BSE shares crack 4% after being placed under ASM framework
Shares of bourse
BSE Ltd
fell as much as 4% on Wednesday to Rs 2,885.20 on the NSE after the stock was placed under the Additional Surveillance Measure (ASM) framework by the exchange, triggering investor caution.
The ASM framework is a regulatory tool used by stock exchanges to monitor and control excessive volatility or abnormal price movements. Stocks added to the ASM list are subjected to enhanced scrutiny and trading restrictions, such as higher margin requirements and limits on intraday trading, to safeguard investors and maintain market integrity.
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The move comes amid a recent surge in both price and trading volumes of
BSE shares
. Exchanges typically place stocks under the ASM framework when there is a sharp price movement not supported by fundamentals or a significant spike in trading activity.
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The stock has rallied 116.6% in the last three months and a staggering 225.6% over the past year. In the past month alone,
BSE
has gained nearly 32%, and is up 58.5% over the past six months. The sharp run-up in the counter likely triggered regulatory scrutiny, as exchanges typically place stocks under ASM to curb excessive volatility and speculative activity.
Technical Indicators Signal Overbought Conditions
From a technical perspective, BSE shares are trading above seven of their eight key simple moving averages (SMAs), including the 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day SMAs. However, the stock has slipped below the 5-day SMA, reflecting short-term weakness.
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The Relative Strength Index (RSI) currently stands at 80.9, well above the overbought threshold of 70, suggesting the stock may be due for a pullback. However, the Moving Average Convergence Divergence (MACD) remains firmly positive at 208.2, staying above both its center and signal lines—indicating that bullish momentum remains intact despite Wednesday's decline.
Strong Earnings Underpin Recent Rally
BSE's sharp gains in recent months were backed by robust fourth-quarter earnings. India's oldest stock exchange reported a 362% year-on-year (YoY) jump in net profit to Rs 494 crore for the January–March 2025 period. Revenue from operations rose 75% YoY to Rs 847 crore.
Operating EBITDA, including contributions from the core Settlement Guarantee Fund (SGF), more than tripled to Rs 594 crore, up from Rs 95.7 crore a year earlier. EBITDA margins expanded significantly to 70%.
Transaction charges, a key revenue driver linked to trading activity, soared 112% YoY to Rs 612 crore, up from Rs 288 crore in the same period last year. Investment income also rose to Rs 70 crore, from Rs 55.2 crore in Q3 FY25. However, treasury income declined to Rs 44.3 crore, compared to Rs 58 crore a year ago.
BSE's board also declared a total dividend of Rs 23 per share, including Rs 5 as a special dividend to mark the exchange's 150th year and Rs 18 as a regular dividend.
In its earnings commentary, the company said it aims to grow market share across segments by capitalising on the rapid rise in investor participation and overall market turnover in India.
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