Description
NSE implements Long Term Additional Surveillance Measure with 100% margin requirements on selected securities effective November 27, 2025, with GSTL added to Stage-I and SABTNL moving to Stage-II.
Summary
NSE has issued a circular implementing Long Term Additional Surveillance Measure (Long Term-ASM) on selected securities effective November 27, 2025. The circular adds Globesecure Technologies Limited (GSTL) to Stage-I of the framework and moves Sri Adhikari Brothers Television Network Limited (SABTNL) from Stage-I to Stage-II. A mandatory 100% margin requirement will apply on all open positions and new positions from November 27, 2025. The ASM framework is implemented purely for market surveillance purposes and operates in conjunction with all other prevailing surveillance measures.
Key Points
- 100% margin requirement applicable from November 27, 2025 on all open positions as on November 26, 2025 and new positions thereafter
- GSTL (Globesecure Technologies Limited, ISIN: INE00WS01056) added to Long-Term ASM Framework Stage-I
- SABTNL (Sri Adhikari Brothers Television Network Limited, ISIN: INE416A01044) moved from Stage-I to Stage-II
- No securities listed in Stage-IV for this circular
- Securities qualifying under Criteria VII at Stage-IV would be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE)
- 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 implements the Long Term Additional Surveillance Measure framework based on previous circulars dating back to October 27, 2018 (NSE/SURV/39265) through September 20, 2024 (NSE/SURV/64066). The framework establishes multiple stages (Stage-I through Stage-IV) with progressively stricter surveillance measures. Securities can move between stages based on continued satisfaction of ASM criteria.
Compliance Requirements
- NSE members must ensure 100% margin is collected on all open positions in the listed securities as on November 26, 2025
- 100% margin must be applied to all new positions created from November 27, 2025 onwards
- Members should monitor for any securities that may be shifted to Trade-for-Trade segment if they reach Stage-IV under Criteria VII
- Members must maintain compliance with ASM measures in addition to all other surveillance requirements imposed by the Exchange
Important Dates
- November 24, 2025: Circular issue date
- November 25, 2025: Securities shortlisted in Long-Term ASM Framework effective date
- November 26, 2025: Last day for existing open positions before new margin requirements
- November 27, 2025: 100% margin requirement becomes effective on all open and new positions; potential shift to Trade-for-Trade segment for Stage-IV securities (if applicable)
Impact Assessment
Trading Impact: The 100% margin requirement significantly increases capital requirements for traders holding positions in GSTL and SABTNL, potentially reducing trading volumes and liquidity in these securities. Existing position holders must ensure adequate margin coverage by November 27, 2025.
Market Participants: Brokers and traders must adjust their risk management systems and margin collection processes. The enhanced surveillance may deter speculative trading activity in the affected securities.
Securities Affected: GSTL faces initial Stage-I restrictions, while SABTNL experiences escalated surveillance moving to Stage-II, indicating continued satisfaction of ASM criteria. Both securities may face reduced investor interest due to higher capital requirements.
Operational Impact: Members need to update their margin calculation systems and communicate margin requirements to clients. Enhanced monitoring and reporting may be required for positions in ASM securities.
Impact Justification
High impact due to 100% margin requirement effective November 27, 2025 affecting trading positions and potential shift of securities to Trade-for-Trade segment for Stage-IV scrips