Description

NSE circular announcing changes to the Long-Term ASM Framework effective March 06, 2026, including new entrants, stage movements, and exclusions.

Summary

NSE has issued a circular updating the Additional Surveillance Measure (ASM) Long-Term Framework effective March 06, 2026. One security is newly added to Stage I, one security moves from Stage I to Stage II, and one security is excluded from the ASM framework entirely.

Key Points

  • AAKASH (Aakash Exploration Services Limited, INE087Z01024) newly shortlisted under Long-Term ASM Framework Stage I w.e.f. March 06, 2026
  • ESFL (Essen Speciality Films Limited, INE0ITO01014) moves from Long-Term ASM Framework Stage I to Stage II w.e.f. March 06, 2026
  • KALANA (Kalana Ispat Limited, INE0T0L01014) excluded from ASM Framework w.e.f. March 06, 2026 (moved from LTASM to ESM framework)
  • No securities shortlisted for Stage IV under Criteria VII in this update
  • All other stage transitions (II→III, III→IV, IV→III, III→II, II→I) show nil entries

Regulatory Changes

  • Stage IV scrips shortlisted as per Criteria VII are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis (T-day being the date of issuance of the circular)
  • The consolidated ASM list continues to include a large number of securities across multiple stages

Compliance Requirements

  • Trading members must note the updated ASM stage classifications and applicable trading restrictions for affected securities
  • Securities in higher ASM stages face stricter surveillance and margin requirements
  • ESFL traders must comply with Stage II ASM restrictions from March 06, 2026

Important Dates

  • Effective Date: March 06, 2026 — all changes to stage classifications and exclusions take effect

Impact Assessment

The impact is limited to three securities. AAKASH enters Stage I ASM, subjecting it to initial enhanced surveillance. ESFL’s progression to Stage II implies stricter trading conditions and higher margin requirements for market participants holding or trading this scrip. KALANA’s removal from LTASM (transferred to ESM) signals a change in the nature of surveillance applied. Overall market impact is low; only traders and investors in these specific securities are directly affected.

Impact Justification

Routine ASM framework update affecting a small number of securities with stage changes and one exclusion; no systemic market-wide impact.