Description
NSE announces inclusion of securities under Long Term Additional Surveillance Measure (LTASM) framework with 100% margin requirement effective March 18, 2026. Includes stage transitions for select securities.
Summary
NSE has announced the applicability of the Long Term Additional Surveillance Measure (LTASM) for select securities effective March 16–18, 2026. Securities shortlisted under LTASM will attract a 100% margin requirement on all open and new positions from March 18, 2026. Securities qualifying under criteria VII (Stage IV) will be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE).
Key Points
- Two securities — UMESLTD (Usha Martin Education & Solutions Limited) and VENUSREM (Venus Remedies Limited) — moved from Short Term ASM (STASM) to Long Term ASM (LTASM) Framework Stage I w.e.f. March 16, 2026.
- VIJIFIN (Viji Finance Limited) moves from LTASM Stage I to Stage II w.e.f. March 16, 2026.
- No securities shortlisted under LTASM Stage IV (Nil).
- No securities moving from Stage II to Stage III (Nil).
- 100% margin applicable on all open positions as on March 17, 2026 and new positions from March 18, 2026.
- ASM shortlisting is purely for market surveillance and should not be construed as adverse action against the company.
Regulatory Changes
- Securities moved into LTASM Stage I: UMESLTD, VENUSREM (both shifted from STASM).
- Securities moved from LTASM Stage I to Stage II: VIJIFIN.
- Stage IV securities (if any) would be shifted from EQ (Rolling Settlement) to BE (Trade-for-Trade) series.
- Price band upon exit from ASM framework will revert to the band applicable before shortlisting, unless covered under another surveillance measure.
Compliance Requirements
- All NSE members must take note of the revised margin requirements for the affected securities.
- Members must ensure 100% margin is collected on open positions as of March 17, 2026 and on all new positions from March 18, 2026 onwards.
- For queries, members may contact: surveillance@nse.co.in.
- Reference FAQs available at: https://www.nseindia.com/regulations/additional-surveillance-measure
Important Dates
- March 16, 2026: Effective date for LTASM Stage I inclusion (UMESLTD, VENUSREM) and Stage I to Stage II transition (VIJIFIN).
- March 17, 2026: Last date for existing open positions before 100% margin kicks in.
- March 18, 2026: 100% margin applicable on all open positions and new positions; Trade-for-Trade shift effective for Stage IV securities (if any).
Impact Assessment
Traders and investors holding positions in UMESLTD, VENUSREM, and VIJIFIN will face significantly higher margin requirements (100%), increasing the cost of holding positions. The shift of Stage IV securities (if applicable) to Trade-for-Trade (BE series) eliminates netting benefits and restricts speculative activity. These measures are designed to curb excessive speculation and volatility in these securities. Market participants should review their exposure to affected stocks and arrange for additional margin funds before March 18, 2026.
Impact Justification
100% margin requirement imposed on specific securities with stage transitions under LTASM framework, directly affecting trading conditions and settlement segment for impacted stocks.