Description

NSE announces securities shortlisted under ST-ASM Framework Stage-I effective March 09, 2026, along with exclusions and stage movements.

Summary

NSE has issued a circular on the applicability of the Short-Term Additional Surveillance Measure (ST-ASM) Framework, effective March 09, 2026. Two securities — GREENCHEF and TECHD — are newly shortlisted under Stage-I. No securities are shortlisted for Stage-II. VEEKAYEM moves from Stage-II back to Stage-I. Six securities are excluded from the ASM framework entirely.

Key Points

  • GREENCHEF (Greenchef Appliances Limited, INE0O7P01015) and TECHD (TechD Cybersecurity Limited, INE0Y5H01014) are newly added to ST-ASM Stage-I w.e.f. March 09, 2026
  • No securities are shortlisted under ST-ASM Stage-II
  • No securities are moving from Stage-I to Stage-II
  • VEEKAYEM (Veekayem Fashion and Apparels Limited, INE0KTW01013) moves from Stage-II to Stage-I
  • Six securities are excluded from the ASM framework w.e.f. March 09, 2026: BAJAJCON, BIL, KRN, SHARDACROP, SINDHUTRAD, UFBL
  • Consolidated ASM list includes 30+ securities across various stages

Regulatory Changes

The ST-ASM framework is updated periodically to include or exclude securities based on surveillance criteria such as unusual price movements, volume anomalies, and other market integrity parameters. Stage-I carries lower restrictions compared to Stage-II.

Compliance Requirements

  • Trading members must apply applicable margin and trading restrictions for securities listed under ST-ASM as per the framework guidelines
  • Investors holding or transacting in ST-ASM securities should be aware of enhanced margin requirements
  • Members should update their systems to reflect the new inclusions, exclusions, and stage changes effective March 09, 2026

Important Dates

  • Effective Date: March 09, 2026 — all changes to ST-ASM inclusions, exclusions, and stage movements take effect

Impact Assessment

Securities newly added to ST-ASM Stage-I (GREENCHEF, TECHD) will face enhanced surveillance and potentially higher margin requirements, which may reduce liquidity and increase trading costs for these stocks. The exclusion of six securities (BAJAJCON, BIL, KRN, SHARDACROP, SINDHUTRAD, UFBL) from the ASM framework is a positive development for those stocks, potentially improving their liquidity. VEEKAYEM’s move from Stage-II to Stage-I represents a relaxation of restrictions. The consolidated ASM list with 30+ securities underscores NSE’s continued vigilance over market integrity.

Impact Justification

ST-ASM imposes trading restrictions and margin requirements on listed securities, directly affecting trading activity, liquidity, and investor exposure for multiple stocks.