Description
NSE imposes Short-Term Additional Surveillance Measure (ST-ASM) Stage I on Aarti Surfactants Limited with 50% margin requirement effective January 23, 2026. Akash Infra-Projects Limited excluded from ASM framework.
Summary
NSE has issued a surveillance circular imposing Short-Term Additional Surveillance Measure (ST-ASM) Stage I on Aarti Surfactants Limited (AARTISURF) effective January 23, 2026. The measure requires a margin of 50% or existing margin (whichever is higher, capped at 100%) on all open and new positions. Additionally, Akash Infra-Projects Limited (AKASH) has been excluded from the ASM framework. This action is part of NSE’s ongoing market surveillance framework and should not be construed as adverse action against the company.
Key Points
- Aarti Surfactants Limited (AARTISURF, ISIN: INE09EO01013) included in ST-ASM Stage I
- Margin requirement: 50% or existing margin (whichever is higher), capped at 100%
- Akash Infra-Projects Limited (AKASH, ISIN: INE737W01013) excluded from ASM framework
- No securities moving between ST-ASM Stage I and Stage II
- No securities newly included in ST-ASM Stage II
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely for market surveillance purposes, not adverse action against companies
Regulatory Changes
This circular implements the Short-Term Additional Surveillance Measure (ST-ASM) framework as per previous Exchange 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 measure applies enhanced margin requirements to securities meeting specific surveillance criteria.
Compliance Requirements
- Members must apply 50% margin (or existing margin, whichever is higher) on AARTISURF
- Margin applies to all open positions as on January 22, 2026
- Margin applies to all new positions created from January 23, 2026
- Maximum margin rate capped at 100%
- Members should refer to NSE FAQs on Additional Surveillance Measure: https://www.nseindia.com/regulations/additional-surveillance-measure
- For queries, members may contact: surveillance@nse.co.in
Important Dates
- Circular Date: January 21, 2026
- Effective Date: January 23, 2026 (margin requirements applicable)
- Position Snapshot Date: January 22, 2026 (open positions as on this date subject to new margin)
Impact Assessment
Trading Impact: High - The 50% margin requirement on AARTISURF significantly increases capital requirements for traders holding positions, reducing leverage and potentially impacting liquidity. Existing position holders as of January 22, 2026 will need to fund additional margins.
Market Participants: Traders, brokers, and investors in AARTISURF must ensure adequate margin funding before January 23, 2026 to avoid forced liquidation of positions.
Positive Development: Removal of AKASH from ASM framework restores normal trading conditions and reduces margin requirements for that security.
Risk Management: The measure indicates NSE has identified unusual price or volume patterns in AARTISURF warranting enhanced surveillance and risk controls.
Consolidated ASM List
The consolidated ASM framework now includes:
- AAA Technologies Limited (AAATECH) - Stage I
- Aarti Surfactants Limited (AARTISURF) - Stage I (newly added)
- Antelopus Selan Energy Limited (ANTELOPUS) - Stage I
- Davangere Sugar Company Limited (DAVANGERE) - Stage I
- Diligent Media Corporation Limited (DNAMEDIA) - Stage I
- And other securities listed in the circular
Impact Justification
High margin requirement of 50% imposed on AARTISURF significantly impacts trading liquidity and position costs. Immediate compliance required from January 23, 2026.