Description

NSE places GOLDSTAR, KRN, and SSFL under ST-ASM Stage I effective February 26, 2026, requiring 50% margin (capped at 100%) on all open and new positions from February 27, 2026.

Summary

NSE has issued Circular Ref. No. 148/2026 (Download Ref No: NSE/SURV/72986) placing three securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective February 26, 2026. Enhanced margin requirements will apply from February 27, 2026. No securities have been placed under ST-ASM Stage II, and no stage transitions are applicable in this circular. One security (COOLCAP) is being excluded from the ASM framework.

Key Points

  • Three securities shortlisted for ST-ASM Stage I: GOLDSTAR (Goldstar Power Limited), KRN (KRN Heat Exchanger and Refrigeration Limited), and SSFL (Srivari Spices And Foods Limited)
  • ST-ASM Stage I margin: 50% or existing margin, whichever is higher, subject to a maximum cap of 100%
  • Margin applicable on all open positions as on February 26, 2026 and new positions from February 27, 2026
  • No securities shortlisted under ST-ASM Stage II (Nil)
  • No securities moving between Stage I and Stage II
  • COOLCAP being excluded from the ASM framework effective February 26, 2026
  • ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

This circular is issued under the ST-ASM framework established by prior circulars NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558, and NSE/SURV/64066 dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023, and September 20, 2024 respectively. The shortlisting is based on market surveillance criteria and does not constitute an adverse action against the concerned companies.

Compliance Requirements

  • All NSE members must ensure applicable margin of 50% (or existing margin, whichever is higher, max 100%) is collected for GOLDSTAR, KRN, and SSFL from February 27, 2026
  • Members must apply enhanced margins on all open positions held as of February 26, 2026 in these securities
  • Members must apply enhanced margins on all new positions created from February 27, 2026 in these securities
  • Queries may be directed to surveillance@nse.co.in

Important Dates

  • February 25, 2026: Circular issued
  • February 26, 2026: Securities officially shortlisted under ST-ASM Stage I; COOLCAP excluded from ASM
  • February 27, 2026: Enhanced margin requirements (50%, max 100%) become effective for GOLDSTAR, KRN, and SSFL on all open and new positions

Impact Assessment

Traders and investors holding or planning positions in GOLDSTAR, KRN, and SSFL will face significantly higher margin requirements starting February 27, 2026. The 50% margin floor (up from standard levels) may force position reductions for traders unable to meet the enhanced collateral requirement, potentially increasing selling pressure on these securities. The ST-ASM Stage I classification signals heightened exchange scrutiny of these stocks’ price/volume behavior. COOLCAP holders benefit from removal from the ASM framework, likely easing margin requirements for that security.

Impact Justification

Three securities placed under ST-ASM Stage I with mandatory 50% margin requirement effective within days; directly impacts traders holding or planning positions in these securities with significant margin burden.