Description

NSE places Jet Freight Logistics under ST-ASM Stage I with 50% margin requirement, moves Giriraj Civil Developers and Nirman Agri Genetics to Stage II, and excludes 6 securities from ASM framework effective November 26, 2025.

Summary

NSE has updated the Short-Term Additional Surveillance Measure (ST-ASM) framework, placing one new security under Stage I surveillance, moving two securities from Stage I to Stage II, and removing six securities from the ASM framework entirely. The changes take effect November 26, 2025, with margin requirements applicable from November 27, 2025.

Key Points

  • Jet Freight Logistics Limited (JETFREIGHT) added to ST-ASM Stage I
  • Margin requirement: 50% or existing margin (whichever is higher), capped at 100%
  • Giriraj Civil Developers Limited (GIRIRAJ) and Nirman Agri Genetics Limited (NIRMAN) escalated from Stage I to Stage II
  • Six securities excluded from ASM: ARSSBL, ENFUSE, MEDISTEP, MRIL, SATECH, and VCL
  • ENFUSE moved from ST-ASM to LT-ASM (Long-Term ASM) framework
  • ASM framework operates in conjunction with all other existing surveillance measures
  • Shortlisting is purely for market surveillance and not an adverse action against the company

Regulatory Changes

The circular implements changes to the ST-ASM framework established under previous circulars (NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558, and NSE/SURV/64066). The framework applies heightened surveillance and margin requirements to securities meeting specific criteria for unusual trading patterns or price movements.

Compliance Requirements

For Trading Members:

  • Apply 50% margin (or existing margin if higher) on all positions in JETFREIGHT, capped at maximum 100%
  • Margin applies to: (1) all open positions as on November 26, 2025, and (2) new positions created from November 27, 2025
  • Continue enhanced surveillance on securities in Stage II (GIRIRAJ and NIRMAN)
  • Remove ASM restrictions on the six excluded securities (ARSSBL, ENFUSE, MEDISTEP, MRIL, SATECH, VCL)

For Investors:

  • Be aware of increased margin requirements for trading in affected securities
  • Expect higher capital requirements for positions in ST-ASM securities

Important Dates

  • November 25, 2025: Circular issued
  • November 26, 2025: ST-ASM classification changes take effect
  • November 27, 2025: Margin requirements applicable on all open positions and new positions

Impact Assessment

Market Impact:

  • Trading liquidity may decrease in JETFREIGHT due to higher margin requirements
  • Investors holding positions in affected securities will need additional capital to maintain positions
  • Stage II escalation for GIRIRAJ and NIRMAN signals continued surveillance concerns
  • Exclusion of six securities from ASM provides relief and may improve trading activity

Operational Impact:

  • Brokers must update margin systems to reflect new requirements by November 27, 2025
  • Risk management systems need reconfiguration for affected securities
  • Client communication required for position holders in JETFREIGHT regarding increased margins

Securities Affected:

  • New to ST-ASM Stage I: Jet Freight Logistics Limited (INE982V01025)
  • Escalated to Stage II: Giriraj Civil Developers Limited (INE614Z01017), Nirman Agri Genetics Limited (INE0OK701014)
  • Excluded from ASM: Anand Rathi Share and Stock Brokers Limited (INE549H01021), Enfuse Solutions Limited (INE0S3X01014), Medistep Healthcare Limited (INE0UOY01019), Mahendra Realtors & Infrastructure Limited (INE632Q01018), S A Tech Software India Limited (INE0BSN01013), Vaxtex Cotfab Limited (INE098201036)

Impact Justification

High impact surveillance action with significant margin increases (50-100%) affecting multiple securities and requiring immediate compliance from November 27, 2025