Description

NSE places Shyam Century Ferrous Limited and Total Transport Systems Limited under ST-ASM Stage I with 50% margin requirement effective December 9, 2025. Bigbloc Construction and Wol 3D India excluded from ASM framework.

Summary

NSE has issued an update on the Short-Term Additional Surveillance Measure (ST-ASM) framework effective December 8-9, 2025. Two securities - Shyam Century Ferrous Limited (SHYAMCENT) and Total Transport Systems Limited (TOTAL) - have been shortlisted under ST-ASM Stage I, requiring a margin of 50% or existing margin (whichever is higher, capped at 100%). Additionally, two securities - Bigbloc Construction Limited (BIGBLOC) and Wol 3D India Limited (WOL3D) - are being excluded from the ASM framework.

Key Points

  • Two securities shortlisted for inclusion in ST-ASM Stage I: Shyam Century Ferrous Limited (INE979R01011) and Total Transport Systems Limited (INE336X01012)
  • Applicable margin rate: 50% or existing margin, whichever is higher, subject to maximum cap of 100%
  • Margin applies to all open positions as on December 8, 2025 and new positions created from December 9, 2025
  • No securities shortlisted in ST-ASM Stage II
  • No securities moving between Stage I and Stage II
  • Two securities excluded from ASM framework: Bigbloc Construction Limited (INE412U01025) and Wol 3D India Limited (INE0OO201011)
  • ASM framework operates in conjunction with other surveillance measures imposed by exchanges
  • Shortlisting is purely for market surveillance and not an adverse action against the company

Regulatory Changes

This circular implements routine updates to the ST-ASM framework established under previous circulars (NSE/SURV/39265 dated October 27, 2018, NSE/SURV/46557 dated December 4, 2020, NSE/SURV/52144 dated April 28, 2022, NSE/SURV/58558 dated September 25, 2023, and NSE/SURV/64066 dated September 20, 2024). The changes are periodic adjustments based on surveillance criteria rather than new regulatory framework modifications.

Compliance Requirements

  • Trading members must ensure compliance with enhanced margin requirements of 50% (or existing margin, whichever is higher, capped at 100%) for SHYAMCENT and TOTAL
  • Margins apply to all open positions as of December 8, 2025
  • Margins apply to all new positions created from December 9, 2025 onwards
  • Market participants must note that ASM framework works in conjunction with other surveillance measures
  • Price bands for securities exiting the framework will be reinstated to pre-ASM levels, subject to the scrip not being part of any other surveillance measure

Important Dates

  • December 8, 2025: Enhanced margins apply to all open positions in SHYAMCENT and TOTAL; exclusion of BIGBLOC and WOL3D from ASM framework becomes effective
  • December 9, 2025: Enhanced margins apply to new positions created in SHYAMCENT and TOTAL from this date onwards

Impact Assessment

Trading Impact: The 50% margin requirement for SHYAMCENT and TOTAL will significantly increase capital requirements for traders holding or planning to take positions in these securities, potentially reducing liquidity and trading volumes.

Cost Impact: Higher margins mean increased cost of carry for positions, affecting profitability of trading strategies in these securities.

Market Sentiment: Inclusion in ST-ASM may be perceived negatively by market participants despite NSE’s clarification that it is not an adverse action, potentially impacting stock prices and investor sentiment.

Positive Impact: Exclusion of BIGBLOC and WOL3D from ASM framework restores normal trading conditions and margin requirements for these securities, improving liquidity and reducing trading costs.

Risk Management: The surveillance measure aims to curb excessive speculation and volatility in the shortlisted securities, contributing to market stability.

Impact Justification

Direct impact on trading with 50% margin requirement for two securities entering ST-ASM Stage I, significantly affecting liquidity and trading costs. Two securities being excluded from ASM framework also impacts market participants.