Description

NSE applies ST-ASM Stage I to three securities effective March 25, 2026, with enhanced margin requirements of 50% or existing margin (whichever higher) effective March 27, 2026. One security is excluded from the ASM framework.

Summary

NSE has issued a circular applying the Short-Term Additional Surveillance Measure (ST-ASM) framework to select securities effective March 25, 2026. Three securities are included under ST-ASM Stage I with enhanced margin requirements effective March 27, 2026. No securities are placed under Stage II or moved between stages. One security (DSFCL - DCM Shriram Fi…) is excluded from the ASM framework.

Key Points

  • Three securities added to ST-ASM Stage I effective March 25, 2026: BALAJIPHOS, GREENLEAF, GUJALKALI
  • No securities added to ST-ASM Stage II
  • No securities moved from Stage I to Stage II or vice versa
  • One security (DSFCL) excluded from ASM framework effective March 25, 2026
  • Enhanced margin requirements apply from March 27, 2026 on open positions as of March 25, 2026 and new positions thereafter
  • ASM framework operates in conjunction with all other prevailing surveillance measures

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. The current circular (NSE/SURV/73450, Circular Ref. No. 222/2026) updates the list of securities under the ST-ASM framework.

Compliance Requirements

ST-ASM Stage I securities (BALAJIPHOS, GREENLEAF, GUJALKALI):

  • Applicable margin rate: 50% or existing margin, whichever is higher
  • Maximum margin capped at 100%
  • Effective March 27, 2026 on all open positions as on March 25, 2026 and new positions from March 27, 2026

ST-ASM Stage II securities:

  • No securities currently in Stage II
  • If applicable: margin rate of 100% or existing margin whichever is higher, capped at 100%

Members must ensure compliance with margin requirements for all affected securities. Shortlisting is purely for market surveillance purposes and should not be construed as adverse action against the concerned company/entity.

Important Dates

  • March 24, 2026: Circular issued
  • March 25, 2026: Effective date for inclusion/exclusion of securities in ST-ASM framework; reference date for open positions subject to new margins
  • March 27, 2026: Enhanced margin requirements become applicable on open positions (as of March 25, 2026) and all new positions

Impact Assessment

High impact on traders and members holding positions in affected securities:

  • BALAJIPHOS (Balaji Phosphates Limited, INE0PQ601019): Subject to minimum 50% margin — traders must ensure adequate capital to maintain positions
  • GREENLEAF (Greenleaf Envirotech Limited, INE0PLX01017): Subject to minimum 50% margin — increased cost of carrying positions may prompt position reduction
  • GUJALKALI (Gujarat Alkalies and Chemicals Limited, INE186A01019): Subject to minimum 50% margin — notable as this is a larger, more established company; may see increased volatility
  • DSFCL (DCM Shriram Fincorp/related entity): Exclusion from ASM framework may ease trading restrictions previously in place

The increased margin requirements are likely to reduce speculative activity and open interest in the Stage I securities. Market participants should review positions in these securities ahead of March 25, 2026 to avoid margin shortfalls effective March 27, 2026.

Impact Justification

Direct trading restrictions with significantly increased margin requirements (50-100%) imposed on specific securities, affecting traders holding or planning positions in these stocks.