Description

NSE implements Short-Term Additional Surveillance Measure (ST-ASM) on select securities with increased margin requirements effective January 30, 2026.

Summary

NSE has issued surveillance circular implementing Short-Term Additional Surveillance Measure (ST-ASM) on select securities. Two securities are newly included in ST-ASM Stage I, one security moves from Stage I to Stage II, and three securities are excluded from the ASM framework. Enhanced margin requirements of 50% or existing margin (whichever is higher, capped at 100%) will apply from January 30, 2026.

Key Points

  • Two securities added to ST-ASM Stage I: Onesource Specialty Pharma Limited and Zenith Steel Pipes & Industries Limited
  • Antelopus Selan Energy Limited moves from ST-ASM Stage I to Stage II
  • No securities listed in ST-ASM Stage II directly
  • Three securities excluded from ASM framework: Diligent Media Corporation Limited, JTL Industries Limited, and Premier Polyfilm Limited
  • Margin rate of 50% or existing margin (whichever is higher) will apply, capped at maximum 100%
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance and not adverse action against companies

Regulatory Changes

The circular continues the implementation of the Short-Term Additional Surveillance Measure (ST-ASM) framework previously established through circulars dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023, and September 20, 2024. The framework provides enhanced surveillance through staged margin requirements on securities meeting specific criteria.

Compliance Requirements

  • Market participants must ensure margin requirements of 50% or existing margin (whichever is higher, maximum 100%) are applied on all open positions as on January 29, 2026
  • Same margin requirements apply to new positions created from January 30, 2026
  • Members must comply with ASM framework alongside all other surveillance measures imposed by the Exchange
  • For queries, members should contact surveillance@nse.co.in

Important Dates

  • January 28, 2026: Circular issued
  • January 29, 2026: Securities shortlisted effective date; margin applies to open positions as on this date
  • January 30, 2026: Enhanced margin requirements become applicable; margin applies to new positions from this date

Impact Assessment

Trading Impact: Securities under ST-ASM Stage I will face increased margin requirements (minimum 50%), which may reduce trading volumes and liquidity in affected stocks. The measure is designed to curb excessive speculation and volatility.

Affected Securities: Seven securities directly mentioned - two additions to Stage I, one moving to Stage II, and three exclusions. Limited market-wide impact given small number of affected securities.

Investor Impact: Traders holding positions in ONESOURCE and ZENITHSTL will need to maintain higher margins. Those holding ANTELOPUS will face even stricter Stage II requirements. Conversely, traders in DNAMEDIA, JTLIND, and PREMIERPOL will see surveillance measures lifted.

Market Signal: The surveillance action serves as a warning signal about potential irregular price movements or trading patterns in the included securities, though NSE clarifies this is not adverse action against the companies themselves.

Impact Justification

Affects specific securities with enhanced margin requirements (50% minimum) but limited to a small number of stocks under surveillance framework