Description

NSE circular announcing the inclusion of Gretex Industries Limited (GRETEX) under Long-Term Additional Surveillance Measure (ASM) Stage I effective February 26, 2026, with 100% margin applicable from March 2, 2026.

Summary

NSE has issued Circular Ref. No. 147/2026 dated February 25, 2026, announcing the applicability of the Long-Term Additional Surveillance Measure (ASM) framework. Gretex Industries Limited (Symbol: GRETEX, ISIN: INE985P01012) has been shortlisted for inclusion under Long-Term ASM Stage I effective February 26, 2026. A 100% margin requirement will apply on all open and new positions from March 2, 2026.

Key Points

  • Gretex Industries Limited (GRETEX) added to Long-Term ASM Framework Stage I w.e.f. February 26, 2026
  • No securities shortlisted for Stage IV, Stage I to Stage II, Stage II to Stage III, Stage I to Stage IV, or Stage II to Stage IV transitions
  • Applicable margin rate of 100% effective March 2, 2026 on all open positions as on February 27, 2026 and new positions created from March 2, 2026 onwards
  • Securities qualifying under Criteria VII (Stage IV) would be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade (Series: BE) — not applicable in this circular as Stage IV list is Nil
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance purposes and is not to be construed as adverse action against the company

Regulatory Changes

This circular is issued under the Long-Term ASM framework established by prior Exchange Circulars: NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066 dated between October 2018 and September 2024. No new regulatory framework changes are introduced; this circular applies the existing ASM criteria to newly qualifying securities.

Compliance Requirements

  • All NSE members must ensure 100% margin is collected on positions in GRETEX (Gretex Industries Limited) from March 2, 2026 onwards
  • Members must account for open positions in GRETEX as on February 27, 2026 when applying the margin requirement
  • Members should note that GRETEX remains in Rolling Settlement (Series: EQ) as it is classified under Stage I, not Stage IV
  • Members may refer to NSE FAQs on ASM at https://www.nseindia.com/regulations/additional-surveillance-measure for further guidance
  • Queries may be directed to surveillance@nse.co.in

Important Dates

  • February 25, 2026: Date of circular issuance
  • February 26, 2026: Effective date for inclusion of GRETEX under Long-Term ASM Stage I
  • February 27, 2026: Reference date for open positions on which 100% margin will apply
  • March 2, 2026: Effective date for 100% margin requirement on all open and new positions in GRETEX

Impact Assessment

The inclusion of Gretex Industries Limited (GRETEX) under Long-Term ASM Stage I carries a high market impact for traders and investors holding or intending to hold positions in this stock. The 100% margin requirement significantly increases the cost of trading in GRETEX, which may reduce liquidity and increase volatility around the effective date. Since Stage IV (Trade-for-Trade) is not triggered in this circular, GRETEX continues to trade in the normal Rolling Settlement segment (Series: EQ). The move is part of NSE’s ongoing surveillance framework to monitor and contain potentially risky securities, and market participants should factor in the elevated margin cost when managing positions in GRETEX.

Impact Justification

100% margin requirement imposed on GRETEX from March 2, 2026 significantly impacts trading in the stock; affects members holding or creating new positions.