Description
NSE adds RADIOWALLA and SUMIT to ST-ASM Stage I effective March 19, 2026, with 50% margin requirements from March 20, 2026. BUILDPRO and DCMSIL excluded from ASM framework.
Summary
NSE has announced the applicability of Short-Term Additional Surveillance Measure (ST-ASM) for select securities effective March 19–20, 2026. Two securities — RADIOWALLA (Radiowalla Network Limited) and SUMIT (Sumit Woods Limited) — have been added to ST-ASM Stage I. No securities are placed in Stage II. Additionally, BUILDPRO (Shankara Buildpro Limited) and DCMSIL (DCM Shriram International Limited) are excluded from the ASM framework effective March 19, 2026.
Key Points
- RADIOWALLA and SUMIT added to ST-ASM Stage I w.e.f. March 19, 2026
- Stage I margin: 50% or existing margin, whichever is higher (capped at 100%)
- No securities added to or moved within Stage II
- BUILDPRO and DCMSIL removed from ASM framework w.e.f. March 19, 2026
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely for surveillance purposes and not an adverse action against the company
Regulatory Changes
This circular updates the ST-ASM framework in continuation of earlier circulars NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/46557 (Dec 04, 2020), NSE/SURV/52144 (Apr 28, 2022), NSE/SURV/58558 (Sep 25, 2023), and NSE/SURV/64066 (Sep 20, 2024). Securities meeting the ST-ASM criteria are subject to enhanced margin obligations as specified.
Compliance Requirements
- NSE members must apply enhanced margin rates to positions in ST-ASM Stage I securities (RADIOWALLA, SUMIT)
- Stage I: Minimum 50% margin (or existing margin if higher), maximum capped at 100%
- Enhanced margins apply to all open positions as of March 19, 2026 and new positions from March 20, 2026
- Members may refer to FAQs at https://www.nseindia.com/regulations/additional-surveillance-measure
- Queries can be directed to surveillance@nse.co.in
Important Dates
- March 18, 2026: Circular issued
- March 19, 2026: Inclusion of RADIOWALLA and SUMIT in ST-ASM Stage I takes effect; exclusion of BUILDPRO and DCMSIL from ASM takes effect
- March 20, 2026: Enhanced margin requirements (50% for Stage I) become applicable on all open positions as on March 19, 2026 and new positions
Impact Assessment
Traders and investors holding positions in RADIOWALLA (INE430U01019) and SUMIT (INE748Z01013) will face significantly higher margin requirements — at least 50% — from March 20, 2026, increasing the cost of carrying positions and likely reducing liquidity in these counters. Conversely, BUILDPRO and DCMSIL traders will benefit from the removal of ASM restrictions, potentially improving tradability. No Stage II inclusions or inter-stage movements limit the severity of this circular to a moderate-high impact on the affected securities only.
Impact Justification
Directly imposes enhanced margin requirements (50-100%) on specific securities, affecting trading costs and positions for members holding these stocks from March 20, 2026.