Description

NSE circular announcing securities shortlisted under Long-Term ASM Framework Stage I (2 new securities) and exclusion of 1 security from ASM Framework, effective March 05, 2026.

Summary

NSE has issued a circular on the applicability of the Additional Surveillance Measure (ASM) framework, effective March 05, 2026. Two securities — Jalan Transolutions (India) Limited (JALAN) and Kalana Ispat Limited (KALANA) — are newly shortlisted under Long-Term ASM Stage I. Capital Trust Limited (CAPTRUST) is excluded from the ASM framework as it moves to the ESM (Enhanced Surveillance Measure) framework. No securities are moved between ASM stages in this update.

Key Points

  • 2 new securities added to Long-Term ASM Framework Stage I effective March 05, 2026: JALAN (INE349X01015) and KALANA (INE0T0L01014).
  • 1 security excluded from ASM Framework: CAPTRUST / Capital Trust Limited (INE707C01018) — moved to ESM framework.
  • No securities shortlisted for Stage IV under Long-Term ASM in this update (Nil).
  • No stage transitions (Stage I→II, II→III, III→IV, IV→III, III→II, II→I) in this update — all Nil.
  • Stage IV scrips (Criteria VII) are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis.

Regulatory Changes

  • Long-Term ASM Stage I inclusion triggers enhanced surveillance and may impose applicable price bands and margin requirements on the listed securities.
  • Securities moved to Stage IV under Criteria VII are subject to a change in settlement type from Rolling Settlement (EQ series) to Trade for Trade (BE series) on T+3 basis from the date of circular issuance.
  • Capital Trust Limited’s reclassification from LTASM to ESM indicates escalation to a more stringent surveillance framework.

Compliance Requirements

  • Trading Members / Brokers: Must note the updated ASM list and apply applicable surveillance-related margin and trading restrictions for JALAN and KALANA from March 05, 2026.
  • Investors: Holdings in JALAN and KALANA will be subject to ASM Stage I conditions; CAPTRUST trades will now fall under ESM framework rules.
  • Members should refer to the consolidated ASM list (Annexure - Consolidated ASM) for the full updated list of securities under the framework.

Important Dates

  • Effective Date: March 05, 2026 — all inclusions, exclusions, and stage changes take effect.
  • Circular Date: March 04, 2026.

Impact Assessment

  • JALAN (Jalan Transolutions (India) Limited): Placement in Long-Term ASM Stage I will subject the stock to additional margin requirements and scrutiny. This may reduce liquidity and increase trading costs for participants.
  • KALANA (Kalana Ispat Limited): Same implications as JALAN; Stage I ASM placement signals regulatory concern over trading patterns or price movements.
  • CAPTRUST (Capital Trust Limited): Movement to ESM (Enhanced Surveillance Measure) is a more significant escalation than ASM, implying stricter controls and potentially greater trading restrictions. This is a negative signal for the stock.
  • The absence of any stage escalations or de-escalations for existing ASM securities suggests a relatively stable surveillance environment for the broader ASM-listed universe in this update cycle.

Impact Justification

Directly affects trading conditions for named securities; inclusion in ASM imposes restrictions and affects investor sentiment, while exclusion of CAPTRUST moves it to ESM (a more stringent framework).