Description

NSE announces inclusion of 8 securities under ST-ASM Stage I with 50% margin requirement effective November 21, 2025, and exclusion of 3 securities from ASM framework.

Summary

The National Stock Exchange has announced the inclusion of 8 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective November 21, 2025. These securities will be subject to a margin requirement of 50% or existing margin (whichever is higher, capped at 100%) on all open positions and new positions. Additionally, 3 securities are being excluded from the ASM framework effective November 20, 2025.

Key Points

  • 8 securities added to ST-ASM Stage I: ACCPL, BLUEPEBBLE, MPTODAY, RICOAUTO, SOUTHWEST, UNIHEALTH, WINNY, and WOL3D
  • Margin requirement of 50% or existing margin (whichever is higher) applies, capped at 100%
  • Margin applies to both open positions as on November 20, 2025 and new positions from November 21, 2025
  • No securities moving to Stage II or between stages
  • 3 securities excluded from ASM: Chennai Petroleum Corporation Limited, Fischer Medical Ventures Limited, and Gallantt Ispat Limited
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance purposes and not adverse action against companies

Regulatory Changes

This circular continues the implementation of the Additional Surveillance Measure (ASM) framework established through previous circulars dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023, and September 20, 2024. The ST-ASM provisions allow the Exchange to impose enhanced margins on securities that meet specific surveillance criteria.

Compliance Requirements

  • Members must ensure margin collection of 50% or existing margin (whichever is higher, maximum 100%) on the 8 securities under ST-ASM Stage I
  • Margin requirements apply to all open positions as on November 20, 2025
  • Margin requirements apply to all new positions created from November 21, 2025 onwards
  • Members should monitor securities under ASM framework and advise clients accordingly
  • Members can refer to FAQs at https://www.nseindia.com/regulations/additional-surveillance-measure for more information

Important Dates

  • November 19, 2025: Circular issued
  • November 20, 2025: Effective date for ST-ASM Stage I inclusion and ASM exclusions
  • November 21, 2025: Applicable margin rate of 50% comes into effect on open positions and new positions

Impact Assessment

Trading Impact: The 50% margin requirement significantly increases capital requirements for trading these 8 securities, potentially reducing trading volumes and liquidity. Traders with existing positions will need to fund additional margins.

Investor Impact: Higher margins increase the cost of trading and holding positions in affected securities. This may deter speculative activity and reduce retail participation in these stocks.

Market Impact: The surveillance measure aims to curb excessive speculation and volatility in these securities. The exclusion of 3 securities from ASM framework indicates improved market behavior in those stocks.

Securities Affected:

  • Added to ST-ASM Stage I: Accretion Pharmaceuticals, Blue Pebble, Madhya Pradesh Today Media, Rico Auto Industries, South West Pinnacle Exploration, Unihealth Hospitals, Winny Immigration & Education Services, Wol 3D India
  • Excluded from ASM: Chennai Petroleum Corporation, Fischer Medical Ventures, Gallantt Ispat

Impact Justification

High severity due to significant margin increase to 50% for affected securities, directly impacting trading costs and positions for market participants in these stocks.