Description
NSE places 21st Century Management Services Limited under Long-Term ASM Stage-I with 100% margin requirement effective December 29, 2025.
Summary
NSE has issued a circular regarding the applicability of Long-Term Additional Surveillance Measure (ASM) framework. One security, 21st Century Management Services Limited (Symbol: 21STCENMGM), has been shortlisted for inclusion under Long-Term ASM Stage-I effective December 24, 2025. The surveillance action includes implementation of 100% margin requirement on all positions starting December 29, 2025. No securities are being moved to higher stages or shifted to Trade-for-Trade segment in this circular.
Key Points
- 21st Century Management Services Limited (21STCENMGM, ISIN: INE253B01015) included in Long-Term ASM Stage-I
- 100% margin requirement applicable on all open positions as on December 26, 2025 and new positions from December 29, 2025 onwards
- No securities shortlisted for Stage-IV or shifts between stages in this update
- ASM framework works in conjunction with all other prevailing surveillance measures
- Shortlisting is purely for market surveillance and not an adverse action against the company
Regulatory Changes
This circular implements the Long-Term Additional Surveillance Measure as per the existing ASM framework established through previous circulars (NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066). The primary regulatory action is the increased margin requirement for the identified security.
Compliance Requirements
- Trading members must ensure 100% margin is collected on all open positions in 21STCENMGM as on December 26, 2025
- 100% margin must be applied to all new positions created from December 29, 2025 onwards
- Members should refer to NSE’s FAQs on Additional Surveillance Measure at https://www.nseindia.com/regulations/additional-surveillance-measure
- Members can contact surveillance@nse.co.in for queries
Important Dates
- December 23, 2025: Circular issued
- December 24, 2025: Securities shortlisted in Long-Term ASM Framework Stage-I (effective date)
- December 26, 2025: Cut-off date for existing open positions subject to 100% margin
- December 29, 2025: 100% margin requirement becomes applicable on all positions
Impact Assessment
Market Impact: High impact on 21STCENMGM with significantly reduced trading liquidity expected due to 100% margin requirement. This will effectively eliminate leverage trading in this security and may result in reduced trading volumes.
Operational Impact: Trading members must update margin requirements and risk management systems to reflect 100% margin for the affected security. Position limits and exposure calculations need adjustment.
Investor Impact: Investors holding positions in 21STCENMGM will need to maintain full margin (100% of position value), substantially increasing capital requirements. New positions will require upfront payment of full value, making it similar to cash-and-carry trading.
Impact Justification
High impact for affected security with 100% margin requirement, but limited to single stock; medium overall importance as part of routine surveillance framework