Description

NSE implements Short-Term Additional Surveillance Measure (ST-ASM) for 6 securities with increased margin requirements of 50% or existing margin (whichever higher, capped at 100%) effective February 03, 2026.

Summary

NSE has placed 6 securities under Short-Term Additional Surveillance Measure (ST-ASM) effective February 02, 2026. Five securities (Cool Caps Industries, Integra Essentia, Manorama Industries, Rajgor Castor Derivatives, and Systematix Corporate Services) are included in ST-ASM Stage I, while Vivimed Labs is being moved from Stage I to Stage II. Margin requirements will increase to 50% or existing margin (whichever is higher, capped at 100%) starting February 03, 2026. Additionally, 4 securities (Baweja Studios, Ganesh Infraworld, MIRC Electronics, Orient Technologies) are being excluded from the ASM framework.

Key Points

  • 5 securities added to ST-ASM Stage I: COOLCAPS, ESSENTIA, MANORAMA, RCDL, SYSTMTXC
  • 1 security (VIVIMEDLAB) moved from ST-ASM Stage I to Stage II
  • Minimum margin requirement: 50% or existing margin, whichever is higher
  • Maximum margin cap: 100%
  • Margins apply to both open positions as on February 02, 2026 and new positions from February 03, 2026
  • 4 securities excluded from ASM framework: BAWEJA, GANESHIN, MIRCELECTR, ORIENTTECH
  • ASM framework operates in conjunction with all other surveillance measures
  • Shortlisting is purely surveillance-based and not an adverse action against companies

Regulatory Changes

This circular implements the Short-Term Additional Surveillance Measure (ST-ASM) framework as per previous Exchange circulars (NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558, and NSE/SURV/64066). The framework introduces enhanced surveillance for securities meeting specific criteria through staged margin requirements.

Compliance Requirements

  • Market participants must maintain minimum 50% margin (or existing margin, whichever higher) for affected securities
  • Margin requirements apply to all open positions as on February 02, 2026
  • New positions created from February 03, 2026 onwards will be subject to enhanced margins
  • Members should ensure adequate margin collection to avoid shortfalls
  • Traders must monitor their positions in these securities for margin compliance

Important Dates

  • February 01, 2026: Circular issued
  • February 02, 2026: Securities included in ST-ASM framework (record date for open positions)
  • February 03, 2026: Enhanced margin requirements become applicable

Impact Assessment

Trading Impact: The 50% minimum margin requirement significantly increases the capital required to trade these securities, likely reducing trading volumes and liquidity. Existing position holders must arrange additional margins by February 03, 2026 to avoid forced square-offs.

Market Participants: Traders, brokers, and institutional investors holding positions in the 6 affected securities need to assess their margin adequacy immediately. The margin increase may trigger position unwinding, potentially causing price volatility.

Affected Securities:

  • Cool Caps Industries Limited (INE0HS001028)
  • Integra Essentia Limited (INE418N01035)
  • Manorama Industries Limited (INE00VM01036)
  • Rajgor Castor Derivatives Limited (INE0BZQ01011)
  • Systematix Corporate Services Limited (INE356B01024)
  • Vivimed Labs Limited (INE526G01021)

Positive Impact: 4 securities being excluded from ASM (BAWEJA, GANESHIN, MIRCELECTR, ORIENTTECH) will see margin requirements normalized, potentially improving liquidity.

Impact Justification

High impact due to significant margin increase (50% minimum) affecting trading in 6 securities. Important for market participants holding or trading these stocks to avoid margin shortfalls.