The list in one number
On 12 October 2026 the Additional Surveillance Measure (ASM) list we track held 198 stocks. Each sits in one of two frameworks and, within it, in a stage. The stage is the exchanges' own label for how tight the extra conditions on that stock are.
| Framework | Stage I | Stage II | Stage III | Stage IV | Total |
|---|---|---|---|---|---|
| Long-term | 111 | 2 | 1 | 13 | 127 |
| Short-term | 69 | 2 | – | – | 71 |
| Both | 180 | 4 | 1 | 13 | 198 |
Nine in ten sit in Stage I, the entry stage. The upper stages are thin: four stocks in Stage II, one in Stage III and thirteen in Stage IV, all under the long-term framework. The short-term framework has nothing above Stage II today.
What the list is, and is not
The exchanges use the framework to dampen speculative trading. It is about how a stock trades: a sharp run-up, thin free float, or price action out of step with the company's size or earnings. It says nothing on its own about debt, accounting or the quality of the business.
That matters because a stock can be on the list simply because it has risen quickly. It is also why we treat the list as context and not as a verdict.
Who is in the top stage
The 13 long-term Stage IV names on 12 October were Morepen Laboratories, Tribhovandas Bhimji Zaveri, HFCL, Bliss GVS Pharma, Sigma Advanced Systems, MTAR Technologies, Venus Remedies, United Foodbrands, Sterlite Technologies, Kabra Extrusion Technik, Milky Mist Dairy Food, Modison and Bodal Chemicals.
The mix is wide: pharma, jewellery, telecom equipment, defence electronics, chemicals, dairy and food service. There is no single sector theme in the top stage, which fits a list built from trading behaviour rather than from business type.
Stage II and III hold Indo Thai Securities, D. P. Abhushan and Twamev Construction and Infrastructure in the long-term framework, and Skytech Infinite Platform and Visaman Global Sales in the short-term one.
Almost all of it is outside the big indices
We could match 134 of the 198 to the stock universe the site tracks. Of those, only 3 are in the Nifty 500. The list is overwhelmingly small and micro-cap territory.
For the 40 names where we also hold a market capitalisation, the median is about ₹4,987 crore and the largest about ₹73,768 crore. The coverage is partial, so read those as a rough size band, not a full census. The other 94 matched names have no market cap on file, and 64 of the 198 did not match at all.
Do mutual funds own any?
Some do. Of the 134 matched names, 43 show at least one mutual fund holder in our stock metrics, which are priced to 2 September 2026 and so may predate the stock's arrival on the list. That is a sign that a watchlist can overlap with fund portfolios; it does not tell you whether any fund still holds the stock today.
If you want to know whether a stock you hold is on the list, the exchanges publish the current version daily, and our screener shows which funds hold a given stock. For how concentrated fund portfolios are in stocks few other funds own, see stocks only a few funds own.
How to use this
- Treat the stage as a description of trading conditions, not of company health.
- A stock moving up a stage is a signal that the exchange sees continued unusual trading. A stock leaving the list means conditions have eased.
- This post is a snapshot of one day. The list changes often; the counts above are for 12 October 2026 only.
Figures are from the exchanges' ASM disclosures as fetched on 12 October 2026. Market capitalisation is from our stock data for the 40 names where it exists. Nothing here is a recommendation to buy or sell any stock.
Frequently asked questions
What is the ASM list?
ASM stands for Additional Surveillance Measure. The exchanges place a stock on it when price or volume behaviour looks out of line with its fundamentals, and the stock then faces tighter trading conditions. It is a warning about trading behaviour, not a finding about the company's accounts.
How many stocks were on the list?
198 on 12 October 2026: 127 under the long-term framework and 71 under the short-term framework. Stage I holds 180 of them; Stage IV, the highest stage on the list, holds 13.
Does being on the list mean a stock will fall?
Nothing in this data says so. The list records that the exchanges are watching a stock. We have not measured what happens to prices after a stock is added or moved up a stage, so we make no claim either way.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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