Description

NSE implements Short-Term Additional Surveillance Measure (ST-ASM) on 8 securities with increased margin requirements of 50% or existing margin (whichever is higher) effective November 24, 2025.

Summary

NSE has placed 8 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I framework effective November 21, 2025. These securities will be subject to increased margin requirements of 50% or existing margin, whichever is higher (capped at 100%), applicable from November 24, 2025. Additionally, 3 securities (BEACON, SWARAJ, UNIHEALTH) will be excluded from the ASM framework.

Key Points

  • 8 securities included in ST-ASM Stage I: K2 Infragen Limited, Pansari Developers Limited, Service Care Limited, S J Logistics (India) Limited, Systango Technologies Limited, Universal Cables Limited, VL E-Governance & IT Solutions Limited, and VLS Finance Limited
  • Margin requirement: 50% or existing margin (whichever is higher), capped at maximum 100%
  • No securities shortlisted for ST-ASM Stage II
  • No securities moving between Stage I and Stage II
  • 3 securities excluded from ASM framework: Beacon Trusteeship Limited, Swaraj Suiting Limited, and Unihealth Hospitals Limited (moved to ESM framework)
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance and not an adverse action against the company

Regulatory Changes

This circular is a continuation of the Additional Surveillance Measure (ASM) framework previously established through circulars dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023, and September 20, 2024. No new regulatory framework is introduced; this circular implements the existing ST-ASM provisions on newly identified securities.

Compliance Requirements

  • NSE members must ensure margin requirements of 50% or existing margin (whichever is higher) are applied on all open positions as on November 21, 2025
  • Same margin requirements apply to new positions created from November 24, 2025
  • Maximum margin rate is capped at 100%
  • 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: Securities shortlisted under ST-ASM Stage I (effective date)
  • November 21, 2025: Securities excluded from ASM framework (effective date)
  • November 24, 2025: Applicable margin rate becomes effective on all open positions as on November 21, 2025 and new positions created from this date

Impact Assessment

Market Impact: The inclusion of 8 securities in ST-ASM Stage I will increase trading costs for market participants holding or trading these securities. The 50% minimum margin requirement (or higher if existing margin exceeds this) will reduce leverage available to traders and may impact liquidity in these securities.

Operational Impact: Trading members will need to collect higher margins from clients trading these securities, potentially requiring additional capital infusion from clients with existing positions. The exclusion of 3 securities from ASM framework provides relief for those stocks.

Risk Management: This surveillance measure is designed to curb excessive speculation and volatility in the identified securities. The increased margin requirements will reduce speculative activity and enhance market stability in these scrips.

Impact Justification

Affects 8 securities with increased margin requirements but applies to limited set of stocks. Routine surveillance measure for market stability.