Description

NSE places DPEL (Divine Power Energy Limited) and TECHD (TechD Cybersecurity Limited) under Long-Term ASM Stage I framework effective March 20, 2026, with 100% margin requirement applicable from March 24, 2026.

Summary

NSE’s Surveillance Department has shortlisted two securities — DPEL (Divine Power Energy Limited, INE0SCO01019) and TECHD (TechD Cybersecurity Limited, INE0Y5H01014) — for inclusion under the Long-Term Additional Surveillance Measure (ASM) Stage I framework, effective March 20, 2026. A 100% margin requirement will apply on all open and new positions from March 24, 2026.

Key Points

  • Two securities added to Long-Term ASM Stage I: DPEL and TECHD, effective March 20, 2026
  • 100% margin applicable on all open positions as on March 23, 2026 and new positions from March 24, 2026 onwards
  • No securities shortlisted for Stage IV, Stage I→II, Stage II→III, Stage I→IV, or Stage II→IV transitions
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance purposes and is not an adverse action against the companies

Regulatory Changes

This circular is issued under the Long-Term ASM framework, referencing prior circulars: NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/45111 (Jul 22, 2020), NSE/SURV/46557 (Dec 04, 2020), NSE/SURV/48506 (Jun 04, 2021), NSE/SURV/52090 (Apr 22, 2022), NSE/SURV/63362 (Aug 09, 2024), and NSE/SURV/64066 (Sep 20, 2024). Securities qualifying under Criteria VII (Stage IV) would be shifted from Rolling Settlement (EQ series) to Trade-for-Trade segment (BE series), though no securities qualify for this transition in the current circular.

Compliance Requirements

  • NSE members must ensure 100% margin is collected on open positions in DPEL and TECHD as on March 23, 2026
  • Members must collect 100% margin on all new positions in these securities created from March 24, 2026 onwards
  • Members should inform clients holding or intending to trade these securities about the enhanced margin requirements

Important Dates

  • March 19, 2026: Circular issued (Circular Ref. No: 208/2026)
  • March 20, 2026: Securities (DPEL, TECHD) included in Long-Term ASM Stage I framework
  • March 23, 2026: Reference date for open positions subject to 100% margin
  • March 24, 2026: 100% margin requirement becomes effective for open and new positions

Impact Assessment

Traders and investors holding or planning to trade DPEL (Divine Power Energy Limited) and TECHD (TechD Cybersecurity Limited) will face significantly higher capital requirements due to the 100% margin mandate. This effectively doubles the cost of leveraged positions and may reduce liquidity in these scrips. The absence of any Stage IV inclusions means no securities are being shifted to Trade-for-Trade settlement in this circular, limiting disruption to the broader market. The impact is concentrated on participants with existing or intended exposure to these two specific securities.

Impact Justification

Imposition of 100% margin requirement on two securities under Long-Term ASM Stage I directly affects trading costs and positions for holders of DPEL and TECHD from March 24, 2026.