Description
NSE shortlists 7 securities under ST-ASM Stage I effective March 25, 2026, with applicable margin rates of 50% or existing margin (whichever is higher), capped at 100%.
Summary
NSE has shortlisted 7 securities under the Short-Term Additional Surveillance Measure (ST-ASM) Stage I framework effective March 25, 2026. The enhanced margin requirements apply to all open positions as on March 24, 2026, and new positions created from March 25, 2026. No securities have been shortlisted under ST-ASM Stage II or for movement between stages.
Key Points
- 7 securities added to ST-ASM Stage I effective March 25, 2026
- ST-ASM Stage I: Applicable margin rate is 50% or existing margin, whichever is higher (max capped at 100%)
- ST-ASM Stage II: Applicable margin rate is 100% or existing margin, whichever is higher (max capped at 100%) — no new securities added this cycle
- No securities shortlisted for Stage I to Stage II movement
- No securities shortlisted for Stage II to Stage I movement
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely for market surveillance and should not be construed as adverse action against the company
Regulatory Changes
This circular is issued further to Exchange Circular nos. NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558, and NSE/SURV/64066 dated October 27, 2018; December 04, 2020; April 28, 2022; September 25, 2023; and September 20, 2024 respectively. No new regulatory framework changes are introduced; this is an operational update applying existing ST-ASM provisions.
Compliance Requirements
- NSE members must ensure applicable margin rates are collected for the listed securities from March 25, 2026
- For ST-ASM Stage I securities: collect 50% margin or existing margin, whichever is higher (subject to 100% cap)
- Margins apply to all open positions as on March 24, 2026 and all new positions created from March 25, 2026
- Members should refer to FAQs at https://www.nseindia.com/regulations/additional-surveillance-measure for additional guidance
- Queries may be directed to surveillance@nse.co.in
Important Dates
- March 23, 2026: Circular issued
- March 24, 2026: Criteria satisfaction date; open positions subject to new margins recorded as of this date
- March 25, 2026: Enhanced margin requirements come into effect for ST-ASM Stage I securities
Impact Assessment
Securities added to ST-ASM Stage I (effective March 25, 2026):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | BAFNAPH | Bafna Pharmaceuticals Limited | INE878I01022 |
| 2 | BODALCHEM | Bodal Chemicals Limited | INE338D01028 |
| 3 | MDL | Marvel Decor Limited | INE575Z01010 |
| 4 | MITTAL | Mittal Life Style Limited | INE997Y01027 |
| 5 | NITCO | Nitco Limited | INE858F01012 |
| 6 | VALIANTORG | Valiant Organics Limited | INE565V01010 |
| 7 | WEBELSOLAR | Websol Energy System Limited | INE855C01023 |
Traders and investors holding positions in these securities will face significantly higher margin requirements, increasing cost of carry and potentially forcing position reductions. Retail and leveraged participants are most impacted. The measure is designed to curb speculative activity and price volatility in these securities.
Impact Justification
Direct trading restrictions with enhanced margin requirements (50%-100%) imposed on 7 securities effective March 25, 2026, significantly affecting trading costs and open positions.