Description

NSE announces inclusion of securities under Long Term Additional Surveillance Measure (ASM) framework with 100% margin requirement effective March 17, 2026, including stage movements for select securities.

Summary

NSE has issued Circular 187/2026 announcing updates to the Additional Surveillance Measure (ASM) framework. Two securities — DCMFINSERV and RMDRIP — have been newly included in the Long Term ASM Stage I framework effective March 13, 2026. MAHASTEEL is being moved from Stage I to Stage II. A 100% margin requirement will apply to all affected securities from March 17, 2026.

Key Points

  • DCMFINSERV (DCM Financial Services Limited, INE891B01012) added to Long Term ASM Stage I w.e.f. March 13, 2026
  • RMDRIP (R M Drip and Sprinklers Systems Limited, INE219Y01026) added to Long Term ASM Stage I w.e.f. March 13, 2026 — moved from Short Term ASM (STASM) to Long Term ASM (LTASM)
  • MAHASTEEL (Mahamaya Steel Industries Limited, INE451L01014) moved from Long Term ASM Stage I to Stage II w.e.f. March 13, 2026
  • No securities shortlisted for Stage IV, Stage II to Stage III, or Stage I to Stage IV transitions
  • ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

Securities added or moved within the Long Term ASM framework are subject to heightened surveillance. Stage IV securities (none in this circular) would additionally be shifted from Rolling Settlement (EQ series) to Trade-for-Trade segment (BE series) on a T+3 basis.

Compliance Requirements

  • All NSE members must apply 100% margin on open positions in the listed securities as on March 16, 2026
  • 100% margin must be collected on all new positions in affected securities created from March 17, 2026 onwards
  • Members should refer to FAQs on NSE’s website for detailed ASM framework guidance
  • Queries can be directed to surveillance@nse.co.in

Important Dates

  • March 13, 2026: Effective date for inclusion/movement of securities in ASM framework
  • March 16, 2026: Reference date for open positions subject to 100% margin
  • March 17, 2026: 100% margin requirement becomes applicable on open and new positions

Impact Assessment

Traders and investors holding positions in DCMFINSERV, RMDRIP, and MAHASTEEL will face significantly increased margin requirements (100%) from March 17, 2026. This substantially raises the cost of holding or creating positions in these securities, which may reduce liquidity and increase volatility. RMDRIP’s escalation from STASM to LTASM signals continued surveillance concern. The absence of any Stage IV inclusions means no securities are being moved to Trade-for-Trade settlement in this round, limiting the most restrictive trading impact.

Impact Justification

Imposes 100% margin requirement on affected securities from March 17, 2026, and moves MAHASTEEL from Stage I to Stage II of Long Term ASM, significantly impacting trading conditions for these securities.