Description

NSE announces addition of Dhanuka Infra Realty Limited to ST-ASM Stage I and exclusion of 6 securities from the ASM framework, effective March 05, 2026.

Summary

NSE has updated the Short-Term Additional Surveillance Measure (ST-ASM) framework effective March 05, 2026. One security — Dhanuka Infra Realty Limited (DIRL) — has been newly added to ST-ASM Stage I. Six securities have been excluded from the ASM framework. No securities have moved between Stage I and Stage II in this update. The consolidated ASM list now contains 30+ securities under Stage I surveillance.

Key Points

  • New addition to ST-ASM Stage I: Dhanuka Infra Realty Limited (DIRL, INE704V01015) added effective March 05, 2026.
  • No additions to ST-ASM Stage II in this update (Nil).
  • No Stage I to Stage II movements (Nil).
  • No Stage II to Stage I movements (Nil).
  • Six securities excluded from ASM framework effective March 05, 2026.
  • Two of the excluded securities (AFIL and ITALIANE) have been moved from ST-ASM to the ESM (Enhanced Surveillance Measure) framework.
  • The consolidated ASM list contains at least 30 securities under Stage I surveillance.

Regulatory Changes

The ST-ASM framework is applied by NSE to securities exhibiting abnormal price/volume behaviour. Stage I imposes additional margin requirements and trade-to-trade settlement. Securities are reviewed periodically and moved in or out based on surveillance criteria. This circular reflects the periodic review as of March 04, 2026, with changes effective March 05, 2026.

Compliance Requirements

  • Brokers/Members: Must apply applicable margin and settlement restrictions for securities newly added to ST-ASM Stage I (DIRL) from March 05, 2026.
  • Investors: Trading in DIRL will be subject to ST-ASM Stage I conditions including higher margins and trade-to-trade settlement.
  • For excluded securities: Normal trading conditions resume for AVANTIFEED, ESCONET, RCDL, and VLEGOV. AFIL and ITALIANE are moved to the ESM framework — their respective ESM circular governs applicable restrictions.

Important Dates

  • Effective Date: March 05, 2026 — for all additions, exclusions, and stage movements listed in this circular.

Impact Assessment

  • DIRL (Dhanuka Infra Realty Limited): Subject to ST-ASM Stage I from March 05, 2026. Investors will face higher margin requirements and trade-to-trade settlement, reducing liquidity and increasing trading costs.
  • AFIL (Akme Fintrade) & ITALIANE (Italian Edibles): Moved to ESM framework, indicating continued regulatory concern; restrictions may be equal to or more stringent than ST-ASM.
  • AVANTIFEED, ESCONET, RCDL, VLEGOV: Removal from ASM is a positive development, restoring normal trading conditions for these counters.
  • Overall market impact is limited given the small number of securities affected. The consolidated list of 30+ securities under ASM Stage I continues to reflect NSE’s active surveillance posture on smaller/mid-cap counters.

Impact Justification

Routine ST-ASM update affecting a limited number of securities; one stock added to Stage I, six removed from the framework. Consolidated ASM list covers 30+ securities with trading restrictions impacting investors in those counters.