Description

NSE announces inclusion of securities under Long Term Additional Surveillance Measure (ASM) framework, with 100% margin requirement effective March 25, 2026. SIGMAADV moves to Stage IV (Trade-for-Trade) and SURANI moves from Stage I to Stage II.

Summary

NSE has issued this circular under the Additional Surveillance Measure (ASM) framework, notifying the movement of securities across Long Term ASM stages effective March 23, 2026. A 100% margin requirement will apply from March 25, 2026. One security (SIGMAADV) is being shifted to Stage IV and moved to the Trade-for-Trade (BE) segment, while another (SURANI) is being moved from Stage I to Stage II.

Key Points

  • 100% margin applicable on all open positions as on March 24, 2026 and new positions from March 25, 2026 onwards
  • SURANI (Surani Steel Tubes Limited, INE01ZJ01015) moves from Long Term ASM Stage I to Stage II w.e.f. March 23, 2026
  • SIGMAADV (Sigma Advanced Systems Limited, INE933B01012) moves from Long Term ASM Stage I to Stage IV w.e.f. March 23, 2026
  • SIGMAADV will be shifted from Rolling Settlement (EQ series) to Trade-for-Trade segment (BE series) w.e.f. March 25, 2026
  • No new securities added to Stage I; no securities moved from Stage II to Stage III
  • ASM shortlisting is purely for market surveillance and should not be construed as adverse action against the company

Regulatory Changes

  • Securities qualifying under criteria VII (Stage IV) are shifted from EQ to BE (Trade-for-Trade) series
  • Price band upon exit from ASM framework reverts to the pre-ASM price band, unless the scrip is under another surveillance measure
  • ASM framework operates in conjunction with all other prevailing surveillance measures

Compliance Requirements

  • All NSE members must ensure 100% margin is collected on affected securities for open positions as of March 24, 2026 and all new positions from March 25, 2026
  • Members must update trading systems to reflect the series change for SIGMAADV (EQ → BE) effective March 25, 2026
  • For queries, members may contact surveillance@nse.co.in

Important Dates

  • March 23, 2026: Stage movement effective date for SURANI (Stage I → II) and SIGMAADV (Stage I → IV)
  • March 24, 2026: Last date for open positions under existing margin regime
  • March 25, 2026: 100% margin requirement effective; SIGMAADV moves to Trade-for-Trade (BE) segment

Impact Assessment

  • SIGMAADV: High impact — shift to Trade-for-Trade eliminates intraday trading, requires full delivery-based settlement, and combined with 100% margin significantly reduces liquidity and increases cost of trading
  • SURANI: Moderate-to-high impact — escalation to Stage II under Long Term ASM increases surveillance intensity and margin burden, likely dampening trading volumes
  • Market participants with open positions in these securities must arrange additional capital by March 24, 2026 to meet the 100% margin requirement

Impact Justification

Directly affects trading conditions for specific securities — 100% margin requirement and shift to Trade-for-Trade segment significantly impacts liquidity and trading strategy for affected stocks.