Description

NSE circular notifying securities moved under Long-Term ASM framework with 100% margin requirement effective March 27, 2026. SHIVAUM (Shiv Aum Steels Limited) moves from Stage I to Stage II.

Summary

NSE has issued a circular under the Additional Surveillance Measure (ASM) framework identifying securities that have satisfied criteria for inclusion or stage movement under Long-Term ASM, effective March 24–27, 2026. The key change is SHIVAUM (Shiv Aum Steels Limited, ISIN: INE719F01016) moving from Stage I to Stage II.

Key Points

  • SHIVAUM (Shiv Aum Steels Limited, INE719F01016) is shortlisted to move from Long-Term ASM Stage I to Stage II w.e.f. March 24, 2026
  • 100% margin applicable on all open positions as on March 25, 2026 and new positions from March 27, 2026
  • Securities qualifying under Criteria VII (Stage IV) would be shifted from Rolling Settlement (EQ series) to Trade-for-Trade (BE series) w.e.f. March 27, 2026 — no such securities in this circular
  • No new securities added to Stage I or Stage IV in this circular
  • No securities moved from Stage II to Stage III or Stage II to Stage IV in this circular
  • ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

This circular is issued with reference to earlier circulars: NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066 (issued between October 2018 and September 2024). The stage movement of SHIVAUM to Stage II represents an escalation of surveillance intensity.

Compliance Requirements

  • NSE members must note the updated ASM stage assignments for affected securities
  • Members must ensure 100% margin is collected on open positions in affected securities as on March 25, 2026
  • 100% margin must be applied on all new positions in affected securities from March 27, 2026 onwards
  • Members should monitor for any Stage IV inclusions which would require settlement migration from EQ to BE series

Important Dates

  • March 23, 2026: Circular issuance date
  • March 24, 2026: Stage change effective date for SHIVAUM (Stage I → Stage II)
  • March 25, 2026: Reference date for open positions subject to 100% margin
  • March 27, 2026: 100% margin enforcement effective date; also effective date for EQ→BE segment shift for any Stage IV securities (none in this circular)

Impact Assessment

The primary impact is on SHIVAUM (Shiv Aum Steels Limited), which faces increased surveillance scrutiny moving to Stage II of Long-Term ASM. Traders holding or intending to take positions in SHIVAUM will face 100% margin requirements, significantly increasing the capital needed to trade this stock. This effectively restricts speculative activity in the security. The shortlisting is explicitly stated to be purely for market surveillance purposes and should not be construed as adverse action against the company.

Impact Justification

Imposes 100% margin requirement on affected securities and shifts qualifying scrips to Trade-for-Trade segment, significantly restricting trading flexibility for affected stocks.