Description
NSE adds Teerth Gopicon Limited to Long-Term ASM Framework Stage I with 100% margin requirement effective November 25, 2025.
Summary
NSE has issued a circular regarding the inclusion of securities under the Long-Term Additional Surveillance Measure (ASM) framework. Teerth Gopicon Limited (Symbol: TGL, ISIN: INE0K6601012) has been added to Long-Term ASM Framework Stage I effective November 21, 2025. A 100% margin requirement will be applicable on all open and new positions from November 25, 2025. No securities have been moved to Stage IV or between other stages in this circular.
Key Points
- Teerth Gopicon Limited (TGL) added to Long-Term ASM Framework Stage I
- 100% margin requirement to be imposed on TGL
- Margin applies to all open positions as on November 24, 2025
- Margin applies to all new positions created from November 25, 2025 onwards
- No securities shifted to Trade-for-Trade segment in this circular
- ASM framework operates in conjunction with other 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 (ASM) as per the framework established in previous circulars (NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066). The measure imposes enhanced margin requirements on securities that meet specific surveillance criteria.
Compliance Requirements
- Trading members must ensure 100% margin is collected on TGL from November 25, 2025
- Margin requirement applies to:
- All open positions existing as on November 24, 2025
- All new positions created from November 25, 2025 onwards
- Members should refer to NSE FAQs on Additional Surveillance Measure at https://www.nseindia.com/regulations/additional-surveillance-measure
- For queries, members may contact surveillance@nse.co.in
Important Dates
- November 20, 2025: Circular issued
- November 21, 2025: TGL included in Long-Term ASM Framework Stage I
- November 24, 2025: Last day before margin requirement takes effect
- November 25, 2025: 100% margin requirement becomes applicable on TGL
Impact Assessment
Market Impact: The 100% margin requirement on Teerth Gopicon Limited will significantly impact liquidity and trading activity in the stock. Traders will need to provide full upfront margin, eliminating leverage possibilities and likely reducing speculative trading volumes.
Operational Impact: Trading members must update their risk management systems to enforce the 100% margin requirement. Existing positions will need additional margin funding, potentially forcing some traders to close positions.
Investor Impact: Investors holding TGL will face higher capital requirements for maintaining or initiating positions. This measure aims to curb excessive speculation and volatility in the security. The exchange has clarified this is a surveillance measure and not a reflection on the company’s fundamentals.
Impact Justification
High impact for TGL shareholders due to 100% margin requirement which significantly restricts trading, but medium importance as only one security affected