Description

NSE places Enfuse Solutions Limited under Long-Term ASM Framework Stage-I with 100% margin requirement effective November 28, 2025.

Summary

NSE has issued a surveillance circular placing Enfuse Solutions Limited (Symbol: ENFUSE, ISIN: INE0S3X01014) under the Long-Term Additional Surveillance Measure (LT-ASM) Framework Stage-I effective November 26, 2025. The security was previously under Short-Term ASM and has now been moved to the stricter Long-Term framework. A 100% margin requirement will be applicable on all positions from November 28, 2025.

Key Points

  • Enfuse Solutions Limited placed under Long-Term ASM Framework Stage-I
  • Security moved from ST-ASM to LT-ASM framework
  • 100% margin requirement applicable on all open and new positions
  • No securities moved to Stage-IV (Trade-for-Trade segment) in this circular
  • ASM framework operates in conjunction with other surveillance measures
  • Shortlisting is purely for market surveillance, not adverse action against the company

Regulatory Changes

The Long-Term ASM Framework imposes stricter surveillance on securities that satisfy specific criteria over an extended period. This circular updates the list of securities under various stages of LT-ASM:

  • Stage-I: Enfuse Solutions Limited (new entry, moved from ST-ASM)
  • Stage-II: No new entries or movements
  • Stage-III: No new entries or movements
  • Stage-IV: No new entries or movements

Securities in Stage-IV would be shifted from Rolling Settlement segment (Series: EQ) to Trade-for-Trade segment (Series: BE), but no securities qualified under this category in the current circular.

Compliance Requirements

For Trading Members:

  • Ensure 100% margin collection on ENFUSE positions
  • Apply margin requirements to all open positions as on November 27, 2025
  • Apply margin requirements to all new positions created from November 28, 2025 onwards
  • Maintain compliance with ASM framework alongside other prevailing surveillance measures

For Market Participants:

  • Adjust trading strategies considering the enhanced margin requirements
  • Note that ASM placement does not reflect adversely on the company’s fundamentals

Important Dates

  • November 25, 2025: Circular issuance date
  • November 26, 2025: Effective date for LT-ASM Stage-I placement
  • November 27, 2025: Last day with existing margin requirements
  • November 28, 2025: 100% margin requirement becomes applicable

Impact Assessment

Market Impact:

  • Significantly reduced liquidity in ENFUSE due to 100% margin requirement
  • Higher capital requirements for traders holding positions in the security
  • Potential increase in volatility as market adjusts to new margin regime
  • Deterrent effect on speculative trading activity

Operational Impact:

  • Brokers must ensure adequate margin collection systems
  • Risk management systems need adjustment for enhanced margin requirements
  • Potential impact on client funding requirements and position sizes

Investor Impact:

  • Retail investors may face difficulty maintaining positions due to high margin
  • Institutional investors need to reassess position limits and capital allocation
  • Movement from ST-ASM to LT-ASM indicates persistent surveillance concerns requiring investor attention

The exchange clarifies this is a surveillance measure and should not be construed as adverse regulatory action against Enfuse Solutions Limited. Members can contact surveillance@nse.co.in for queries and refer to NSE’s ASM FAQs at https://www.nseindia.com/regulations/additional-surveillance-measure.

Impact Justification

100% margin requirement significantly impacts trading in affected security; Enfuse Solutions moved from ST-ASM to LT-ASM indicating persistent surveillance concerns