Description

NSE introduces Additional Surveillance Measure for TV Vision Limited under Long-Term ASM Framework Stage-I with 100% margin requirement effective December 18, 2025.

Summary

NSE has placed TV Vision Limited under the Long-Term Additional Surveillance Measure (ASM) Framework Stage-I effective December 16, 2025. This surveillance action imposes a 100% margin requirement on all open and new positions in the security starting December 18, 2025. The circular references NSE’s ongoing ASM framework designed to address market surveillance concerns.

Key Points

  • TV Vision Limited (Symbol: TVVISION, ISIN: INE871L01013) shortlisted under Long-Term ASM Framework Stage-I
  • 100% margin applicable on all positions from December 18, 2025
  • No securities shortlisted for Stage-IV (Trade-for-Trade segment shift)
  • No securities moving between ASM stages in this circular
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • ASM shortlisting is purely for market surveillance and not an adverse action against the company

Regulatory Changes

The circular implements the Long-Term Additional Surveillance Measure framework previously established through multiple NSE circulars dating back to October 2018. This measure is part of NSE’s enhanced surveillance mechanism to monitor securities exhibiting abnormal price movements or trading patterns.

Compliance Requirements

For Trading Members:

  • Ensure 100% margin is collected on TV Vision Limited positions
  • Margin applicable on all open positions as of December 17, 2025
  • Margin applicable on all new positions created from December 18, 2025 onwards
  • Comply with all existing surveillance measures concurrently

For Market Participants:

  • Cannot use leverage for trading in TV Vision Limited
  • Must have full cash/securities upfront for positions
  • Refer to NSE FAQs on Additional Surveillance Measure for detailed guidance

Important Dates

  • December 15, 2025: Circular issue date
  • December 16, 2025: TV Vision Limited enters Long-Term ASM Stage-I
  • December 17, 2025: Last day for existing positions under previous margin norms
  • December 18, 2025: 100% margin requirement becomes effective

Impact Assessment

Market Impact:

  • Significantly restricts trading activity in TV Vision Limited
  • Eliminates leverage opportunities for traders in this security
  • Likely to reduce trading volumes and liquidity
  • May lead to increased price volatility due to reduced participation

Operational Impact:

  • Brokers must ensure adequate margin collection systems
  • Increased capital requirements for clients holding positions
  • Potential for margin calls and position squaring if clients cannot meet 100% margin
  • Enhanced monitoring and compliance burden on trading members

Investor Impact:

  • Retail and institutional investors need full upfront capital
  • No intraday leverage available
  • Delivery-based trading only viable strategy
  • Signals heightened regulatory scrutiny on the security

Impact Justification

High severity due to 100% margin requirement on TV Vision Limited, significantly impacting trading in this security and preventing leverage.