Description

NSE announces inclusion of IDBI Bank, Manas Polymers, and Usha Financial Services under ST-ASM Stage I effective March 23, 2026, with 50% margin requirements from March 24, 2026.

Summary

NSE has announced the inclusion of three securities under the Short-Term Additional Surveillance Measure (ST-ASM) Stage I framework effective March 23, 2026. Enhanced margin requirements of 50% (or existing margin, whichever is higher) will apply from March 24, 2026. No securities have been placed under ST-ASM Stage II or moved between stages.

Key Points

  • Three securities shortlisted under ST-ASM Stage I w.e.f. March 23, 2026: IDBI Bank Limited (IDBI), Manas Polymers and Energies Limited (MPEL), and Usha Financial Services Limited (USHAFIN)
  • ST-ASM Stage I margin: 50% or existing margin, whichever is higher (max cap: 100%)
  • ST-ASM Stage II margin: 100% or existing margin, whichever is higher (max cap: 100%) — no securities placed in Stage II currently
  • No securities moved from Stage I to Stage II or vice versa
  • ASM framework operates alongside all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance and not an adverse action against the company

Regulatory Changes

This circular is issued further to earlier ASM 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). No new framework changes are introduced; the existing ST-ASM criteria and provisions continue to apply.

Compliance Requirements

  • Members must apply enhanced margin of 50% (or existing margin, whichever is higher) on all open positions in IDBI, MPEL, and USHAFIN as on March 23, 2026
  • Enhanced margin applies to new positions created from March 24, 2026 onward
  • Members must ensure compliance with all other concurrent surveillance measures alongside ST-ASM requirements
  • Price band restoration for any securities exiting the framework will revert to pre-ASM price bands unless the security remains under another surveillance measure

Important Dates

  • March 20, 2026: Circular issued (Download Ref No: NSE/SURV/73402, Circular Ref No: 212/2026)
  • March 23, 2026: Effective date for inclusion of securities under ST-ASM Stage I
  • March 24, 2026: Enhanced margin requirements (50%) applicable on all open positions as on March 23, 2026 and new positions

Impact Assessment

IDBI Bank Limited (IDBI) — ISIN: INE008A01015: A major public sector bank placed under ST-ASM Stage I. Given its market significance, this could lead to reduced trading volumes and increased cost of carrying positions.

Manas Polymers and Energies Limited (MPEL) — ISIN: INE0U4H01011: Smaller cap stock subject to enhanced surveillance with 50% margin requirement, likely to see significant liquidity impact.

Usha Financial Services Limited (USHAFIN) — ISIN: INE0LS001014: Financial services company placed under ST-ASM Stage I, with trading conditions tightened via higher margin obligations.

Overall, traders and investors holding or planning positions in these three securities must arrange for additional margin capital. The 50% margin requirement will increase the cost of leveraged positions and may reduce speculative activity in these scrips.

Impact Justification

Three securities placed under ST-ASM Stage I with mandatory 50% margin requirement effective March 24, 2026, directly impacting trading conditions and open positions for these stocks.