Description
NSE adds Capital Trust Limited and Tridhya Tech Limited to Long-Term ASM Framework Stage-I with 100% margin requirement effective January 28, 2026.
Summary
NSE has issued Circular No. 56/2026 regarding the inclusion of securities under the Long-Term Additional Surveillance Measure (ASM) framework. Two securities - Capital Trust Limited (CAPTRUST) and Tridhya Tech Limited (TRIDHYA) - have been shortlisted under Long-Term ASM Framework Stage-I. A 100% margin requirement will be applicable on all open positions and new positions from January 28, 2026. No securities have been moved to Stage-IV or between other stages in this circular.
Key Points
- Two securities added to Long-Term ASM Framework Stage-I: Capital Trust Limited (CAPTRUST) and Tridhya Tech Limited (TRIDHYA)
- 100% margin requirement will apply on all open positions as on January 27, 2026 and new positions from January 28, 2026 onwards
- No securities qualified under Criteria VII for shift from Rolling Settlement (EQ) to Trade-for-Trade (BE) segment
- No securities moved between ASM stages (Stage-I to Stage-II, Stage-II to Stage-III, or to Stage-IV)
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely on account of market surveillance and should not be construed as adverse action against the companies
Regulatory Changes
This circular implements provisions of the Long-Term Additional Surveillance Measure framework as per 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 coverage for all open positions in CAPTRUST and TRIDHYA as on January 27, 2026
- 100% margin requirement applies to all new positions created from January 28, 2026 onwards in these securities
- Members should refer to NSE FAQs on Additional Surveillance Measure at https://www.nseindia.com/regulations/additional-surveillance-measure
- Queries may be directed to surveillance@nse.co.in
Important Dates
- January 22, 2026: Circular issue date
- January 23, 2026: Securities officially shortlisted under Long-Term ASM Framework Stage-I
- January 27, 2026: Last day before margin requirement implementation
- January 28, 2026: 100% margin requirement becomes effective on all open positions and new positions
Impact Assessment
Trading Impact: The 100% margin requirement will significantly reduce leverage available for trading in CAPTRUST and TRIDHYA, likely resulting in reduced trading volumes and liquidity in these securities.
Market Participants: Traders and investors holding positions in these securities must arrange for full margin coverage, which may lead to position unwinding if adequate margins cannot be arranged.
Securities Covered:
- Capital Trust Limited (CAPTRUST) - ISIN: INE707C01018
- Tridhya Tech Limited (TRIDHYA) - ISIN: INE0LWY01029
Surveillance Context: The inclusion under ASM indicates these securities have met specific surveillance criteria, warranting enhanced monitoring and risk mitigation measures to protect market integrity.
Impact Justification
100% margin requirement significantly impacts trading in affected securities and indicates heightened surveillance concerns