Description

NSE circular regarding inclusion of Hindustan Copper Limited under Long-Term ASM Stage-I framework with 100% margin requirement effective February 2, 2026.

Summary

NSE has issued Circular No. 67/2026 (Ref: NSE/SURV/72517) dated January 29, 2026, regarding the applicability of Additional Surveillance Measure (ASM). Hindustan Copper Limited (Symbol: HINDCOPPER, ISIN: INE531E01026) has been included under Long-Term ASM Framework Stage-I effective January 30, 2026. The applicable surveillance action includes a 100% margin requirement on all open and new positions from February 2, 2026.

Key Points

  • Hindustan Copper Limited included in Long-Term ASM Framework Stage-I
  • 100% margin requirement applicable on all positions
  • No securities listed in Stage-IV or moving between stages
  • ASM framework operates in conjunction with other prevailing surveillance measures
  • Shortlisting is purely for market surveillance purposes and not an adverse action against the company

Regulatory Changes

This circular updates the Additional Surveillance Measure framework by adding one security to the Long-Term ASM Stage-I list. It references 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 apply 100% margin rate on HINDCOPPER for all open positions as on February 01, 2026
  • 100% margin rate applies to all new positions created from February 02, 2026 onwards
  • Members must comply with Long-Term ASM provisions for the listed security
  • For queries, members may contact surveillance@nse.co.in

Important Dates

  • January 29, 2026: Circular issuance date
  • January 30, 2026: Effective date for inclusion in Long-Term ASM Framework Stage-I
  • February 01, 2026: Last day before margin requirement on existing positions
  • February 02, 2026: 100% margin requirement becomes applicable on all positions

Impact Assessment

Trading Impact: The 100% margin requirement on Hindustan Copper Limited will significantly impact traders and investors holding positions in this security. All market participants with open positions must maintain full margin coverage, which may lead to forced closures or reduced trading activity.

Liquidity Impact: High margin requirements typically reduce liquidity as speculative trading decreases. This may lead to wider bid-ask spreads and reduced trading volumes in HINDCOPPER.

Investor Impact: Long-term investors holding the stock will need to ensure sufficient margin availability. Short-term traders may find the security unattractive due to capital intensity requirements.

Market Surveillance Context: The exchange clarifies this is a surveillance measure and not an adverse action against Hindustan Copper Limited as a company. The measure aims to ensure orderly market conditions and investor protection.

Impact Justification

High impact due to 100% margin requirement on Hindustan Copper Limited, significantly affecting trading and liquidity for this security.