Description

NSE implements Short-Term Additional Surveillance Measure on Bigbloc Construction Limited and Jayesh Logistics Limited with 50% margin requirement effective November 28, 2025.

Summary

NSE has placed two securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective November 28, 2025. Bigbloc Construction Limited and Jayesh Logistics Limited will be subject to enhanced margin requirements of 50% or existing margin, whichever is higher, capped at 100%. Additionally, five securities have been excluded from the ASM framework.

Key Points

  • Two securities added to ST-ASM Stage I: Bigbloc Construction Limited (BIGBLOC) and Jayesh Logistics Limited (JAYESH)
  • Margin requirement: 50% or existing margin, whichever is higher, with maximum cap at 100%
  • Enhanced margins apply to all open positions as on November 28, 2025 and new positions from December 01, 2025
  • Five securities excluded from ASM framework: Blue Pebble Limited, Madhya Pradesh Today Media Limited, Rico Auto Industries Limited, Systango Technologies Limited (moved to ESM), and Winny Immigration & Education Services Limited
  • No securities listed in ST-ASM Stage II
  • No securities moving between Stage I and Stage II
  • ASM framework operates in conjunction with other surveillance measures

Regulatory Changes

The Short-Term Additional Surveillance Measure (ST-ASM) Stage I is being applied to securities based on surveillance criteria. The framework includes:

  • Stage I surveillance action: Margin requirement of 50% or existing margin (whichever is higher), capped at maximum 100%
  • Effective date for margin application: November 28, 2025 for existing open positions
  • Effective date for new positions: December 01, 2025
  • Framework works alongside other pre-existing surveillance measures imposed by the Exchange

Compliance Requirements

For Trading Members:

  • Ensure margin collection of 50% or existing margin, whichever is higher, capped at 100% on the two listed securities
  • Apply enhanced margins to all open positions as on November 28, 2025
  • Apply enhanced margins to all new positions created from December 01, 2025
  • Monitor positions in BIGBLOC and JAYESH securities

For Market Participants:

  • Maintain adequate margins for trading in listed securities
  • Be aware that ASM framework applies in addition to other surveillance measures

Important Dates

  • November 27, 2025: Circular issuance date
  • November 28, 2025: Effective date for ST-ASM Stage I implementation and margin application on existing open positions
  • December 01, 2025: Effective date for margin application on new positions

Impact Assessment

Securities Included in ST-ASM Stage I:

  1. Bigbloc Construction Limited (BIGBLOC) - ISIN: INE412U01025
  2. Jayesh Logistics Limited (JAYESH) - ISIN: INE1AE401014

Securities Excluded from ASM:

  1. Blue Pebble Limited (BLUEPEBBLE) - ISIN: INE0SAK01011
  2. Madhya Pradesh Today Media Limited (MPTODAY) - ISIN: INE105Y01019
  3. Rico Auto Industries Limited (RICOAUTO) - ISIN: INE209B01025
  4. Systango Technologies Limited (SYSTANGO) - ISIN: INE0O7R01011 (moved to ESM framework)
  5. Winny Immigration & Education Services Limited (WINNY) - ISIN: INE0S9101013

Market Impact:

  • Higher margin requirements will increase trading costs for BIGBLOC and JAYESH securities
  • Reduced liquidity expected in affected securities due to higher capital requirements
  • Existing position holders will need to arrange additional margins from November 28, 2025
  • The exclusion of five securities from ASM framework will normalize trading conditions for those stocks
  • Exchange clarifies that ST-ASM shortlisting is purely for market surveillance and not an adverse action against the companies

Impact Justification

High margin requirement of 50% imposed on two securities under ST-ASM framework, directly affecting trading costs and positions for market participants