Description

NSE places EPack Prefab Technologies Limited and Onelife Capital Advisors Limited under Long-Term ASM Framework Stage-I with 100% margin requirement effective November 12, 2025.

Summary

NSE has imposed Long-Term Additional Surveillance Measure (LT-ASM) on two securities effective November 12, 2025. EPack Prefab Technologies Limited (moved from ST-ASM) and Onelife Capital Advisors Limited (moved from Encumbrance framework) will be placed under Stage-I of the LT-ASM framework with 100% margin requirements on all positions.

Key Points

  • Two securities shortlisted under Long-Term ASM Framework Stage-I effective November 10, 2025
  • EPack Prefab Technologies Limited (EPACKPEB) - ISIN: INE0MLS01022 (moved from ST-ASM to LT-ASM)
  • Onelife Capital Advisors Limited (ONELIFECAP) - ISIN: INE912L01015 (moved from Encumbrance to LT-ASM)
  • 100% margin requirement applies on all open positions and new positions from November 12, 2025
  • No securities moved to Stage-IV or between other stages in this circular
  • ASM framework works in conjunction with other surveillance measures

Regulatory Changes

The securities will be subject to Long-Term Additional Surveillance Measure provisions:

  • Margin rate increased to 100% for both existing open positions as on November 11, 2025 and new positions created from November 12, 2025 onwards
  • Securities in Stage-IV would be shifted from Rolling Settlement (EQ series) to Trade-for-Trade segment (BE series), though no securities are in Stage-IV in this update

Compliance Requirements

  • Members must ensure 100% margin is collected on the specified securities
  • Margin requirements apply to positions held on November 11, 2025 and all new positions from November 12, 2025
  • Market participants must comply with ASM framework alongside other prevailing surveillance measures
  • Price band restrictions remain applicable as per the surveillance framework

Important Dates

  • November 07, 2025: Circular issued
  • November 10, 2025: Securities formally shortlisted under LT-ASM Stage-I
  • November 11, 2025: Last date before margin increase (positions as on this date subject to new margins)
  • November 12, 2025: 100% margin requirement becomes effective

Impact Assessment

Trading Impact: Severe restriction on trading activity due to 100% margin requirement, effectively requiring full upfront payment for purchases and blocking full value for sales. This will significantly reduce speculative activity and leverage-based trading.

Liquidity Impact: Expected sharp decline in trading volumes and liquidity for EPACKPEB and ONELIFECAP as the high margin requirement deters most traders except those with strong conviction.

Investor Impact: Existing position holders must arrange for 100% margin by November 12, 2025 or face potential liquidation. New investors face higher capital requirements.

Market Sentiment: The surveillance action may negatively impact investor confidence in these securities, though NSE clarifies this is a surveillance measure and not adverse action against the companies.

Reference Circulars: This circular references NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/45111 (Jul 22, 2020), NSE/SURV/46557 (Dec 04, 2020), NSE/SURV/48506 (Jun 04, 2021), NSE/SURV/52090 (Apr 22, 2022), NSE/SURV/63362 (Aug 09, 2024), and NSE/SURV/64066 (Sep 20, 2024).

Impact Justification

High impact due to 100% margin requirement on affected securities, significantly restricting trading and liquidity for EPACKPEB and ONELIFECAP