Learn about ASM - GSM surveillance lists — Hinglish notes

6.7.12 · Stock-Market › Indian Market Specifics

NSE ASM use karta hai, BSE GSM use karta hai. Same philosophy hai, bas thoda alag naam aur stage counts hain. Ek stock dono exchanges ki lists par simultaneously ho sakta hai agar woh dono par trade hota ho.

Stocks Inhe Lists Mein Kaise Enter Karte Hain

Formula Entry Criteria (SEBI/Exchange Circulars Se Derived)

Step 1: Exchange surveillance algorithms in metrics ko daily monitor karte hain: $Price Volatility = \frac{∣ Close _{t} - Close _{t - 1} ∣}{Close _{t - 1}} \times 100$ Yeh formula kyun? Percentage change price moves ko different stocks mein normalize karta hai. ₹50 ke stock ke liye ₹10 ka move, ₹1000 ke stock ke liye ₹10 ke move se zyada matter karta hai.

Entry check mein cumulative price movement use hoti hai (ek look-back window mein moves ka SUM), na ki single day ki.

Step 2: Top 20 clients par concentration calculate karo: $Client Concentration = \frac{\sum _{i = 1}^{20} Volume _{top 20 clients}}{Total Volume}$

Top 20 kyun? Agar sirf 20 entities se volume ka 25% se zyada aa raha hai, toh stock ek chote group ke dwara drive ho raha hai, genuinely trade nahi ho raha.

Step 3: Fundamentals ke red flags check karo:

Market cap to free float ratio > critical threshold
Promoter pledge > 25% (normal category); > 15% group category ke liye
Koi recent financial disclosures nahi Trigger condition (normal category securities):

\text{Cumulative 5-day price move} > 15\% \\ \text{OR Top-20 Client Concentration} > 25\% \\ \text{OR Promoter pledge} > 25\% \end{cases} \implies \text{ASM Entry}$$

Worked example Real Entry Scenario

Stock: XYZ Ltd (₹120) Monday: ₹120 → ₹128 (+6.7%) rumors par, volume 10L shares
Tuesday: ₹128 → ₹138 (+7.8%), volume 15L, lekin top-20 clients 15L mein se 5L shares account karte hain
Wednesday: ₹138 upar drift karta rehta hai
NSE Action:

Cumulative 5-day price movement calculate karta hai (daily moves ka sum) = lagbhag $6.7% + 7.8% + \dots ≳ 15%$ breach ⚠️
Top-20 client concentration = $5 L /15 L \approx 33%$ (> 25%) ⚠️
Fundamentals check karta hai: promoter pledge 30% (> 25%) ⚠️ Result: Stock ko market open se pehle ASM Stage 1 mein move kar diya gaya.

Yeh step kyun? T2T settlement (Stage 1 se hi laagu) ka matlab hai ki genuine buyers ko upfront pay karna hoga aur delivery leni hogi—same-day flip nahi. Yeh pump-and-dump ko discourage karta hai.

Stage Progression

Formula Stages Kaise Escalate Hote Hain

Stage Migration Logic: $New Stage = Current Stage + 1 if suspicious activity continues for n sessions$ Jahan $n$ stage aur exchange policy ke hisaab se vary karta hai (typically stage review ke liye kuch sessions).

NSE ASM mein stage ke hisaab se restrictions:

Stage	Price Band	Intraday	Settlement	Additional Margin
1	±5%	❌ Nahi (T2T)	T+2	0%
2	±5%	❌ Nahi (T2T)	T+2	0%
3	±3%	❌ Nahi (T2T)	T+2	0%
4	±3%	❌ Nahi (T2T)	T+2	25%
5	±2%	❌ Nahi (T2T)	T+2	50%
6	±1%	❌ Nahi (T2T)	T+2	100%

Note: T2T (no intraday) Stage 1 se hi apply hota hai, sirf higher stages se nahi.

Tighter bands kyun? Har stage maximum daily movement ko restrict karta hai. Stage 6 par, stock sirf ±1% per day move kar sakta hai—pump-and-dump schemes jo bade swings chahte hain unhe khatam kar deta hai.

