Description
NSE places KOTYARK and OSIAHYPER under Long-Term ASM Framework Stage-I effective March 12, 2026, with 100% margin requirement applicable from March 16, 2026.
Summary
NSE has shortlisted two securities — Kotyark Industries Limited (KOTYARK) and Osia Hyper Retail Limited (OSIAHYPER) — under the Long-Term Additional Surveillance Measure (LT-ASM) Framework Stage-I, effective March 12, 2026. A 100% margin requirement will apply from March 16, 2026 on all open positions as of March 13, 2026 and all new positions thereafter.
Key Points
- Two securities shortlisted under Long-Term ASM Framework Stage-I effective March 12, 2026
- KOTYARK (Kotyark Industries Limited) moved from Short-Term ASM (STASM) to Long-Term ASM (LTASM) framework
- OSIAHYPER (Osia Hyper Retail Limited) newly included in LT-ASM Stage-I
- 100% margin applicable on all open positions as on March 13, 2026 and new positions from March 16, 2026
- No securities shortlisted under Stage-IV (Trade-for-Trade shift) in this circular
- No securities moving between stages (Stage-I to II, II to III, or I to IV) in this circular
- ASM classification is purely a surveillance action and should not be construed as adverse action against the company
Regulatory Changes
The following changes are applicable under the Long-Term ASM framework (reference circulars NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066):
- Securities satisfying LT-ASM criteria are subject to enhanced margin requirements
- Securities qualifying under Criteria VII (Stage-IV) would be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE) on a T+3 basis — not applicable in this circular as Stage-IV list is nil
Compliance Requirements
- Members/Brokers: Must ensure 100% margin is collected from clients holding or creating positions in KOTYARK and OSIAHYPER from March 16, 2026
- Market Participants: Must account for increased margin requirements on open positions as of March 13, 2026
- ASM framework applies in conjunction with all other prevailing surveillance measures imposed by the exchanges
- For queries: surveillance@nse.co.in
Important Dates
| Date | Event |
|---|---|
| March 11, 2026 | Circular issued |
| March 12, 2026 | Securities shortlisted under LT-ASM Stage-I effective |
| March 13, 2026 | Reference date for open positions subject to 100% margin |
| March 16, 2026 | 100% margin requirement comes into effect |
Impact Assessment
KOTYARK (Kotyark Industries Limited | ISIN: INE0J0B01017): Escalated from Short-Term ASM to Long-Term ASM, indicating sustained surveillance concern. The 100% margin requirement will significantly reduce leverage available to traders, likely dampening liquidity and increasing volatility risk.
OSIAHYPER (Osia Hyper Retail Limited | ISIN: INE06IR01021): Newly placed under LT-ASM Stage-I. Similar margin implications apply.
Both securities will face reduced retail and institutional participation due to higher capital requirements. Traders with existing positions must arrange additional margin by March 16, 2026 or risk forced liquidation. The absence of any Stage-IV inclusions means neither security is shifted to Trade-for-Trade settlement in this round.
Impact Justification
100% margin requirement imposed on two securities with immediate effect; KOTYARK moved from ST-ASM to LT-ASM indicating escalating regulatory concern.