Description

NSE shortlists 12 securities under ST-ASM Stage I framework with 50% margin requirement effective February 10, 2026.

Summary

NSE has placed 12 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective February 10, 2026. These securities will be subject to increased margin requirements of 50% or existing margin (whichever is higher), capped at 100%. The surveillance action applies to all open positions as on February 09, 2026 and new positions created from February 10, 2026 onwards. This is a surveillance measure and should not be construed as adverse action against the companies.

Key Points

  • 12 securities shortlisted under ST-ASM Stage I framework
  • Margin requirement increased to 50% or existing margin, whichever is higher
  • Maximum margin capped at 100%
  • Applies to both existing open positions and new positions
  • No securities shortlisted under ST-ASM Stage II
  • No securities moving between stages
  • ASM framework operates in conjunction with other surveillance measures
  • Price band will be reinstated when securities exit the framework

Regulatory Changes

This circular continues the implementation of Additional Surveillance Measure (ASM) framework previously established through circulars dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023, and September 20, 2024. The Short-Term ASM is designed to monitor securities exhibiting unusual price movements or volatility patterns.

Compliance Requirements

  • Members must apply 50% margin or existing margin (whichever is higher) on the 12 shortlisted securities
  • Margin requirements apply to all open positions as on February 09, 2026
  • Margin requirements apply to all new positions created from February 10, 2026
  • Maximum margin rate capped at 100%
  • Members should monitor these securities for any further surveillance actions
  • Price band adjustments to be implemented as per surveillance framework

Important Dates

  • February 06, 2026: Circular issued
  • February 09, 2026: Cut-off date for existing open positions
  • February 10, 2026: Effective date for margin requirements (50% or existing margin, whichever is higher)

Impact Assessment

Market Impact: The 50% margin requirement will significantly reduce trading volumes and liquidity in the affected securities. Traders with existing positions may face margin calls requiring additional funds.

Investor Impact: Retail and institutional investors holding positions in these 12 securities will need to maintain higher margins, potentially requiring additional capital deployment or position reduction.

Affected Securities:

  1. Ajooni Biotech Limited (AJOONI)
  2. Bartronics India Limited (ASMS)
  3. Ducon Infratechnologies Limited (DUCON)
  4. Esprit Stones Limited (ESPRIT)
  5. Ganesh Green Bharat Limited (GGBL)
  6. Kabra Extrusion Technik Limited (KABRAEXTRU)
  7. Omfurn India Limited (OMFURN)
  8. Oriana Power Limited (ORIANA)
  9. Pokarna Limited (POKARNA)
  10. Shreeji Shipping Global Limited (SHREEJISPG)
  11. Shri Techtex Limited (SHRITECH)
  12. Ujaas Energy Limited (UEL)

Trading Impact: The higher margin requirements are intended to curb excessive speculation and volatility in these securities. This may lead to reduced participation from leveraged traders and more stable price movements.

Impact Justification

High margin requirements of 50% imposed on 12 securities affects trading liquidity and investor positions in these stocks