Description
NSE announces inclusion of 4 securities under ST-ASM Stage I with 50% margin requirement and exclusion of 8 securities from ASM framework effective January 7-8, 2026.
Summary
NSE has issued a surveillance circular regarding the applicability of Short-Term Additional Surveillance Measure (ST-ASM). Four securities have been identified for inclusion under ST-ASM Stage I effective January 7, 2026, with enhanced margin requirements of 50% or existing margin (whichever is higher, capped at 100%). Additionally, eight securities are being excluded from the ASM framework from the same date.
Key Points
- 4 securities included in ST-ASM Stage I: CSB Bank Limited, Esprit Stones Limited, Manaksia Aluminium Company Limited, and Robust Hotels Limited
- Margin requirement: 50% or existing margin, whichever is higher, capped at 100%
- 8 securities to be excluded from ASM framework
- No securities shortlisted for ST-ASM Stage II
- No movements between 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
This circular builds upon previous ASM circulars (NSE/SURV/39265 dated October 27, 2018, NSE/SURV/46557 dated December 04, 2020, NSE/SURV/52144 dated April 28, 2022, NSE/SURV/58558 dated September 25, 2023, and NSE/SURV/64066 dated September 20, 2024). The ST-ASM framework imposes additional margin requirements on securities exhibiting unusual price movements or volatility.
Compliance Requirements
For Securities Included in ST-ASM Stage I:
- Members must apply 50% margin or existing margin (whichever is higher) with a maximum cap of 100%
- Margin applicable to all open positions as on January 07, 2026
- Margin applicable to new positions created from January 08, 2026
Securities Included in ST-ASM Stage I (effective January 07, 2026):
- CSBBANK - CSB Bank Limited (INE679A01013)
- ESPRIT - Esprit Stones Limited (INE0SBP01018)
- MANAKALUCO - Manaksia Aluminium Company Limited (INE859Q01017)
- RHL - Robust Hotels Limited (INE508K01013)
Securities Excluded from ASM Framework (effective January 07, 2026):
- A2ZINFRA - A2Z Infra Engineering Limited (INE619I01012)
- GANESHIN - Ganesh Infraworld Limited (INE0TVT01024)
- HIGREEN - Hi-Green Carbon Limited (INE0PIC01017)
- KNRCON - KNR Constructions Limited (INE634I01029)
- OMAXE - Omaxe Limited (INE800H01010)
- PROFX - Pro FX Tech Limited (INE0VJT01017)
- RVNL - Rail Vikas Nigam Limited (INE415G01027)
- VEEKAYEM - Veekayem Fashion and Apparels Limited (INE0KTW01013)
Important Dates
- January 06, 2026: Circular issued
- January 07, 2026: ST-ASM Stage I and exclusions become effective
- January 08, 2026: Enhanced margin requirements apply to new positions from this date
Impact Assessment
For Included Securities: The inclusion of 4 securities under ST-ASM Stage I will result in higher margin requirements, potentially reducing speculative trading activity and improving price stability. Traders and investors in these securities will face increased capital requirements, which may impact liquidity and trading volumes.
For Excluded Securities: The exclusion of 8 securities from ASM framework provides relief by removing enhanced surveillance measures, potentially improving liquidity and reducing trading costs for market participants. This indicates that these securities have demonstrated improved price behavior and compliance with market norms.
Market-Wide Impact: The surveillance measure is designed to curb excessive speculation and ensure orderly market conditions. Market participants should review their positions in affected securities and ensure adequate margin availability. For queries, members can contact surveillance@nse.co.in or refer to the FAQs at https://www.nseindia.com/regulations/additional-surveillance-measure.
Impact Justification
Affects trading margins for 4 securities and provides relief to 8 securities being excluded from surveillance measures, impacting trading costs and liquidity.