Description
NSE announces inclusion of 4 securities under ST-ASM Stage I with increased margin requirements, and exclusion of 6 securities from ASM framework effective December 19, 2025.
Summary
NSE has announced the inclusion of 4 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I framework and the exclusion of 6 securities from the ASM framework, both effective December 19, 2025. The included securities will face increased margin requirements starting December 22, 2025. This circular is issued by the Surveillance Department and follows previous ASM-related circulars dating back to October 2018.
Key Points
- 4 securities included in ST-ASM Stage I: Aatmaj Healthcare Limited, Amines & Plasticizers Limited, Meesho Limited, and Sameera Agro And Infra Limited
- Margin requirement increased to 50% or existing margin (whichever is higher), capped at maximum 100%
- Margin increase applies to all open positions as on December 19, 2025 and new positions from December 22, 2025
- 6 securities excluded from ASM framework: Auri Grow India Limited, Mangalam Drugs And Organics Limited, Marinetrans India Limited, Neelam Linens and Garments (India) Limited, Pranik Logistics Limited, and S A Tech Software India Limited
- No securities moved between ST-ASM Stage I and Stage II
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely for market surveillance and not an adverse action against companies
Regulatory Changes
The circular implements surveillance measures under the ST-ASM framework as per previous circulars (NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558, and NSE/SURV/64066). The margin requirements represent a significant increase for the affected securities to curb excessive speculation and volatility.
Compliance Requirements
- NSE members must apply minimum 50% margin (or existing margin, whichever is higher) on affected securities
- Margin requirements apply to both existing open positions and new positions
- Members should monitor the ASM framework status of securities regularly
- For queries, members may contact surveillance@nse.co.in
- Detailed information available at: https://www.nseindia.com/regulations/additional-surveillance-measure
Important Dates
- December 18, 2025: Circular issued
- December 19, 2025: Effective date for ST-ASM inclusion/exclusion
- December 22, 2025: Increased margin requirements become applicable
Impact Assessment
Securities Included in ST-ASM Stage I:
- AATMAJ - Aatmaj Healthcare Limited (INE0OB201016)
- AMNPLST - Amines & Plasticizers Limited (INE275D01022)
- MEESHO - Meesho Limited (INE0VDM01015)
- SAIFL - Sameera Agro And Infra Limited (INE0PZA01015)
Securities Excluded from ASM:
- AURIGROW - Auri Grow India Limited (moved from STASM to LTASM)
- MANGALAM - Mangalam Drugs And Organics Limited
- MARINETRAN - Marinetrans India Limited (moved from STASM to LTASM)
- NEELAM - Neelam Linens and Garments (India) Limited
- PRANIK - Pranik Logistics Limited
- SATECH - S A Tech Software India Limited
Market Impact:
- Traders holding positions in the 4 included securities will face significantly higher margin requirements, potentially forcing position closures or additional capital deployment
- Higher margins will reduce leverage and may decrease trading volumes in affected securities
- Cost of trading these securities increases substantially, impacting short-term traders and speculators
- Exclusion of 6 securities provides relief with normalized margin requirements, potentially improving liquidity
- The surveillance measure aims to stabilize price movements and reduce excessive volatility in the included securities
Impact Justification
Significant margin increase to 50% minimum for affected securities impacts trading costs and liquidity. Direct operational impact on members trading these stocks.