Description
NSE places Vipul Limited under Long-Term ASM Framework Stage-I with 100% margin requirement effective December 19, 2025.
Summary
NSE has issued circular 972/2025 placing Vipul Limited under the Long-Term Additional Surveillance Measure (ASM) Framework Stage-I effective December 19, 2025. This action imposes a 100% margin requirement on all open and new positions in the security. The surveillance measure is applied based on predetermined criteria and is not an adverse action against the company.
Key Points
- Vipul Limited (Symbol: VIPULLTD, ISIN: INE946H01037) shortlisted under Long-Term ASM Framework Stage-I
- 100% margin requirement applicable on all positions from December 19, 2025
- Margin applies to both open positions as on December 18, 2025 and new positions from December 19, 2025 onwards
- No securities moved to Stage-IV (Trade-for-Trade segment) in this circular
- No securities moved between stages (I to II, II to III, I to IV, or II to IV)
- ASM framework operates in conjunction with all other prevailing surveillance measures
- This is a market surveillance action and not an adverse finding against the company
Regulatory Changes
The circular implements the Long-Term Additional Surveillance Measure framework as per previous circulars (NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066). Securities under Stage-IV would be shifted from Rolling Settlement segment (Series: EQ) to Trade-for-Trade segment (Series: BE), but no securities qualify under this category in the current circular.
Compliance Requirements
- Members must ensure 100% margin is collected for Vipul Limited positions
- Margin requirement applies to all open positions as on December 18, 2025
- Margin requirement applies to all new positions created from December 19, 2025 onwards
- Members should refer to NSE’s FAQs on Additional Surveillance Measure: https://www.nseindia.com/regulations/additional-surveillance-measure
- Queries may be directed to surveillance@nse.co.in
Important Dates
- December 16, 2025: Circular issued (Circular Ref. No: 972/2025)
- December 17, 2025: Effective date for shortlisting under Long-Term ASM Framework Stage-I
- December 18, 2025: Last day before margin requirement implementation
- December 19, 2025: 100% margin requirement comes into effect for all positions
Impact Assessment
Trading Impact: High impact on Vipul Limited as 100% margin requirement significantly reduces leverage availability and may lead to reduced liquidity and trading volumes in the security.
Market Participants: Traders and investors holding positions in Vipul Limited will need to maintain full margin, increasing capital requirements substantially.
Operational Impact: Brokers must ensure systems are updated to collect 100% margin for the affected security and communicate the requirement to clients holding positions.
Liquidity Impact: The enhanced margin requirement typically results in reduced trading activity and lower liquidity in the affected security.
Impact Justification
100% margin requirement significantly impacts trading in Vipul Limited but affects only one security currently