Description

NSE announces inclusion of four securities under ST-ASM Stage I with 50% margin requirement, and exclusion of seven securities from ASM framework effective October 09, 2025.

Summary

NSE has issued a circular regarding the applicability of Short-Term Additional Surveillance Measure (ST-ASM). Four securities have been included under ST-ASM Stage I effective October 09, 2025: Indbank Merchant Banking Services Limited, Indraprastha Medical Corporation Limited, Orbit Exports Limited, and Tara Chand InfraLogistic Solutions Limited. Additionally, seven securities are being excluded from the ASM framework. The measure imposes enhanced margin requirements of 50% or existing margin, whichever is higher, capped at 100%.

Key Points

  • Four securities included in ST-ASM Stage I: INDBANK, INDRAMEDCO, ORBTEXP, and TARACHAND
  • Margin requirement: 50% or existing margin (whichever is higher), capped at 100%
  • Seven securities excluded from ASM framework: ANONDITA, CCCL, DYNAMIC, HPTL, IEML, TECHD, and TGL
  • No securities in ST-ASM Stage II
  • No securities moving between stages
  • ASM framework operates in conjunction with other surveillance measures
  • Shortlisting is purely for market surveillance purposes and not adverse action against companies

Regulatory Changes

This circular follows previous Exchange Circulars on Additional Surveillance Measure (ASM) dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023, and September 20, 2024. The ST-ASM framework continues to be applied based on predefined criteria for securities requiring enhanced surveillance.

Compliance Requirements

  • Trading members must apply 50% margin or existing margin (whichever is higher) on all open positions as on October 09, 2025
  • Same margin requirement applies to new positions created from October 10, 2025
  • Maximum margin rate capped at 100%
  • Members must comply with all other prevailing surveillance measures imposed by the Exchange

Important Dates

  • October 08, 2025: Circular issued
  • October 09, 2025: Securities excluded from ASM framework effective date
  • October 09, 2025: Last day for existing positions under old margin regime
  • October 10, 2025: Enhanced margin requirements applicable on all open positions and new positions

Impact Assessment

Securities Included in ST-ASM Stage I:

  1. INDBANK (Indbank Merchant Banking Services Limited) - ISIN: INE841B01017
  2. INDRAMEDCO (Indraprastha Medical Corporation Limited) - ISIN: INE681B01017
  3. ORBTEXP (Orbit Exports Limited) - ISIN: INE231G01010
  4. TARACHAND (Tara Chand InfraLogistic Solutions Limited) - ISIN: INE555Z01020

Securities Excluded from ASM:

  1. ANONDITA (Anondita Medicare Limited) - ISIN: INE0VTV01012
  2. CCCL (Consolidated Construction Consortium Limited) - ISIN: INE429I01024
  3. DYNAMIC (Dynamic Services & Security Limited) - ISIN: INE0DZ701010
  4. HPTL (HP Telecom India Limited) - ISIN: INE0VA601019
  5. IEML (Indian Emulsifiers Limited) - ISIN: INE0RRU01016
  6. TECHD (TechD Cybersecurity Limited) - ISIN: INE0Y5H01014
  7. TGL (Teerth Gopicon Limited) - ISIN: INE0K6601012

Market Impact:

  • Increased margin requirements will reduce leverage available for trading in the four included securities
  • Higher margins may lead to reduced liquidity and trading volumes in affected stocks
  • Exclusion of seven securities from ASM provides relief to traders with reduced margin requirements
  • Surveillance measures aim to maintain market integrity and prevent excessive speculation

Impact Justification

Affects trading in 11 securities with enhanced margin requirements for 4 stocks and removal of restrictions for 7 stocks. Medium impact as it applies to specific securities under surveillance.