Description

NSE announces inclusion of three securities under Long Term Additional Surveillance Measure (ASM) Stage-I effective March 02, 2026, with 100% margin requirement applicable from March 05, 2026.

Summary

NSE has announced inclusion of three securities under the Long Term Additional Surveillance Measure (ASM) Framework Stage-I effective March 02, 2026. A 100% margin requirement will be imposed on all open and new positions from March 05, 2026. No securities were shortlisted for Stage-IV or for movement between stages in this circular.

Key Points

  • Three securities added to Long Term ASM Framework Stage-I: A2ZINFRA, DEVX, and SECMARK
  • 100% margin applicable on all open positions as on March 04, 2026 and new positions from March 05, 2026
  • No securities shortlisted under Stage-IV; Stage-I to Stage-II, Stage-II to Stage-III, and Stage-I to Stage-IV movement lists are all Nil
  • Securities qualifying under criteria VII (Stage-IV) would be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE), but no securities qualify in this circular
  • ASM shortlisting is purely for market surveillance and should not be construed as adverse action against the concerned companies
  • Price band of scrips moving out of the ASM framework will be reinstated to pre-ASM levels, subject to no other surveillance measure being in effect

Regulatory Changes

This circular is issued with reference to earlier 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 October 27, 2018 through September 20, 2024 governing the ASM framework. The applicable surveillance actions are governed by the Long Term ASM provisions.

Compliance Requirements

  • NSE members must ensure 100% margin is collected on open positions in A2ZINFRA, DEVX, and SECMARK as on March 04, 2026
  • 100% margin must be collected on all new positions created in these securities from March 05, 2026 onwards
  • Members should inform clients holding or intending to trade in these securities about the enhanced margin requirements
  • ASM framework applies in conjunction with all other prevailing surveillance measures

Important Dates

  • February 27, 2026: Circular issued
  • March 02, 2026: Securities officially shortlisted under Long Term ASM Framework Stage-I
  • March 04, 2026: Reference date for open positions subject to 100% margin
  • March 05, 2026: 100% margin requirement becomes effective for open and new positions

Impact Assessment

Traders and investors holding positions in A2ZINFRA (A2Z Infra Engineering Limited), DEVX (Dev Accelerator Limited), and SECMARK (SecMark Consultancy Limited) will face significantly elevated margin requirements of 100%, substantially increasing the cost of holding or initiating positions. This is likely to reduce liquidity and trading volumes in these scrips. The absence of any Stage-IV inclusions means no scrips are being shifted to the Trade-for-Trade (BE) segment, limiting the most restrictive impact to the margin enhancement. Market participants with leveraged positions in these securities must arrange additional funds by March 04, 2026 to avoid margin shortfall penalties.

Impact Justification

Three securities placed under Long Term ASM Stage-I with 100% margin requirement, directly restricting trading conditions for A2ZINFRA, DEVX, and SECMARK from March 05, 2026.