Description
NSE introduces Short-Term Additional Surveillance Measure (ST-ASM) Stage I for Bharat Rasayan Limited and Dhampur Bio Organics Limited, implementing 50% margin requirement effective January 29, 2026.
Summary
NSE has imposed Short-Term Additional Surveillance Measure (ST-ASM) Stage I on two securities - Bharat Rasayan Limited (BHARATRAS) and Dhampur Bio Organics Limited (DBOL). The measure requires a margin of 50% or existing margin (whichever is higher), capped at 100%, effective January 29, 2026. Additionally, three securities - Dolphin Offshore Enterprises, Excellent Wires and Packaging Limited, and Shree Rama Multi-Tech Limited - are being excluded from the ASM framework.
Key Points
- Two securities added to ST-ASM Stage I: BHARATRAS (INE838B01021) and DBOL (INE0I3401014)
- Enhanced margin requirement of 50% or existing margin, whichever is higher, subject to maximum of 100%
- Margin applies to all open positions as on January 28, 2026 and new positions from January 29, 2026
- Three securities excluded from ASM framework: DOLPHIN (INE920A01037), EXCELLENT (INE0Y4801011), and SHREERAMA (INE879A01019)
- Excellent Wires and Packaging Limited moved from ST-ASM to ESM framework
- No securities listed in ST-ASM Stage II
- No securities moving between Stage I and Stage II
- ASM framework operates in conjunction with all other prevailing surveillance measures
Regulatory Changes
This circular is a continuation of NSE’s Additional Surveillance Measure (ASM) framework, which was established through previous circulars dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023, and September 20, 2024. The ST-ASM is a surveillance mechanism to monitor securities exhibiting abnormal price movements or trading patterns.
Compliance Requirements
- Market participants must maintain minimum 50% margin or existing margin (whichever is higher) for positions in BHARATRAS and DBOL
- Maximum margin capped at 100%
- Applicable to all open positions as on January 28, 2026
- Applicable to all new positions created from January 29, 2026
- Members should refer to FAQs at https://www.nseindia.com/regulations/additional-surveillance-measure for detailed information
- Queries can be directed to surveillance@nse.co.in
Important Dates
- January 27, 2026: Circular issued
- January 28, 2026: Effective date for securities inclusion/exclusion from ASM framework
- January 29, 2026: Enhanced margin requirements become applicable
Impact Assessment
Securities Added to ST-ASM Stage I:
- Traders holding positions in BHARATRAS and DBOL will face increased margin requirements, potentially requiring additional capital deployment
- Higher margins may reduce trading volumes and liquidity in these securities
- Increased cost of carry for positions may discourage speculative trading
Securities Excluded from ASM:
- DOLPHIN, EXCELLENT, and SHREERAMA will no longer face ASM-related restrictions
- Normal margin requirements will apply to these securities
- May improve liquidity and reduce trading costs for these stocks
Market Impact:
- Limited overall market impact as only two securities added to surveillance
- Exchange emphasizes this is a surveillance action and not adverse action against companies
- Measure aims to curb excessive speculation and abnormal price movements
Impact Justification
Affects trading in two specific securities with enhanced margin requirements. Also removes three securities from ASM framework. Limited market-wide impact but significant for affected stocks.