Description

NSE implements Long Term Additional Surveillance Measures on select securities with 100% margin requirement effective December 12, 2025. SABTNL to be shifted to Trade-for-Trade segment.

Summary

NSE has issued surveillance measures under the Long-Term Additional Surveillance Measure (ASM) framework affecting three securities. Two securities (ARVEE and DELPHIFX) have been placed in Stage-I requiring 100% margin. One security (SABTNL) is being moved from Stage-I to Stage-IV and will be shifted from Rolling Settlement (EQ series) to Trade-for-Trade segment (BE series). These measures take effect from December 12, 2025.

Key Points

  • Long-Term ASM framework applied to securities meeting specific surveillance criteria
  • 100% margin requirement applicable on all open positions as on December 11, 2025 and new positions from December 12, 2025 onwards
  • SABTNL (Sri Adhikari Brothers Television Network Limited) to be shifted from Rolling Settlement to Trade-for-Trade segment
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely on surveillance grounds and not an adverse action against the company

Regulatory Changes

Stage-I Securities (New Inclusions):

  • ARVEE - Arvee Laboratories (India) Limited (ISIN: INE006Z01016)
  • DELPHIFX - DELPHI WORLD MONEY LIMITED (ISIN: INE726L01019)

Stage-IV Securities (Upgraded from Stage-I):

  • SABTNL - Sri Adhikari Brothers Television Network Limited (ISIN: INE416A01044)
    • Additional measure: Shift from Rolling Settlement (Series: EQ) to Trade-for-Trade (Series: BE)

No securities moved between:

  • Stage-I to Stage-II
  • Stage-II to Stage-III
  • New Stage-IV inclusions (other than upgrades)

Compliance Requirements

For Trading Members:

  • Apply 100% margin on all open positions in listed securities as on December 11, 2025
  • Apply 100% margin on all new positions created from December 12, 2025 onwards
  • Ensure compliance with Trade-for-Trade segment requirements for SABTNL from December 12, 2025
  • Adhere to ASM framework in conjunction with other surveillance measures

For Market Participants:

Important Dates

  • December 09, 2025: Circular issued (Circular Ref. No: 953/2025)
  • December 10, 2025: Securities officially shortlisted in Long-Term ASM Framework
  • December 11, 2025: Last day under existing margin regime for open positions
  • December 12, 2025:
    • 100% margin requirement effective on all positions
    • SABTNL shifts to Trade-for-Trade segment (BE series)
    • New surveillance measures become operational

Impact Assessment

Trading Impact:

  • Significantly reduced leverage availability with 100% margin requirement
  • Enhanced capital requirements for taking positions in affected securities
  • Reduced liquidity expected due to higher margin obligations
  • SABTNL faces additional liquidity constraints from Trade-for-Trade classification

Investor Impact:

  • Intraday trading severely restricted in these securities
  • Delivery-based transactions become mandatory for SABTNL
  • Higher capital commitment required for position taking
  • Potential volatility due to reduced market participation

Market Operations:

  • Securities remain under enhanced surveillance monitoring
  • Measures act as circuit breaker against excessive speculation
  • Trade-for-Trade segment ensures settlement discipline for SABTNL
  • Framework operates alongside other existing surveillance measures

Reference Circulars: This circular references NSE circulars dated October 27, 2018, July 22, 2020, December 04, 2020, June 04, 2021, April 22, 2022, August 09, 2024, and September 20, 2024 establishing the ASM framework.

Impact Justification

Significant trading restrictions with 100% margin requirements and shift to Trade-for-Trade segment for affected securities, directly impacting liquidity and trading behavior