Description
NSE announces changes to the Long-Term ASM Framework effective March 09, 2026, including new additions, stage movements, and exclusions of securities.
Summary
NSE has issued updates to the Additional Surveillance Measure (ASM) Long-Term Framework effective March 09, 2026. The circular details new securities entering Stage I, securities moving between stages, and securities being excluded from the ASM framework entirely. One security (PARAMPARA) is moved from LTASM to the ESM framework.
Key Points
- WINNY (Winny Immigration & Education Services Limited) is newly shortlisted under Long-Term ASM Framework Stage I effective March 09, 2026.
- AQYLON (Aqylon Nexus Limited) moves from Long-Term ASM Stage III to Stage II effective March 09, 2026.
- SADHNANIQ (Sadhana Nitrochem Limited) and SIGMAADV (SIGMA ADVANCED SYSTEMS LIMITED) move from Long-Term ASM Stage II to Stage I effective March 09, 2026.
- No securities are shortlisted for Stage IV or moving into Stages III or IV in this cycle.
- Eight securities are excluded from the ASM Framework effective March 09, 2026.
- PARAMPARA DAIRY DELIGHTS LIMITED is moved from LTASM to the ESM (Enhanced Surveillance Measure) framework.
Regulatory Changes
- Securities shortlisted under Stage IV (Criteria VII) are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis, where T is the date of issuance of the circular.
- Stage movements reflect ongoing surveillance assessments based on price/volume behaviour and other criteria under the Long-Term ASM Framework.
Compliance Requirements
- Market participants and traders must note the revised ASM stage classifications and applicable trading restrictions for affected securities from March 09, 2026.
- Brokers and members must ensure clients are informed of the revised margin and trading conditions applicable to ASM-listed securities.
Important Dates
- Effective Date for all changes: March 09, 2026
- Circular Date: March 06, 2026
Impact Assessment
Securities Added to ASM Stage I:
| Symbol | Security Name | ISIN |
|---|---|---|
| WINNY | Winny Immigration & Education Services Limited | INE0S9101013 |
Stage Movements (Downgrade):
| Symbol | Security Name | From Stage | To Stage |
|---|---|---|---|
| AQYLON | Aqylon Nexus Limited | III | II |
| SADHNANIQ | Sadhana Nitrochem Limited | II | I |
| SIGMAADV | SIGMA ADVANCED SYSTEMS LIMITED | II | I |
Securities Excluded from ASM Framework:
| Symbol | Security Name | ISIN |
|---|---|---|
| A2ZINFRA | A2Z Infra Engineering Limited | INE619I01012 |
| AAKAAR | Aakaar Medical Technologies Limited | INE1GYP01013 |
| MCLOUD | Magellanic Cloud Limited | INE613C01026 |
| NACLIND | NACL Industries Limited | INE295D01020 |
| PARAMPARA | PARAMPARA DAIRY DELIGHTS LIMITED (moved to ESM) | INE749Y01014 |
| TARMAT | Tarmat Limited | INE924H01018 |
| TREEHOUSE | Tree House Education & Accessories Limited | INE040M01013 |
| USK | Udayshivakumar Infra Limited | INE0N0Y01013 |
The exclusions from ASM represent an easing of surveillance restrictions for most affected securities, which may improve liquidity and reduce margin requirements for those stocks. The addition of WINNY to Stage I signals increased regulatory scrutiny due to unusual price/volume activity.
Impact Justification
Routine ASM framework update affecting a limited number of securities with stage changes and exclusions; impacts trading conditions for specific stocks but is a regular surveillance action.