Description

NSE imposes Short-Term Additional Surveillance Measure (ST-ASM) Stage I on three securities with 50% margin requirement effective November 14, 2025, while removing three securities from the ASM framework.

Summary

The National Stock Exchange has issued surveillance measures affecting six securities. Three securities (Fischer Medical Ventures Limited, Gretex Corporate Services Limited, and Swaraj Suiting Limited) have been included in Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective November 14, 2025, with margin requirements increasing to 50% or existing margin, whichever is higher (capped at 100%). Additionally, three securities (Pasupati Acrylon Limited, Thangamayil Jewellery Limited, and Twamev Construction and Infrastructure Limited) are being removed from the ASM framework effective November 13, 2025.

Key Points

  • Three securities moved to ST-ASM Stage I: FISCHER, GCSL, and SWARAJ
  • Enhanced margin requirement of 50% or existing margin (whichever higher), capped at 100%
  • No securities added to ST-ASM Stage II
  • No securities moving between Stage I and Stage II
  • Three securities excluded from ASM framework: PASUPTAC, THANGAMAYL, and TICL
  • Thangamayil Jewellery Limited moved from ST-ASM to LT-ASM (Long-Term ASM) framework
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Surveillance action is purely market-based and not an adverse action against the company

Regulatory Changes

The Exchange continues its Additional Surveillance Measure framework originally introduced in October 2018 and subsequently updated through circulars dated December 2020, April 2022, September 2023, and September 2024. This circular represents routine periodic review and adjustment of securities under surveillance.

Compliance Requirements

For Securities Added to ST-ASM Stage I (FISCHER, GCSL, SWARAJ):

  • Margin rate of 50% or existing margin (whichever is higher) applicable
  • Maximum margin capped at 100%
  • Applies to all open positions as on November 13, 2025
  • Applies to new positions created from November 14, 2025

For Market Participants:

  • Monitor positions in affected securities
  • Ensure adequate margin availability for positions in ST-ASM securities
  • Comply with all other prevailing surveillance measures imposed by NSE

Securities Included in ST-ASM Stage I:

  1. FISCHER - Fischer Medical Ventures Limited (ISIN: INE771F01041)
  2. GCSL - Gretex Corporate Services Limited (ISIN: INE199P01028)
  3. SWARAJ - Swaraj Suiting Limited (ISIN: INE0GMR01016)

Securities Excluded from ASM Framework:

  1. PASUPTAC - Pasupati Acrylon Limited (ISIN: INE818B01023)
  2. THANGAMAYL - Thangamayil Jewellery Limited (ISIN: INE085J01014) - Moved to LT-ASM
  3. TICL - Twamev Construction and Infrastructure Limited (ISIN: INE388G01026)

Important Dates

  • November 12, 2025: Circular issued (Circular Ref. No: 880/2025)
  • November 13, 2025: Securities officially shortlisted under ST-ASM Stage I; three securities excluded from ASM framework
  • November 14, 2025: Enhanced margin requirements become effective for ST-ASM Stage I securities (applicable to open positions as on November 13, 2025 and new positions from November 14, 2025)

Impact Assessment

Market Impact:

  • Limited market-wide impact as only three securities affected by new surveillance measures
  • Positive development for PASUPTAC, THANGAMAYL, and TICL as they exit ASM framework, potentially improving liquidity
  • Enhanced margins on FISCHER, GCSL, and SWARAJ may reduce trading volumes and increase volatility due to reduced leverage

Operational Impact:

  • Brokers and trading members must adjust margin requirements for affected securities
  • Investors holding positions in FISCHER, GCSL, or SWARAJ must maintain higher margin levels
  • Risk management systems need updates to reflect new margin requirements
  • Reduced liquidity expected in the three securities entering ST-ASM Stage I

Investor Impact:

  • Existing position holders in ST-ASM securities need to arrange additional margin by November 14, 2025
  • Reduced leverage availability for trading in affected securities
  • Investors in securities exiting ASM framework benefit from normalized trading conditions

Reference Information:

Impact Justification

Circular impacts only three specific securities with enhanced margin requirements. While significant for affected stocks, limited broader market impact. Three securities removed from surveillance framework.