Description

NSE places Goyal Aluminiums Limited and Silver Touch Technologies Limited under Long-Term ASM Stage-I with 100% margin requirement effective January 12, 2026.

Summary

NSE has placed two securities under Long-Term Additional Surveillance Measure (Long Term-ASM) Stage-I effective January 8, 2026. Goyal Aluminiums Limited and Silver Touch Technologies Limited will be subject to 100% margin requirements on all positions starting January 12, 2026. Silver Touch Technologies was moved from Short-Term ASM (STASM) to Long-Term ASM (LTASM) framework, indicating continued surveillance concerns.

Key Points

  • Two securities placed under Long-Term ASM Stage-I: Goyal Aluminiums Limited (GOYALALUM, INE705X01026) and Silver Touch Technologies Limited (SILVERTUC, INE625X01018)
  • 100% margin applicable on all open positions as on January 9, 2026 and new positions from January 12, 2026 onwards
  • Silver Touch Technologies moved from STASM to LTASM framework
  • No securities placed in Stage-IV or moving between stages during this update
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Circular references previous NSE circulars: NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066

Regulatory Changes

Enhanced margin requirements imposed under Long-Term ASM framework for identified securities. Securities qualifying under Criteria VII (Stage-IV) would be shifted from Rolling Settlement segment (Series: EQ) to Trade-for-Trade segment (Series: BE), though no securities were placed in Stage-IV in this circular.

Compliance Requirements

  • Market participants must maintain 100% margin on all open positions in GOYALALUM and SILVERTUC as on January 9, 2026
  • 100% margin required on all new positions created from January 12, 2026 onwards in these securities
  • Members must comply with ASM framework alongside other existing surveillance measures
  • For queries, members should contact surveillance@nse.co.in

Important Dates

  • January 7, 2026: Circular issued (Circular Ref. No: 18/2026)
  • January 8, 2026: Securities officially shortlisted under Long-Term ASM Stage-I
  • January 9, 2026: Cut-off date for open positions subject to 100% margin
  • January 12, 2026: 100% margin requirement becomes effective on all open and new positions

Impact Assessment

Market Impact: High - The 100% margin requirement will significantly reduce leverage availability for traders in affected securities, likely leading to reduced liquidity and trading volumes. This is particularly impactful for Silver Touch Technologies, which escalated from Short-Term ASM to Long-Term ASM, indicating persistent surveillance concerns.

Operational Impact: Traders and brokers will need to ensure adequate margin coverage for existing positions by January 9, 2026, which may force position closures if insufficient funds are available. New position-taking will require full cash upfront from January 12, 2026.

Company Impact: While NSE clarifies that ASM shortlisting is purely for market surveillance and not an adverse action against the company, the enhanced surveillance measures may negatively impact investor sentiment and stock liquidity for Goyal Aluminiums and Silver Touch Technologies.

Impact Justification

100% margin requirement significantly impacts trading in affected securities; Silver Touch moved from STASM to LTASM indicating heightened surveillance concerns