Description

NSE circular updating the list of securities under the Additional Surveillance Measure (ASM) framework, with one security (Marinetrans India Limited) being excluded and moved to ESM framework.

Summary

NSE has issued an update to the Additional Surveillance Measure (ASM) framework effective December 26, 2025. This circular provides the status of securities under Long-Term ASM across various stages. Notably, no new securities have been added to any stage, and no securities are moving between stages. One security, Marinetrans India Limited (MARINETRAN), has been excluded from the ASM framework and moved to the Enhanced Surveillance Measure (ESM) framework.

Key Points

  • No new securities shortlisted for Long-Term ASM Framework Stage I or Stage IV
  • No securities moving between stages (Stage I to II, Stage II to III, Stage III to IV, or reverse movements)
  • One security excluded from ASM framework: Marinetrans India Limited (MARINETRAN, ISIN: INE0P1P01017)
  • MARINETRAN has been moved from LT-ASM to ESM framework
  • Consolidated ASM list continues to include securities like 21st Century Management Services, A B Infrabuild, Ambani Orgochem, Apollo Micro Systems, Rajdarshan Industries, Art Nirman, and Atal Realtech, among others
  • Securities in Stage IV are subject to Trade for Trade (T+T) settlement on Series BE basis

Regulatory Changes

No new regulatory changes introduced in this circular. The framework continues to operate under existing ASM guidelines where:

  • Securities identified under Criteria VII in Stage IV are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis
  • The Long-Term ASM framework operates in four stages with progressively stricter surveillance measures

Compliance Requirements

Trading members and market participants should:

  • Note that MARINETRAN is no longer under ASM framework and has been moved to ESM framework effective December 26, 2025
  • Continue to comply with existing ASM framework requirements for securities listed in the consolidated ASM list
  • Apply appropriate trading restrictions and settlement mechanisms for securities in different ASM stages
  • Ensure awareness that Stage IV securities operate under Trade for Trade settlement basis

Important Dates

  • Effective Date: December 26, 2025 - All changes to ASM framework classification become effective

Impact Assessment

The impact of this circular is minimal as it represents a routine update with no new securities entering the surveillance framework and no stage transitions. The exclusion of MARINETRAN from ASM to ESM framework affects only that specific security and its trading members. The consolidated ASM list remains largely unchanged, maintaining market stability. Investors and traders in the listed ASM securities should continue to be aware of the enhanced surveillance and potential trading restrictions applicable to these securities based on their stage classification.

Impact Justification

Routine surveillance circular with no new securities added to ASM framework and only one security moved from LT-ASM to ESM. No stage changes for existing securities.