Description
NSE includes V R Infraspace Limited under Long-Term ASM Framework Stage-I with 100% margin requirement effective January 22, 2026.
Summary
NSE has issued Circular No. 45/2026 regarding the inclusion of securities under the Long-Term Additional Surveillance Measure (ASM) framework. V R Infraspace Limited (Symbol: VR, ISIN: INE0QQM01017) has been shortlisted under Long-Term ASM Framework Stage-I. The Exchange will impose a 100% margin requirement on this security effective January 22, 2026. No securities have been moved to Stage-IV or between other stages in this update.
Key Points
- V R Infraspace Limited included in Long-Term ASM Framework Stage-I
- 100% margin applicable on all open positions and new positions from January 22, 2026
- No securities shifted to Trade-for-Trade segment in this circular
- ASM framework operates in conjunction with other surveillance measures
- ASM inclusion is purely for market surveillance purposes and not an adverse action against the company
Regulatory Changes
The circular implements the Long-Term ASM framework provisions as per previous circulars (NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066). The key regulatory change is the application of enhanced margin requirements to securities meeting ASM criteria.
Compliance Requirements
- Trading members must ensure 100% margin collection on V R Infraspace Limited (VR) from January 22, 2026
- Margin requirement applies to:
- All open positions as on January 21, 2026
- All new positions created from January 22, 2026 onwards
- Members should refer to NSE’s ASM FAQs at: https://www.nseindia.com/regulations/additional-surveillance-measure
- Queries may be directed to: surveillance@nse.co.in
Important Dates
- January 19, 2026: Circular issued
- January 21, 2026: Last day before margin requirements take effect
- January 22, 2026: 100% margin requirement becomes effective for VR
Impact Assessment
Trading Impact: The 100% margin requirement will significantly restrict leveraged trading in V R Infraspace Limited, requiring investors to pay the full amount upfront for purchases. This typically leads to reduced trading volumes and liquidity.
Investor Impact: Retail and institutional investors will face higher capital requirements to maintain or initiate positions in the affected security, potentially leading to position unwinding.
Market Signal: Inclusion under ASM indicates the Exchange has identified elevated risk factors in the security’s trading patterns, price movements, or corporate fundamentals, though NSE emphasizes this is not an adverse action against the company.
Stage Movement: The annexure shows no securities moved between ASM stages or to Trade-for-Trade segment in this update, suggesting stability in existing ASM classifications.
Impact Justification
100% margin requirement significantly impacts trading in affected security, restricting liquidity and investor participation