ASM on WebNotes

How to find the list of scrips where MIS, cover orders or trading is restricted

Sun, 21 Jun 2026 00:00:00 +0000

The list of scrips where MIS, cover orders, bracket orders or trading itself is restricted lives in three places: a consolidated scrip-restriction file Zerodha publishes under Resources, Utilities on zerodha.com that names the allowed product types per scrip; the GSM , ASM , ESM and trade-to-trade surveillance lists that NSE and BSE maintain; and the live Kite order window, where a blocked product type is greyed out the moment you open it. A restriction is never hidden, but it is split across a broker file, the exchange frameworks and the order screen, and knowing which one to read saves a rejected order.

Why iceberg and MIS orders are not allowed for some stocks on Kite

Sun, 21 Jun 2026 00:00:00 +0000

Iceberg and MIS intraday orders disappear from the Kite order window for a stock when that scrip sits under a surveillance framework, in the trade-to-trade segment, has thin liquidity, or carries a narrow circuit band. In those cases Kite removes the MIS and cover order (CO) products and the iceberg slicing option, leaving only CNC delivery for that symbol. The block is not a glitch; it is the broker and the exchange withdrawing leverage and order-slicing from a scrip where same-day netting or hidden size would raise settlement risk or aid price manipulation.

Why you cannot buy a stock on Kite even though it is trading on the exchange

Sun, 21 Jun 2026 00:00:00 +0000

A stock can trade on the National Stock Exchange or the Bombay Stock Exchange yet be unbuyable on Kite because the block is imposed at a layer above the exchange’s trading status: a series mismatch the exchange itself rejects, a surveillance buy-block that Zerodha applies because it does not collect the additional surveillance deposit, a trade-to-trade or graded-surveillance restriction, or an illiquid scrip Zerodha has chosen not to offer for fresh buying. The stock printing a live last traded price tells you only that the exchange is matching trades in it, not that your broker permits you to add a fresh position.

ASM (Additional Surveillance Measure) on Zerodha

Wed, 20 May 2026 00:00:00 +0000

Additional Surveillance Measure (ASM) restricts trading on scrips showing unusual price or volume patterns. Zerodha mirrors the exchange-defined ASM list; restrictions apply per the SEBI / exchange framework.

For the full framework explanation, see ASM and GSM frameworks explained .

On Zerodha specifically

Scrips on ASM carry a surveillance tag in Kite marketwatch.
Order placement for ASM-restricted scrips follows the stage’s rules:
- Stage 1: 100% upfront margin.
- Stage 2+: T2T, no intraday.
- Stage 4: Periodic Call Auction.

Long-term vs short-term

Long-term ASM : Monthly trigger; 4 stages.
Short-term ASM : Daily / weekly trigger; lighter restrictions.

A scrip can be on one or both.

ASM and GSM frameworks explained

Wed, 20 May 2026 00:00:00 +0000

The Additional Surveillance Measure (ASM) and Graded Surveillance Measure (GSM) frameworks are SEBI / exchange-level surveillance mechanisms that restrict trading on scrips showing unusual price or volume patterns, protecting retail investors from potential pump-and-dump schemes and managing market quality.

ASM and GSM are distinct frameworks

Framework	Focus	Trigger
ASM	Volatility, price-volume anomalies	Statistical thresholds (price band, volume, delivery %, etc.)
GSM	Fundamental quality, surveillance concerns	Earnings, governance, low-float, illiquidity

A scrip can be on ASM only, GSM only, both simultaneously, or neither.

Long-term ASM Stage 1 to 4

Wed, 20 May 2026 00:00:00 +0000

Long-term Additional Surveillance Measure (LT-ASM) is the multi-stage surveillance framework operated jointly by NSE and BSE. Scrips are added based on statistical triggers and escalate through Stages 1-4 as conditions warrant. Each stage imposes progressively tighter trading restrictions.

The 4 stages

Stage	Restriction summary
Stage 1	100% upfront margin; price band may tighten to 5%-10%
Stage 2	100% upfront margin + Trade-to-Trade settlement (no intraday)
Stage 3	T2T settlement + tighter price band (5% or 2%)
Stage 4	T2T + 2% price band + Periodic Call Auction (limited matching windows)

Each stage builds on the previous; a Stage 4 scrip has all the restrictions of Stages 1-3 plus the additional ones.

Short-term ASM

Wed, 20 May 2026 00:00:00 +0000

Short-term ASM (ST-ASM) is the rapid-response surveillance track within the Additional Surveillance Measure framework. Where Long-term ASM responds to month-end statistical triggers, ST-ASM responds to acute single-day or short-window price spikes.

When ST-ASM triggers

ST-ASM triggers when a scrip experiences:

A single-day price move beyond defined thresholds (typically 10-15% in either direction).
A short-window cumulative move (over 5-10 trading days) above a higher threshold.
Volume spike disproportionate to the scrip’s average activity.

The trigger is computed daily by the exchange’s surveillance engine; ST-ASM additions can be announced same-day or by next-day open.