Description

NSE announces inclusion of 3 securities under Long-Term Additional Surveillance Measure (ASM) Framework Stage-I with 100% margin requirement effective October 30, 2025.

Summary

NSE has announced the inclusion of three securities under the Long-Term Additional Surveillance Measure (ASM) Framework Stage-I effective October 28, 2025. The affected securities are Art Nirman Limited (ARTNIRMAN), GM Breweries Limited (GMBREW), and Homesfy Realty Limited (HOMESFY). A 100% margin requirement will be applicable on all open positions as of October 29, 2025 and new positions created from October 30, 2025 onwards. GM Breweries Limited is being moved from Short-Term ASM (STASM) to Long-Term ASM (LTASM) framework.

Key Points

  • Three securities included under Long-Term ASM Framework Stage-I
  • 100% margin requirement to be imposed on affected securities
  • GM Breweries Limited moved from STASM to LTASM framework
  • No securities listed for Stage-IV or transitions between stages
  • ASM framework operates in conjunction with all other surveillance measures
  • Shortlisting is purely for market surveillance and not an adverse action against companies

Regulatory Changes

The Exchange is implementing Long-Term Additional Surveillance Measure on three securities that have satisfied the criteria for inclusion. This builds upon previous circulars dated October 27, 2018, July 22, 2020, December 04, 2020, June 04, 2021, April 22, 2022, August 09, 2024, and September 20, 2024 regarding ASM framework.

Compliance Requirements

  • Members must ensure 100% margin on all open positions in the affected securities as on October 29, 2025
  • 100% margin requirement applies to all new positions created from October 30, 2025 onwards
  • Members should monitor affected securities and adjust risk management practices accordingly
  • Queries regarding ASM should be directed to surveillance@nse.co.in

Important Dates

  • October 27, 2025: Circular issuance date
  • October 28, 2025: Securities included in Long-Term ASM Framework Stage-I (effective date)
  • October 29, 2025: Reference date for existing open positions
  • October 30, 2025: 100% margin requirement becomes applicable

Impact Assessment

Market Impact: The 100% margin requirement significantly increases capital requirements for traders and investors holding positions in the three affected securities. This will substantially reduce leverage availability and likely decrease trading volumes and liquidity in these stocks.

Operational Impact: Brokers and trading members must ensure adequate margin collection from clients holding positions in ARTNIRMAN, GMBREW, and HOMESFY. Risk management systems need to be updated to reflect the enhanced margin requirements.

Affected Securities Details:

  1. Art Nirman Limited (ARTNIRMAN) - ISIN: INE738V01013
  2. GM Breweries Limited (GMBREW) - ISIN: INE075D01018 (moved from STASM to LTASM)
  3. Homesfy Realty Limited (HOMESFY) - ISIN: INE0N7F01017

Impact Justification

High ranking due to imposition of 100% margin requirement on affected securities, significantly impacting trading liquidity and capital requirements for positions in these stocks.