Description

NSE implements Long Term Additional Surveillance Measure with 100% margin requirement on two securities: DRS Cargo Movers Limited and Surani Steel Tubes Limited, effective January 23, 2026.

Summary

NSE has placed two securities under Long Term Additional Surveillance Measure (Long Term - ASM) Stage-I framework effective January 21, 2026. This action requires 100% margin on all open positions as of January 22, 2026 and new positions from January 23, 2026 onwards. The affected securities are DRS Cargo Movers Limited and Surani Steel Tubes Limited.

Key Points

  • Two securities added to Long Term ASM Framework Stage-I: DRSCARGO (DRS Cargo Movers Limited) and SURANI (Surani Steel Tubes Limited)
  • 100% margin requirement applicable on all positions
  • No securities moved to Stage-IV (Trade-for-Trade segment)
  • No securities graduated between stages in this circular
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance purposes and not adverse action against companies

Regulatory Changes

Enhanced margin requirements under Long Term ASM framework:

  • Margin rate increased to 100% for affected securities
  • Applies to both existing open positions and new positions created from implementation date
  • Framework references previous circulars: NSE/SURV/39265 (October 27, 2018), NSE/SURV/45111 (July 22, 2020), NSE/SURV/46557 (December 04, 2020), NSE/SURV/48506 (June 04, 2021), NSE/SURV/52090 (April 22, 2022), NSE/SURV/63362 (August 09, 2024), and NSE/SURV/64066 (September 20, 2024)

Compliance Requirements

  • Market participants must ensure 100% margin is maintained for all positions in DRSCARGO and SURANI
  • Requirement applies to positions held as of January 22, 2026 at market close
  • All new positions from January 23, 2026 onwards must comply with 100% margin
  • Members should monitor additional surveillance measures that may be imposed concurrently

Important Dates

  • January 20, 2026: Circular issued
  • January 21, 2026: Securities officially shortlisted under Long Term ASM Stage-I
  • January 22, 2026: Last day before margin requirement implementation
  • January 23, 2026: 100% margin requirement becomes effective

Impact Assessment

Trading Impact: The 100% margin requirement significantly increases capital requirements for trading these securities, likely reducing leverage and trading volumes. Traders and investors will need full cash/securities upfront for any positions.

Market Participants: Brokers and clearing members must ensure adequate margin collection systems are in place. Existing position holders will face higher margin calls.

Affected Companies: While NSE clarifies this is not adverse action against the companies, the ASM designation may affect market perception and liquidity in these securities.

Investor Awareness: The measure serves as a warning signal about heightened surveillance concerns, potentially related to price volatility, volume patterns, or other market integrity factors.

Additional Information

Annexure Summary:

  • Stage-I additions: 2 securities (DRSCARGO - INE0QZM01018, SURANI - INE01ZJ01015)
  • Stage-IV additions: Nil
  • Stage-I to Stage-II movement: Nil
  • Stage-II to Stage-III movement: Nil
  • Stage-I to Stage-IV movement: Nil
  • Stage-II to Stage-IV movement: Nil

For queries, members can contact: surveillance@nse.co.in

FAQs available at: https://www.nseindia.com/regulations/additional-surveillance-measure

Impact Justification

100% margin requirement significantly impacts trading in affected securities and represents enhanced surveillance action by the exchange