Description

NSE places DCMSIL and GANGABATH under ST-ASM Stage I with 50% margin requirement effective March 19, 2026, while JINDALPOLY moves from Stage II to Stage I. UEL is excluded from ASM framework.

Summary

NSE has issued a circular (Ref: NSE/SURV/73331, Circular Ref. No. 201/2026) updating the Short-Term Additional Surveillance Measure (ST-ASM) framework effective March 18-19, 2026. Two securities are newly included under ST-ASM Stage I, one security moves from Stage II to Stage I, and one security is excluded from the ASM framework entirely.

Key Points

  • DCMSIL (DCM Shriram International Limited, INE0OU201013) added to ST-ASM Stage I w.e.f. March 18, 2026
  • GANGABATH (Ganga Bath Fittings Limited, INE0ZI101018) added to ST-ASM Stage I w.e.f. March 18, 2026
  • JINDALPOLY (Jindal Poly Films Limited, INE197D01010) moves from ST-ASM Stage II to Stage I w.e.f. March 18, 2026
  • UEL (Ujaas Energy Limited, INE899L01030) excluded from the ASM framework w.e.f. March 18, 2026
  • No securities are being added to or remain in ST-ASM Stage II
  • ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

This circular is further to Exchange 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. The ST-ASM framework shortlisting is based on market surveillance criteria and does not constitute an adverse action against the concerned companies.

Compliance Requirements

  • ST-ASM Stage I securities (DCMSIL, GANGABATH, JINDALPOLY): Applicable margin rate shall be 50% or existing margin, whichever is higher, subject to a maximum cap of 100%
  • Increased margins apply to all open positions as on March 18, 2026 and all new positions created from March 19, 2026
  • ST-ASM Stage II securities: Applicable margin rate would be 100% or existing margin, whichever is higher (no securities currently in Stage II after this update)
  • All NSE members must comply with revised margin requirements for the listed securities

Important Dates

  • March 17, 2026: Circular issued
  • March 18, 2026: New ST-ASM inclusions, exclusions, and stage changes take effect; increased margins apply to all open positions as of this date
  • March 19, 2026: Increased margin requirements apply to all new positions created from this date

Impact Assessment

Traders and investors holding positions in DCMSIL, GANGABATH, or JINDALPOLY will face increased margin requirements of at least 50%, potentially requiring additional capital to maintain open positions. JINDALPOLY sees a reduction in margin burden as it moves from Stage II (100% margin) to Stage I (50% margin), which may be seen as a partial relaxation for that stock. UEL holders benefit from complete removal from the ASM framework, potentially improving liquidity and reducing margin costs. Members must ensure adequate margin is available by March 18, 2026 for existing positions in the newly included securities.

Impact Justification

Direct trading impact on multiple securities with increased margin requirements (50%-100%) effective immediately, affecting open positions and new trades from March 19, 2026.