Description

NSE circular announcing inclusion of DCM Shriram Fine Chemicals Limited (DSFCL) under Long Term Additional Surveillance Measure (LTASM) Stage I, effective March 25, 2026, with 100% margin requirement from March 30, 2026.

Summary

NSE has announced the inclusion of DCM Shriram Fine Chemicals Limited (DSFCL) under the Long Term Additional Surveillance Measure (LTASM) Stage I framework, effective March 25, 2026. The security was previously under the Short Term ASM (STASM) framework and is now being moved to LTASM. A 100% margin requirement will be applicable from March 30, 2026.

Key Points

  • DCM Shriram Fine Chemicals Limited (DSFCL, ISIN: INE0OFM01015) moved from STASM to LTASM Stage I effective March 25, 2026
  • 100% margin applicable on all open positions as on March 27, 2026 and new positions from March 30, 2026
  • No securities shortlisted for Stage IV (which would require shift to Trade-for-Trade segment)
  • No securities moving between stages (Stage I to II, II to III, I to IV, or II to IV)
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance and not an adverse action against the company

Regulatory Changes

DSFCL transitions from Short Term ASM (STASM) to Long Term ASM (LTASM) Stage I. The LTASM framework imposes stricter surveillance conditions including enhanced margin requirements. Reference circulars include 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).

Compliance Requirements

  • NSE members must apply 100% margin on all open positions in DSFCL as on March 27, 2026
  • 100% margin must be collected on all new positions in DSFCL created from March 30, 2026 onwards
  • Members should inform clients trading in DSFCL about the enhanced margin requirements

Important Dates

  • March 24, 2026: Circular issuance date
  • March 25, 2026: DSFCL included in LTASM Stage I (effective date)
  • March 27, 2026: Reference date for open positions subject to 100% margin
  • March 30, 2026: 100% margin requirement becomes effective for open positions and new positions

Impact Assessment

Traders and investors holding or planning to trade in DSFCL (DCM Shriram Fine Chemicals Limited) will face significantly higher capital requirements due to the 100% margin mandate. This will reduce leverage and may lead to position unwinding by margin-constrained traders. The transition from STASM to LTASM indicates prolonged surveillance concern, potentially signaling continued volatility or risk in the stock. No securities are being moved to Trade-for-Trade (BE series) in this circular, limiting broader market disruption to DSFCL specifically.

Impact Justification

100% margin requirement imposed on DSFCL effective March 30, 2026; stock moved from Short Term ASM to Long Term ASM Stage I, significantly impacting trading conditions for the security.