Description

NSE announces inclusion of 5 securities under ST-ASM Stage I with 50% margin requirement effective November 25, 2025.

Summary

NSE has announced the inclusion of 5 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective November 25, 2025. The affected securities will be subject to enhanced margin requirements of 50% or existing margin, whichever is higher, capped at 100%. This surveillance action applies to both open positions as on November 24, 2025 and new positions created from November 25, 2025. No securities are being moved to Stage II or excluded from the framework.

Key Points

  • 5 securities added to ST-ASM Stage I framework: Auro Impex & Chemicals Limited (AUROIMPEX), Bikewo Green Tech Limited (BIKEWO), Enfuse Solutions Limited (ENFUSE), Shubhlaxmi Jewel Art Limited (SHUBHLAXMI), and Vdeal System Limited (VDEAL)
  • Enhanced margin requirement of 50% or existing margin (whichever is higher) will apply, subject to maximum cap of 100%
  • No securities moving from Stage I to Stage II or vice versa
  • No securities being excluded from ASM framework
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance purposes and not an adverse action against the companies

Regulatory Changes

This circular implements the Short-Term Additional Surveillance Measure framework as per previous Exchange circulars (NSE/SURV/39265 dated October 27, 2018, NSE/SURV/46557 dated December 04, 2020, NSE/SURV/52144 dated April 28, 2022, NSE/SURV/58558 dated September 25, 2023, and NSE/SURV/64066 dated September 20, 2024). The ST-ASM Stage I criteria have been satisfied by the five listed securities.

Compliance Requirements

  • Market participants must maintain margin of 50% or existing margin (whichever is higher) on all positions in the 5 affected securities, subject to maximum of 100%
  • Margin requirements apply to all open positions as on November 24, 2025
  • Enhanced margin applies to all new positions created from November 25, 2025 onwards
  • Members must ensure compliance with ASM framework provisions along with all other surveillance measures
  • Price band applicable before ASM inclusion will be reinstated upon exit from framework, unless security is under another surveillance measure

Important Dates

  • November 21, 2025: Circular issued (Circular Ref. No: 904/2025)
  • November 24, 2025: Last day before margin changes take effect; open positions as of this date subject to new margins
  • November 25, 2025: Enhanced margin requirements of 50% (or existing margin, whichever higher) become effective

Impact Assessment

High Impact on Trading: The 50% minimum margin requirement significantly increases capital requirements for traders and investors holding positions in these 5 securities. This will reduce leverage available and may lead to forced position closures for participants unable to meet the enhanced margin calls. Trading volumes in these securities are likely to decrease due to higher capital requirements. The measure aims to curb excessive speculation and volatility in these stocks. Market participants with existing positions must arrange additional funds by November 25, 2025 to maintain their positions. New position-taking will require substantially higher upfront capital, potentially reducing liquidity in these securities.

Impact Justification

Significant increase in margin requirements to 50% for 5 securities, directly impacting trading positions and capital requirements for market participants holding or trading these stocks.