Description
NSE places BRANDMAN, ICDSLTD, and OWAIS under ST-ASM Stage I effective March 17, 2026, with 50% margin requirements applicable from March 18, 2026. APEX Frozen Foods is excluded from the ASM framework.
Summary
NSE has issued Circular 197/2026 under the Short-Term Additional Surveillance Measure (ST-ASM) framework, placing three securities under ST-ASM Stage I effective March 17, 2026. Enhanced margin requirements will apply from March 18, 2026. One security (APEX Frozen Foods) is excluded from the ASM framework effective the same date.
Key Points
- Three securities added to ST-ASM Stage I: BRANDMAN (Brandman Retail Limited), ICDSLTD (ICDS Limited), and OWAIS (Owais Metal And Mineral Processing Limited)
- No securities added to ST-ASM Stage II in this circular
- No securities moved between Stage I and Stage II
- APEX (Apex Frozen Foods Limited) excluded from ASM framework
- This circular is further to prior circulars: NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558, and NSE/SURV/64066
- Shortlisting is purely for market surveillance purposes and should not be construed as adverse action against the companies
Regulatory Changes
Securities added under ST-ASM Stage I are subject to the following surveillance actions:
- Stage I Margin: 50% or existing margin, whichever is higher, subject to a maximum cap of 100%
No Stage II additions in this circular. Stage II margins (if applicable) would be 100% or existing margin, whichever is higher, capped at 100%.
The ASM framework operates in conjunction with all other prevailing surveillance measures imposed by the Exchanges.
Compliance Requirements
- NSE Members must apply enhanced margin requirements on the listed securities for all open positions as on March 17, 2026 and all new positions created from March 18, 2026
- Members should note the exclusion of APEX from the ASM framework and update margin requirements accordingly
- For queries, contact: surveillance@nse.co.in
- For FAQs on ASM: https://www.nseindia.com/regulations/additional-surveillance-measure
Important Dates
- March 16, 2026: Circular issued
- March 17, 2026: Effective date for inclusion/exclusion of securities in ST-ASM framework
- March 18, 2026: Enhanced margin requirements applicable on all open positions (as on March 17) and new positions
Impact Assessment
Securities Added to ST-ASM Stage I:
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | BRANDMAN | Brandman Retail Limited | INE0XUD01014 |
| 2 | ICDSLTD | ICDS Limited | INE613B01010 |
| 3 | OWAIS | Owais Metal And Mineral Processing Limited | INE0R8M01017 |
Securities Excluded from ASM:
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | APEX | Apex Frozen Foods Limited | INE346W0101x |
Traders and investors holding positions in BRANDMAN, ICDSLTD, or OWAIS will face significantly higher margin requirements (minimum 50%, up to 100%), increasing the cost of holding positions. This may lead to forced unwinding of leveraged positions and increased volatility in these securities. The exclusion of APEX from ASM may provide relief to participants trading that security.
Impact Justification
Direct trading restrictions with elevated margin requirements (50%-100%) imposed on specific securities, affecting traders holding or planning positions in these stocks from March 18, 2026.