Description

NSE announces inclusion of 8 securities in ST-ASM Stage I with increased margin requirements effective December 31, 2025, and exclusion of 4 securities from ASM framework.

Summary

NSE has announced the inclusion of 8 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective December 30, 2025. The affected securities will be subject to increased margin requirements of 50% or existing margin (whichever is higher), capped at 100%. Additionally, 4 securities are being excluded from the ASM framework. This measure is part of NSE’s ongoing surveillance activities and does not reflect adversely on the concerned companies.

Key Points

  • 8 securities included in ST-ASM Stage I effective December 30, 2025
  • Margin requirement increased to 50% or existing margin (whichever is higher), maximum 100%
  • New margin rates applicable on all open positions as on December 30, 2025 and new positions from December 31, 2025
  • 4 securities excluded from ASM framework: AMNPLST, ESFL, MEESHO, SAIFL
  • No securities moving between ST-ASM Stage I and Stage II
  • ASM framework operates in conjunction with other existing surveillance measures
  • Circular references previous circulars from 2018, 2020, 2022, 2023, and 2024

Securities Included in ST-ASM Stage I

  1. A2ZINFRA - A2Z Infra Engineering Limited (INE619I01012)
  2. GANESHIN - Ganesh Infraworld Limited (INE0TVT01024)
  3. HIGREEN - Hi-Green Carbon Limited (INE0PIC01017)
  4. KNRCON - KNR Constructions Limited (INE634I01029)
  5. OMAXE - Omaxe Limited (INE800H01010)
  6. PROFX - Pro FX Tech Limited (INE0VJT01017)
  7. RVNL - Rail Vikas Nigam Limited (INE415G01027)
  8. VEEKAYEM - Veekayem Fashion and Apparels Limited (INE0KTW01013)

Securities Excluded from ASM Framework

  1. AMNPLST - Amines & Plasticizers Limited (INE275D01022)
  2. ESFL - Essen Speciality Films Limited (INE0ITO01014)
  3. MEESHO - Meesho Limited (INE0VDM01015)
  4. SAIFL - Sameera Agro And Infra Limited (INE0PZA01015)

Regulatory Changes

Margin requirements for the 8 identified securities will increase to a minimum of 50% or existing margin rates, whichever is higher, with a maximum cap of 100%. This enhanced margin requirement is designed to address surveillance concerns identified through NSE’s monitoring framework.

Compliance Requirements

  • Members must apply the increased margin rates (50% minimum, 100% maximum) on all open positions as on December 30, 2025
  • New positions created from December 31, 2025 must comply with the enhanced margin requirements
  • Market participants should ensure adequate margin coverage for affected securities
  • Members should refer to NSE’s FAQs on Additional Surveillance Measure at https://www.nseindia.com/regulations/additional-surveillance-measure
  • Queries can be directed to surveillance@nse.co.in

Important Dates

  • December 29, 2025: Circular issued
  • December 30, 2025: ST-ASM Stage I inclusion effective date; exclusions from ASM framework effective
  • December 31, 2025: Enhanced margin requirements applicable on new positions

Impact Assessment

Market Impact: The inclusion of 8 securities in ST-ASM Stage I will significantly impact trading in these stocks. The minimum 50% margin requirement will increase capital costs for traders and may reduce trading volumes and liquidity in these securities.

Operational Impact: Brokers and trading members will need to adjust margin collection systems and communicate the changes to clients holding positions in affected securities. Additional margin calls may be triggered for existing positions.

Positive Development: The exclusion of 4 securities (AMNPLST, ESFL, MEESHO, SAIFL) from the ASM framework indicates improved market behavior in these stocks, potentially leading to increased liquidity and reduced trading costs.

Investor Impact: Investors holding positions in the 8 affected securities will face higher margin requirements, potentially requiring additional capital infusion or position reduction. The surveillance measure aims to protect market integrity but may temporarily impact stock prices due to forced selling or reduced buying interest.

Impact Justification

Significant increase in margin requirements to 50% minimum for 8 securities, directly impacting trading costs and positions for market participants.