Description

NSE circular notifying inclusion of securities under ST-ASM Stage I and Stage II with enhanced margin requirements effective March 11, 2026, along with exclusions from the ASM framework.

Summary

NSE has issued Circular Ref. No. 177/2026 (Download Ref No: NSE/SURV/73202) notifying the applicability of Short-Term Additional Surveillance Measure (ST-ASM) for select securities. KOTYARK Industries Limited is newly included under ST-ASM Stage I, while Jindal Poly Films Limited moves from Stage I to Stage II. Three securities (GREENCHEF, MAHLOG, TAC) are excluded from the ASM framework, all effective March 10, 2026.

Key Points

  • KOTYARK (Kotyark Industries Limited, INE0J0B01017) included in ST-ASM Stage I w.e.f. March 10, 2026
  • JINDALPOLY (Jindal Poly Films Limited, INE197D01010) moves from ST-ASM Stage I to Stage II w.e.f. March 10, 2026
  • No securities are newly included directly under ST-ASM Stage II
  • No securities move from Stage II back to Stage I
  • Three securities excluded from ASM framework: GREENCHEF (Greenchef Appliances Limited), MAHLOG (Mahindra Logistics Limited), TAC (TAC Infoser…)
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM is a market surveillance action and should not be construed as adverse action against the company

Regulatory Changes

This circular is issued further to earlier Exchange Circulars: NSE/SURV/39265 (October 27, 2018), NSE/SURV/46557 (December 04, 2020), NSE/SURV/52144 (April 28, 2022), NSE/SURV/58558 (September 25, 2023), and NSE/SURV/64066 (September 20, 2024), all relating to the Additional Surveillance Measure (ASM) framework.

Compliance Requirements

  • ST-ASM Stage I margin: Applicable rate shall be 50% or existing margin, whichever is higher, subject to a maximum cap of 100%
  • ST-ASM Stage II margin: Applicable margin rate shall be 100% or existing margin, whichever is higher, subject to a maximum cap of 100%
  • Enhanced margins apply on all open positions as on March 10, 2026 and all new positions created from March 11, 2026
  • All NSE members must ensure compliance with the revised margin requirements for affected securities

Important Dates

  • March 09, 2026: Circular issued
  • March 10, 2026: Effective date for inclusion/exclusion/movement of securities under ASM; enhanced margins apply to open positions
  • March 11, 2026: Enhanced margin requirements become applicable for new positions and existing open positions

Impact Assessment

Traders and investors holding or planning to take positions in KOTYARK will face a minimum 50% margin requirement (Stage I), while those in JINDALPOLY will face 100% margin (Stage II), significantly increasing the cost of maintaining positions. This is likely to reduce liquidity and potentially increase volatility in these securities. Conversely, the exclusion of GREENCHEF, MAHLOG, and TAC from the ASM framework is a positive development for those securities, potentially improving liquidity and reducing trading costs for participants in those counters.

Impact Justification

Directly affects trading margins (up to 100%) for specific securities, with immediate operational impact on traders holding or creating positions in listed stocks from March 11, 2026.