Description

NSE implements Short-Term Additional Surveillance Measure (ST-ASM) on select securities with increased margin requirements effective January 27, 2026.

Summary

The National Stock Exchange has issued surveillance measures under the Short-Term Additional Surveillance Measure (ST-ASM) framework. Baweja Studios Limited has been included in ST-ASM Stage I, while Vivimed Labs Limited is being moved from ST-ASM Stage II to Stage I effective January 23, 2026. Enhanced margin requirements of 50% or existing margin (whichever is higher, capped at 100%) will apply from January 27, 2026.

Key Points

  • Baweja Studios Limited (BAWEJA, ISIN: INE0JFJ01011) included in ST-ASM Stage I
  • Vivimed Labs Limited (VIVIMEDLAB, ISIN: INE526G01021) moved from Stage II to Stage I
  • No securities in ST-ASM Stage II currently
  • No securities excluded from ASM framework
  • Margin requirements: 50% or existing margin (whichever is higher), capped at 100%
  • ASM framework operates in conjunction with all other surveillance measures
  • Surveillance action is not an adverse action against the company

Regulatory Changes

This circular references previous ASM 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 ST-ASM framework continues to apply enhanced surveillance measures based on predefined criteria for securities exhibiting certain market characteristics.

Compliance Requirements

  • Members must apply 50% margin or existing margin (whichever is higher) on affected securities
  • Maximum margin rate capped at 100%
  • Enhanced margin applies to all open positions as on January 23, 2026
  • Enhanced margin applies to new positions created from January 27, 2026
  • Members should refer to NSE FAQs on Additional Surveillance Measure at https://www.nseindia.com/regulations/additional-surveillance-measure
  • Queries can be directed to surveillance@nse.co.in

Important Dates

  • January 22, 2026: Circular issue date
  • January 23, 2026: Effective date for ST-ASM Stage classification
  • January 27, 2026: Effective date for margin requirement implementation on open positions and new positions

Impact Assessment

Market Impact: Limited impact as only two securities are directly affected. Baweja Studios Limited faces new ST-ASM Stage I restrictions while Vivimed Labs Limited experiences reduced surveillance (moving from Stage II to Stage I represents easing of measures).

Trading Impact: Traders and investors in BAWEJA will face increased margin requirements (minimum 50%), which may reduce leverage and trading volumes. VIVIMEDLAB sees relaxed surveillance moving to a lower stage.

Operational Impact: Brokers must ensure proper margin collection on these securities from January 27, 2026 for both existing and new positions. The margin increase may affect client positions and trigger additional funding requirements.

Impact Justification

Affects specific securities with enhanced margin requirements but limited number of stocks involved. Stage movement for VIVIMEDLAB shows ongoing surveillance framework adjustment.