Description
NSE adds Atal Realtech Limited to Long-Term ASM Framework Stage I with 100% margin requirement effective October 21, 2025.
Summary
NSE has issued Circular No. 808/2025 regarding the inclusion of securities under the Long-Term Additional Surveillance Measure (ASM) framework. Atal Realtech Limited (Symbol: ATALREAL, ISIN: INE0ALR01029) has been added to Long-Term ASM Stage I effective October 17, 2025. A 100% margin requirement will be applicable on all open and new positions from October 21, 2025. No securities are being moved to Stage IV or between other stages in this circular.
Key Points
- Atal Realtech Limited (ATALREAL) included in Long-Term ASM Framework Stage I
- 100% margin rate applicable on all positions effective October 21, 2025
- Margin applies to both open positions as on October 20, 2025 and new positions from October 21, 2025 onwards
- No securities moved to Stage II, Stage III, or Stage IV in this update
- Securities qualifying under Criteria VII (Stage IV) would be shifted from Rolling Settlement (EQ) to Trade-for-Trade (BE) segment
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely for market surveillance and not an adverse action against the company
Regulatory Changes
This circular implements the Long-Term Additional Surveillance Measure framework as per previous NSE circulars dated October 27, 2018, July 22, 2020, December 04, 2020, June 04, 2021, April 22, 2022, August 09, 2024, and September 20, 2024. The measure increases margin requirements to 100% for securities meeting specific surveillance criteria.
Compliance Requirements
- Market participants must ensure 100% margin coverage for ATALREAL from October 21, 2025
- Margin requirement applies to all open positions as on October 20, 2025
- Margin requirement applies to all new positions created from October 21, 2025 onwards
- Members should refer to NSE FAQs on Additional Surveillance Measure at https://www.nseindia.com/regulations/additional-surveillance-measure
- Queries may be directed to surveillance@nse.co.in
Important Dates
- October 16, 2025: Circular issued
- October 17, 2025: Effective date for ASM Stage I inclusion
- October 20, 2025: Last day before margin requirement takes effect
- October 21, 2025: 100% margin requirement becomes applicable
Impact Assessment
Trading Impact: The 100% margin requirement significantly increases the capital required to trade ATALREAL, likely resulting in reduced liquidity and trading volumes. Traders with existing positions must arrange for increased margin by October 21, 2025.
Market Impact: The inclusion in ASM Stage I signals heightened regulatory scrutiny due to unusual price or volume patterns. While NSE clarifies this is not an adverse action against the company, market participants typically view ASM inclusion as a warning sign.
Operational Impact: Brokers and trading members must update their risk management systems to enforce 100% margin on ATALREAL and communicate the requirement to clients holding positions in this security. Failure to comply could result in position squaring or penalties.
Impact Justification
High margin requirement of 100% significantly impacts trading in affected security and indicates heightened surveillance concern