 days) before eligibility. Performance is assessed, and if abnormal characteristics prompting inclusion are absent, the stock is gradually removed. For Stage IV stocks, new derivative contracts are halted until exit, while existing contracts continue until expiry.
Criteria for Exclusion from ST-ASM
A stock may exit the ST-ASM framework if it no longer meets the inclusion criteria. It must remain in ST-ASM for a minimum period, typically 5–15 trading days, before eligibility for review. Stocks undergo stage-wise assessments to check for abnormal price movements or high client concentration. If the criteria are no longer met, a stock moves to a lower stage, with Stage I stocks eligible for full exit. Ongoing monitoring ensures only stocks with recent abnormal trading remain under ST-ASM. Here is the list of stocks that have been recently excluded from the ASM Frameworks
Avanti Feeds Ltd
Avanti Feeds Ltd is one of India’s leading integrated aquaculture companies, primarily known for manufacturing high‑quality shrimp and fish feed. It also operates shrimp hatcheries and processing units and exports frozen seafood to global markets, serving a large network of farmers throughout India. On March 04, 2026, Avanti Feeds was excluded from the ST-ASM Framework Stage I by the stock exchanges.
Novartis India Ltd
Novartis India Ltd is the Indian subsidiary of the global healthcare giant Novartis. It operates in the pharmaceutical manufacturing industry, developing, producing, and marketing a wide range of medicines across therapeutic areas. The company combines global research and innovation with local market access to offer treatments that address high‑burden diseases in India, backed by significant investments in R&D and broad distribution networks. On March 04, 2026, Novartis India was excluded from the ST-ASM Framework Stage I by the stock exchanges.
Techknowgreen Solutions Ltd
Techknowgreen Solutions Ltd is an environmental consulting and engineering firm headquartered in Pune, India. It provides a wide array of services, including environmental permitting and compliance, ESG and sustainability advisory, climate change and carbon management, pollution control solutions, and environmental IT tools. On March 02, 2026, Techknowgreen Solutions was excluded from the ST-ASM Framework Stage I by the stock exchanges.
Auro Laboratories Ltd
Auro Laboratories Ltd is a pharmaceutical company focused on the manufacture of Active Pharmaceutical Ingredients (APIs) and related intermediates. It has historically emphasized products in the anti‑diabetic segment, like Metformin HCL and Glibenclamide, with its manufacturing facilities following cGMP standards and exporting to markets in Europe, Asia, and beyond. On February 27, 2026, Auro Laboratories was excluded from the LT-ASM Framework Stage I by the stock exchanges.
Stallion India Fluorochemicals Ltd
Stallion India Fluorochemicals Ltd is an Indian specialty chemicals company engaged in producing fluorochemical products. These products often serve industries such as refrigerants, automotive, and industrial applications. While detailed public overviews are limited, the company is known to be part of institutional investment portfolios and traded on Indian exchanges. On February 27, 2026, Stallion India Fluorochemicals was excluded from the LT-ASM Framework Stage I by the stock exchanges.
Orient Beverages Ltd
Orient Beverages Ltd is a food and beverages company based in Kolkata, West Bengal, established in 1960. It manufactures and distributes non‑alcoholic beverages and has been active in the sector for several decades. The firm is a public limited company registered under Indian corporate law and holds a modest capital structure, with a presence in the beverage markets through business operations in eastern India. On February 27, 2026, Orient Beverages was excluded from the ST-ASM Framework Stage I by the stock exchanges.
IZMO Ltd
IZMO Ltd is a Bangalore‑based technology firm originally focused on interactive marketing and customer relationship management (CRM) software, particularly for automotive digital retail and dealer solutions. Over time, it’s expanded to include advanced digital platforms, AI analytics services, and a semiconductor packaging division (Izmo Microsystems) with capabilities in advanced system‑in‑package (SiP) and silicon photonics. On February 27, 2026, IZMO was excluded from the LT-ASM Framework Stage I by the stock exchanges.
Valiant Communications Ltd
Valiant Communications Ltd is an Indian communications equipment manufacturer that designs, develops, and markets a broad range of telecom and network products. Its portfolio includes routers, industrial switches, Ethernet failover devices, and synchronization and protection solutions used by utilities, railways, airports, and corporate networks in many countries. On February 27, 2026, Valiant Communications was excluded from the LT-ASM Framework Stage I by the stock exchanges.
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