Description

NSE places Jindal Poly Films Limited under Long-Term ASM Stage-I framework effective March 19, 2026, with 100% margin requirement applicable from March 23, 2026.

Summary

NSE has issued Circular 205/2026 placing Jindal Poly Films Limited (JINDALPOLY) under the Long-Term Additional Surveillance Measure (LTASM) Stage-I framework effective March 19, 2026. The stock is being moved from the Short-Term ASM (STASM) framework. A 100% margin requirement will apply on all open and new positions from March 23, 2026.

Key Points

  • Jindal Poly Films Limited (ISIN: INE197D01010) moved from STASM to LTASM Stage-I effective March 19, 2026
  • 100% margin applicable on all open positions as on March 20, 2026 and new positions from March 23, 2026
  • No securities shortlisted for LTASM Stage-IV (Trade-for-Trade shift) in this circular
  • No securities moving between stages (Stage-I to II, II to III, I to IV, or II to IV)
  • ASM shortlisting is purely a surveillance action and should not be construed as adverse action against the company

Regulatory Changes

The ASM framework operates under Exchange Circulars NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066. Securities qualifying under Criteria VII (Stage-IV) would be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade (Series: BE) on a T+3 basis, though no such securities are included in this circular.

Compliance Requirements

  • All NSE members must ensure 100% margin is collected on JINDALPOLY positions from March 23, 2026
  • Members must apply the margin on all open positions as of March 20, 2026
  • The ASM framework applies in conjunction with all other prevailing surveillance measures
  • Queries can be directed to surveillance@nse.co.in

Important Dates

  • March 18, 2026: Circular issuance date
  • March 19, 2026: LTASM Stage-I inclusion effective for JINDALPOLY
  • March 20, 2026: Reference date for open positions subject to 100% margin
  • March 23, 2026: 100% margin requirement comes into effect

Impact Assessment

Jindal Poly Films Limited (JINDALPOLY) faces significantly increased trading costs due to the 100% margin requirement under LTASM Stage-I. This will reduce leverage available to traders and may result in decreased liquidity and trading volumes for the stock. The upgrade from STASM to LTASM indicates sustained surveillance concerns. No stocks are being moved to the Trade-for-Trade (BE series) segment in this circular, so settlement mechanics remain unchanged for all listed securities at this time.

Impact Justification

Jindal Poly Films Limited is moved from STASM to LTASM Stage-I with a 100% margin requirement, significantly impacting trading conditions for the stock from March 23, 2026.