Description

NSE places Alps Industries Limited under Long-Term ASM Framework Stage-I with 100% margin requirement effective December 16, 2025.

Summary

NSE has issued a circular regarding the applicability of Additional Surveillance Measure (ASM) effective December 16, 2025. Alps Industries Limited (Symbol: ALPSINDUS, ISIN: INE093B01015) has been included under Long-Term ASM Framework Stage-I. The security will be subject to 100% margin requirement on all open positions and new positions created from December 16, 2025 onwards. This surveillance action is purely market-based and should not be construed as adverse action against the company.

Key Points

  • Alps Industries Limited shortlisted under Long-Term ASM Framework Stage-I
  • 100% margin requirement applicable from December 16, 2025
  • Margin applies to both open positions as on December 15, 2025 and new positions from December 16, 2025 onwards
  • No securities moved to Stage-IV (Trade-for-Trade segment)
  • ASM framework operates in conjunction with all other surveillance measures
  • Action is purely surveillance-based, not an adverse action against the company

Regulatory Changes

The circular references previous NSE circulars establishing the ASM framework (NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066). Securities meeting Long-Term ASM criteria are subject to enhanced margin requirements. Securities qualifying under Criteria VII would be shifted from Rolling Settlement segment (Series: EQ) to Trade-for-Trade segment (Series: BE), though no securities currently qualify for this in the present circular.

Compliance Requirements

  • Market participants must ensure 100% margin is maintained for ALPSINDUS effective December 16, 2025
  • Margin requirement applies to all open positions existing on December 15, 2025
  • Margin requirement applies to all new positions created from December 16, 2025 onwards
  • Members should refer to NSE FAQs on Additional Surveillance Measure at https://www.nseindia.com/regulations/additional-surveillance-measure
  • Queries may be directed to surveillance@nse.co.in

Important Dates

  • December 11, 2025: Circular issued
  • December 15, 2025: Cut-off date for existing open positions
  • December 16, 2025: Effective date for 100% margin requirement on ALPSINDUS

Impact Assessment

Trading Impact: High impact on Alps Industries Limited as 100% margin requirement significantly increases capital requirements for trading. This will likely reduce liquidity and trading volumes in the security. Traders and investors holding positions will need to arrange additional margins.

Market Impact: Limited broader market impact as only one security is affected in this circular. However, demonstrates continued vigilance by NSE surveillance department in monitoring securities.

Investor Impact: Existing position holders must ensure adequate margin by December 16, 2025. New traders will face higher capital requirements, potentially deterring speculative activity in the security.

Operational Impact: Brokers and trading members need to update their risk management systems and communicate margin requirements to clients holding or intending to trade ALPSINDUS.

Impact Justification

Affects one security with 100% margin requirement, significant impact on trading in ALPSINDUS but limited market-wide impact