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January 4, 2016

BSE Stringent Filters (BSE Periodic Price Band) List

            BSE has introduced stringent filters from Oct 2015 . Some of the investors are calling BSE as Brainless Stock Exchange due to BSE Periodic Price Band(BSE stringent filters).By virtue value investing is long term and these restrictions may help to increase value investors time horizon . So this is advantages but there are more disadvantages .Calm, knowledgeable  and sensible value investors usually see opportunities in market fluctuations.Even great value investors as Warren Buffet says investors should be able to look at market fluctuations as their friend rather than an enemy.

              They have addressed some of the situations with additional exception but still need to address some of the situations like turn around by the company , take over , Buy Back , open offer related issues and many more unknown issues which put minority shareholders in disadvantage position. Current market situation it may work up to some extends because most of the stock already run up over last 2 years .  It could not have been worked if it was introduced two years back . We might have not seen these much mutibaggers if it was introduced two years back. Even in future it will not work when bear market ends and new bull market just getting started . There is not clear communication from BSE to retail investors , it is just creating chaos . Stock exchanges are usually known for price discovery . Most of the small cap stocks fall under 5% daily filters . So , if a stock moves 100% in a quarter + few more days then for next 9 months no trading will happen in that stock . How can stock exchange justify this ? May be some people might using BSE exchange for wrong reason but this is not solution . This situation is like terrorist might use some important express way for their vehicle so close that express way for even general public for next 9 months or general public can go up to 20 KM in a Week, 30  KM in a month , 60 KM in a Quarter and 100 KM in a Year .

            BSE has provided updated Periodic Price Band(BSE stringent filters) Data on Jan 01 , 2016  for almost 2380 stocks . You can refer this PDF list to get some clarity about your stocks filters .

More details at

Wish you very happy and prosperous new year 2016 .  I hope your compounding m/c for all your stock investments continue with same or higher speed in 2016 as well .

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