Description
NSE updates the Long-Term ASM Framework effective March 04, 2026, adding three securities to Stage-I including Mahamaya Steel Industries, Setco Automotive, and Tarmat Limited. No exclusions or stage movements were recorded.
Summary
NSE has issued an update to the Additional Surveillance Measure (ASM) framework effective March 04, 2026. Three securities have been newly shortlisted under the Long-Term ASM Framework Stage-I. No securities were moved between stages or excluded from the framework in this update.
Key Points
- Three securities added to Long-Term ASM Framework Stage-I effective March 04, 2026
- No securities shortlisted for Long-Term ASM Stage-IV
- No stage transitions (Stage-I to II, II to III, III to IV, or reverse movements)
- No securities excluded from the ASM framework
- Scrips shortlisted under Criteria VII for Stage-IV would shift from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on T+3 basis — not applicable in this circular
- A consolidated list of all securities currently under the ASM framework is published as part of this circular
Regulatory Changes
No structural regulatory changes. This is a periodic update to the existing Long-Term ASM framework, adjusting the list of securities subject to enhanced surveillance.
Compliance Requirements
- Market participants trading in MAHASTEEL, SETCO, and TARMAT must note the applicable ASM Stage-I restrictions effective March 04, 2026
- Brokers and members must ensure clients are informed of the enhanced surveillance status of these securities
- Applicable margin and trading restrictions associated with Long-Term ASM Stage-I apply to the newly added securities
Important Dates
- March 02, 2026: Circular issued
- March 04, 2026: Effective date for all ASM changes listed in this circular
Impact Assessment
Newly Added to Long-Term ASM Stage-I (effective March 04, 2026):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | MAHASTEEL | Mahamaya Steel Industries Limited | INE451L01014 |
| 2 | SETCO | Setco Automotive Limited | INE878E01021 |
| 3 | TARMAT | Tarmat Limited | INE924H01018 |
The addition of these three securities to Long-Term ASM Stage-I signals heightened regulatory scrutiny. Trading in these scrips will be subject to additional margin requirements and surveillance. Retail and institutional investors holding or planning to trade these securities should review applicable ASM restrictions. The absence of any stage escalations or exclusions indicates a stable surveillance environment for the broader ASM-listed universe this cycle.
Impact Justification
Three specific securities added to Long-Term ASM Stage-I imposing trading restrictions; no stage escalations or exclusions, limiting broader market impact.