Description
NSE places 5 securities under ST-ASM Stage I effective February 24, 2026, requiring a minimum 50% margin (capped at 100%) on all open and new positions. No securities are added to Stage II or moved from Stage I to Stage II.
Summary
NSE has shortlisted 5 securities under the Short-Term Additional Surveillance Measure (ST-ASM) Stage I, effective February 23/24, 2026. These securities will attract a minimum margin of 50% (or existing margin, whichever is higher), capped at 100%. No securities have been added to Stage II, and no securities are being moved from Stage I to Stage II in this circular.
Key Points
- 5 securities added to ST-ASM Stage I effective February 23, 2026 (margin applicable from February 24, 2026)
- ST-ASM Stage I margin: 50% or existing margin, whichever is higher, subject to a maximum cap of 100%
- ST-ASM Stage II margin: 100% or existing margin, whichever is higher (no new additions in this circular)
- No securities moved from Stage I to Stage II
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely for market surveillance and should not be construed as adverse action against the company
Regulatory Changes
This circular is issued further to earlier circulars NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/46557 (Dec 4, 2020), NSE/SURV/52144 (Apr 28, 2022), NSE/SURV/58558 (Sep 25, 2023), and NSE/SURV/64066 (Sep 20, 2024) on the Additional Surveillance Measure (ASM) framework. The current action applies the ST-ASM framework to newly qualifying securities based on surveillance criteria.
Compliance Requirements
- All NSE members must apply the enhanced margin requirements for the listed securities from February 24, 2026
- Members must ensure the applicable margin is collected on all open positions as on February 23, 2026 and on new positions created from February 24, 2026
- When a scrip moves out of the framework, its price band reverts to the pre-ASM level, unless it remains under another surveillance measure
- Members may refer to FAQs at https://www.nseindia.com/regulations/additional-surveillance-measure for further guidance
- Queries can be directed to surveillance@nse.co.in
Important Dates
- February 20, 2026: Circular issued
- February 23, 2026: Securities shortlisted under ST-ASM Stage I (effective date for shortlisting)
- February 24, 2026: Enhanced margin requirements (50% minimum, max 100%) become applicable on all open positions as on February 23, 2026 and new positions
Impact Assessment
Affected Securities (ST-ASM Stage I):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | GOKUL | Gokul Refoils and Solvent Limited | INE020J01029 |
| 2 | ITALIANE | Italian Edibles Limited | INE0R7R01018 |
| 3 | KNAGRI | KN Agri Resources Limited | INE0KNW01016 |
| 4 | SUNREST | Sunrest Lifescience Limited | INE0PLZ01012 |
| 5 | UEL | Ujaas Energy Limited | INE899L01030 |
Traders and investors holding or planning to trade these 5 securities will face significantly higher margin requirements starting February 24, 2026. The minimum 50% margin (capped at 100%) increases the capital cost of maintaining positions, which may reduce liquidity and depress trading volumes in these scrips. Retail participants with leveraged positions may need to provide additional margin or reduce exposure. The measure is intended to curb speculative activity in securities displaying unusual price/volume patterns.
Impact Justification
Directly imposes elevated margin requirements (50%-100%) on 5 specific securities effective February 24, 2026, significantly affecting trading costs and risk for participants holding or trading these stocks.