Description

NSE implements Long Term ASM with 100% margin requirements effective September 4, 2025, affecting Agni Green Power Limited.

Summary

NSE has implemented Long Term Additional Surveillance Measure (ASM) framework affecting one security - Agni Green Power Limited (AGNI). The measure imposes 100% margin requirements on all positions and shifts qualifying securities to Trade-for-Trade segment.

Key Points

  • Long Term ASM framework activated for securities meeting surveillance criteria
  • 100% margin rate applicable on all open and new positions
  • Securities meeting Stage IV criteria shift from Rolling Settlement to Trade-for-Trade
  • Currently only Agni Green Power Limited (AGNI) affected in Stage I
  • No securities currently in other ASM stages

Regulatory Changes

  • Implementation of Long Term Additional Surveillance Measure framework
  • Margin requirements increased to 100% for affected securities
  • Securities qualifying under criteria VII automatically shifted to Trade-for-Trade segment
  • Framework operates in conjunction with other surveillance measures

Compliance Requirements

  • Market participants must maintain 100% margin for affected securities
  • Comply with Trade-for-Trade settlement requirements for Stage IV securities
  • Monitor additional surveillance measures as implemented by exchanges
  • Note that ASM shortlisting is for market surveillance purposes only

Important Dates

  • September 1, 2025: Circular issued
  • September 2, 2025: ASM framework takes effect for shortlisted securities
  • September 4, 2025: 100% margin requirement effective on all positions
  • T+3 basis: Trade-for-Trade shift timeline for Stage IV securities

Impact Assessment

High Impact: The 100% margin requirement significantly increases capital requirements for trading in affected securities. This measure restricts leverage and may reduce trading volumes in AGNI. The surveillance measure is implemented purely for market monitoring and should not be construed as adverse action against the company. Market participants should prepare for increased margin requirements and potential liquidity impact.

Impact Justification

100% margin requirement significantly impacts trading in affected securities