Margin kyun badhta hai? Speculators ko zyada capital lock karne par majboor karta hai, leverage-driven manipulation kam karta hai.

Stocks Exit Kaise Karte Hain

Trading Implications

Worked example Practical Scenario - Aapke Order Ka Kya Hoga

Aap ABC Ltd ke 100 shares kharidna chahte ho (jo abhi ASM Stage 4 mein hai)

Normal stock order:

Order place karo: 100 shares @ ₹200 = ₹20,000
Margin blocked: ₹20,000
Same day (intraday) sell kar sakte ho ya hold kar sakte ho
Settlement: T+2 (shares 2 din mein milte hain)

ASM Stage 4 order:

Order place karo: 100 shares @ ₹200
Margin blocked: ₹20,000 + 25% = ₹25,000 ⚠️
Same day sell nahi kar sakte—delivery leni hogi (T2T, jaisa ki SAARE ASM stages mein hota hai)
Price sirf ±3% move kar sakti hai (₹194–₹206)
Settlement: T+2; aap delivery tak hold karne par majboor ho
Jab becho, woh bhi delivery-based hogi

Forced delivery kyun? Intraday speculation khatam karta hai. Manipulators ko quick in-out chahiye; T2T Stage 1 se hi unhe block karta hai.

Common mistake Common Error: "ASM/GSM Ka Matlab Stock Achha Investment Hai"

Galat soch: "Agar SEBI dekh raha hai, toh woh ise girne se rokenge, toh yeh safe hai!" Yeh sahi kyun lagta hai: Surveillance protection jaisi lagti hai.

Reality: ASM/GSM warning labels hain, safety seals nahi. In stocks ko flag kiya gaya hai kyunki yeh risky hain. SEBI bol raha hai "careful raho," na ki "hum guarantee karte hain."

Sahi approach:

ASM/GSM stock = avoid karo jab tak aap deeply na samjho ki yeh list mein kyun hai
Agar list mein enter hone par already hold kar rahe ho, toh exit karne ka sochna
Kabhi bhi sirf isliye position mat lo KYUNKI woh surveillance par hai Steel-man the mistake: Investor sochta hai surveillance = scrutiny = manipulation pakdi jaayegi = price upar correct hogi. Flaw yeh hai: surveillance retrospective monitoring hai, prevention nahi. Nuksan pehle se ho chuka hoga.

Common mistake "Main Fir Bhi Delivery Se Trade Karunga"

Galat soch: "Main bas delivery le lunga; margin mujhe matter nahi karta."

Yeh sahi kyun lagta hai: Aap rules follow kar rahe ho (delivery-based).

Hidden trap:

Liquidity sukh jaati hai: Jab aap exit karna chahte ho toh buyers nahi milte. Aap fase reh sakte ho.
Price bands tight ho jaate hain: Stage 6 mein stock sirf 1%/day move kar sakta hai. Agar aapko exit karna ho aur woh gir raha ho, toh aap bahut din lenge bad prices par exit karne mein.
Further action ka risk: Stock T2T mein kaafi time tak reh sakta hai ya suspension bhi face kar sakta hai.

$Expected exit time = \frac{Price distance to exit}{Daily circuit limit}$

Agar aapne ₹100 par kharida, ₹80 par exit karna chahte ho (20% loss), aur stock Stage 6 mein hai (±1% daily): $Minimum days = \frac{20%}{1%} = 20 trading days \approx 1 month$

Yeh kyun matter karta hai: Aapka capital ek mahine ke liye locked hai chahe aap loss accept kar lo!

ASM/GSM Lists Kahan Dhundhein

Worked example Daily Check Kaise Karein

NSE ASM List:

Visit karo: nseindia.com → Market Data → Securities in ASM
Excel download available hai har stock ke current stage ke saath
Market open se pehle daily update hoti hai

BSE GSM List:

Visit karo: bseindia.com → Markets → Equity GSM List
Stage (I–IV) aur entry ki date dikhata hai

Koi bhi stock kharidne se pehle:

Check NSE ASM + BSE GSM lists
If stock appears → Ruko aur research karo kyun
If Stage 4+ (ASM) or GSM III/IV: Almost certainly avoid karo

Figure — Learn about ASM - GSM surveillance lists

Recall 12-Saal Ke Bacche Ko Kaise Samjhaayein

Socho tumhare school mein ek "Problem Student List" hai. Students isme ladte hain, bunking ya cheating ki wajah se aate hain. School unhe expel nahi karta, lekin restrictions lagata hai: principal ko daily report karo, bina permission class chhod nahi sakte, parents ko inform kar diya jaata hai.

