Description

NSE places Adani Total Gas Limited and Regaal Resources Limited under ST-ASM Stage I effective March 16, 2026, with 50% margin requirements applicable from March 17, 2026.

Summary

NSE has issued Circular 191/2026 placing two securities — Adani Total Gas Limited (ATGL) and Regaal Resources Limited (REGAAL) — under the Short-Term Additional Surveillance Measure (ST-ASM) Stage I, effective March 16, 2026. The enhanced margin requirements will apply from March 17, 2026. No securities have been placed under ST-ASM Stage II or moved between stages in this circular.

Key Points

  • Two securities shortlisted under ST-ASM Stage I: ATGL (Adani Total Gas Limited) and REGAAL (Regaal Resources Limited), effective March 16, 2026
  • Stage I margin requirement: 50% or existing margin, whichever is higher (capped at 100%)
  • No securities shortlisted under ST-ASM Stage II in this circular
  • No securities moving from Stage I to Stage II or vice versa
  • Shortlisting is based on market surveillance criteria; not an adverse action against the companies
  • ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

Securities are being added to the ST-ASM framework as per the provisions established under earlier circulars NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558, and NSE/SURV/64066 dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023, and September 20, 2024 respectively. When a scrip exits the ASM framework, its price band will revert to the band applicable prior to its shortlisting, unless it remains under another surveillance measure.

Compliance Requirements

  • All NSE members must apply the enhanced margin rates to the specified securities
  • For ST-ASM Stage I: minimum margin of 50% (or existing margin if higher), capped at 100%, must be collected on all open positions as of March 16, 2026 and new positions from March 17, 2026
  • Members should ensure trading systems and risk management parameters are updated accordingly before the effective date
  • Queries can be directed to surveillance@nse.co.in

Important Dates

  • March 13, 2026: Circular issued
  • March 16, 2026: Securities shortlisted under ST-ASM Stage I (effective date for inclusion)
  • March 17, 2026: Enhanced margin requirements applicable on all open positions as on March 16, 2026 and new positions created from March 17, 2026

Impact Assessment

Adani Total Gas Limited (ATGL) is a large-cap, widely-traded NSE-listed entity; its inclusion under ST-ASM Stage I will significantly increase the cost of holding or initiating positions, likely reducing trading volumes and liquidity in the scrip. Regaal Resources Limited (REGAAL) is a smaller-cap security also affected. Existing position holders in both securities will face higher margin calls effective March 17, 2026, which may trigger forced position reductions. Market participants should review their exposure and ensure adequate margin availability before the effective date.

Impact Justification

Directly imposes enhanced margin requirements (50%) on two securities including a large-cap stock (Adani Total Gas), affecting trading costs and positions for all market participants holding or trading these scrips.