Description

NSE notifies inclusion of three securities (AKASH, MARC, VEEKAYEM) under ST-ASM Stage I and exclusion of three securities from ASM framework, effective January 13, 2026.

Summary

NSE has issued a surveillance circular regarding changes to the Short-Term Additional Surveillance Measure (ST-ASM) framework. Three securities have been shortlisted for inclusion under ST-ASM Stage I, while three securities are being excluded from the ASM framework. The circular mandates increased margin requirements of 50% or existing margin (whichever is higher, capped at 100%) for the securities entering ST-ASM Stage I.

Key Points

  • Three securities added to ST-ASM Stage I: Akash Infra-Projects Limited (AKASH), Marc Technocrats Limited (MARC), and Veekayem Fashion and Apparels Limited (VEEKAYEM)
  • No securities in ST-ASM Stage II or moving between stages
  • Three securities excluded from ASM framework: Orient Ceratech Limited (ORIENTCER), Phoenix Overseas Limited (PHOGLOBAL), and Vilin Bio Med Limited (VILINBIO)
  • Vilin Bio Med Limited moved from ST-ASM to LT-ASM framework
  • Margin requirements: 50% or existing margin, whichever is higher, capped at 100%
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM is for market surveillance purposes and not an adverse action against the company

Regulatory Changes

This circular implements changes to the ASM framework originally established through previous circulars dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023, and September 20, 2024. The specific changes include updated lists of securities under ST-ASM surveillance stages.

Compliance Requirements

  • Trading members must apply increased margin rates of 50% or existing margin (whichever is higher, capped at 100%) for securities entering ST-ASM Stage I
  • Enhanced margins apply to all open positions as on January 13, 2026 and new positions created from January 14, 2026
  • Members should refer to NSE’s FAQ page on Additional Surveillance Measure for detailed framework information
  • Any queries should be directed to surveillance@nse.co.in

Important Dates

  • January 12, 2026: Circular issued
  • January 13, 2026: Effective date for ASM framework changes
  • January 14, 2026: Enhanced margin requirements become applicable for new positions and existing open positions

Impact Assessment

Securities Entering ST-ASM Stage I:

  • AKASH (INE737W01013), MARC (INE0TD401015), and VEEKAYEM (INE0KTW01013) will face significantly higher margin requirements, making trading more capital-intensive
  • Increased margins may reduce speculative activity and trading volumes in these securities
  • Liquidity may be negatively impacted due to higher capital requirements

Securities Exiting ASM:

  • ORIENTCER (INE569C01020) and PHOGLOBAL (INE0FPO01018) will benefit from removal of enhanced surveillance measures
  • VILINBIO (INE0L4V01013) transitions to Long-Term ASM framework, indicating different surveillance approach
  • Normal margin requirements will apply for excluded securities, potentially improving liquidity

Market-Wide Impact:

  • Limited overall market impact as only six securities are affected
  • Demonstrates NSE’s active surveillance and risk management approach
  • Serves as a cautionary signal to market participants about unusual price or volume movements in affected securities

Impact Justification

Affects trading margins for three securities moving into ST-ASM Stage I and removes restrictions from three securities. Limited market-wide impact but significant for affected stocks.