ASM/GSM lists stock market ki "Problem Stock List" hai. Stocks isme weird price jumps, suspicious trading, ya buri company behavior ki wajah se aate hain. SEBI inhe ban nahi karta, lekin rules add karta hai: jaldi buying-selling nahi (delivery leni hogi—jaise "class mein rehna"), trade karne ke liye extra paisa chahiye (jaise "parents ko aana hoga"), aur price wildly swing nahi kar sakti (jaise "behavior contract").

Main point yeh hai: Jaise aap problem-list wale students se dosti karte waqt careful rahoge (woh tumhe bhi trouble mein daal sakte hain!), waisi hi investors ko ASM/GSM stocks ke saath bahut careful rehna chahiye. Inhe reason ke saath flag kiya gaya hai!

Connections

6.7.8-CircuitBreakers-and-Price-Bands - ASM/GSM penalty ke roop mein tighter circuit limits use karte hain
6.7.10-T+2-Settlement-Cycle - ASM/GSM T2T delivery enforce karte hain bina intraday exit ke
6.7.13-F&O-Ban-List - Similar surveillance, lekin derivatives ke liye; alag criteria
4.3.5-Promoter-Pledging - High promoter pledge (>25%) ek ASM entry trigger hai
8.2.4-Stock-Manipulation-Schemes - ASM/GSM pump-and-dump aur operator-driven stocks ko target karte hain
3.6.7-Liquidity-Risk - ASM/GSM stocks mein aksar severe liquidity problems hoti hain

#flashcards/stock-market

ASM ka full form kya hai aur kaunsa exchange ise use karta hai?

Additional Surveillance Measure, NSE use karta hai. Yeh ek graded framework hai (Stages 1-6) jo abnormal price/volume behavior wale stocks ko monitor karta hai.

GSM ka full form kya hai aur iske kitne stages hain?

Graded Surveillance Measure, BSE use karta hai. Iske filhaal char graded stages hain (Stage I–IV), aath nahi.

Kis ASM stage se trade-to-trade (T2T, no intraday) apply hota hai?

Stage 1 se hi. SAARE ASM stages (1–6) delivery-only hain; aap Stage 1 par bhi intraday square off nahi kar sakte.

ASM Stage 4 par kitna additional margin required hai?

Stock price ke upar 25% additional margin. (Stage 5 = 50%, Stage 6 = 100%)

ASM entry ke liye cumulative 5-day price movement threshold kya hai (normal category)?

5 din mein 15% se zyada cumulative movement (moves ka sum), mean nahi.

ASM ka price band stage ke hisaab se kya hota hai?

Stages 1-2 = ±5%, Stages 3-4 = ±3%, Stage 5 = ±2%, Stage 6 = ±1%.

ASM concentration kitne clients par measure hoti hai, aur trigger threshold kya hai?

Top 20 clients; trigger tab hota hai jab normal category securities mein unka volume share 25% se zyada ho.

Kaun sa promoter pledge level ASM surveillance trigger karta hai?

Normal category ke liye 25% se zyada (aur group category securities ke liye 15% se zyada).

Ek stock ASM/GSM se exit kaise karta hai?

Dheere dheere, ek baar mein ek stage neeche, stage-specific review criteria meet karne ke baad (typically 3–10 sessions per stage), koi ek fixed 20-session rule nahi hai.

Agar ASM Stage 6 mein ek stock ko aapke target par exit karne ke liye 20% girna ho, toh minimum kitne din lagenge?

20 trading days. Stage 6 sirf ±1% daily movement allow karta hai, toh 20% / 1% = 20 din minimum.

Learn about ASM - GSM surveillance lists

ASM aur GSM Kya Hain?

Do Systems Kyun Hain?