Description
NSE announces applicability of ST-ASM Stage I and Stage II with revised margin requirements effective April 01, 2026. All listed securities in the annexure will be subject to enhanced margin rates.
Summary
NSE has issued Circular No. 228/2026 (Download Ref: NSE/SURV/73514) regarding the applicability of Short-Term Additional Surveillance Measure (ST-ASM) effective March 30, 2026. This circular is further to prior circulars on ASM dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023, and September 20, 2024. For the current cycle, no securities (Nil) have been shortlisted under any ST-ASM category.
Key Points
- No securities (Nil) shortlisted under ST-ASM Stage I w.e.f. March 30, 2026
- No securities (Nil) shortlisted under ST-ASM Stage II w.e.f. March 30, 2026
- No securities (Nil) moving from Stage I to Stage II w.e.f. March 30, 2026
- No securities (Nil) moving from Stage II to Stage I w.e.f. March 30, 2026
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting under ASM is purely for market surveillance and should not be construed as adverse action against any company
Regulatory Changes
ST-ASM Stage I Margin Requirements:
- Applicable margin rate: 50% or existing margin, whichever is higher
- Maximum margin capped at 100%
- Effective April 01, 2026 on all open positions as on March 30, 2026 and new positions created from April 01, 2026
ST-ASM Stage II Margin Requirements:
- Applicable margin rate: 100% or existing margin, whichever is higher
- Maximum margin capped at 100%
- Effective April 01, 2026 on all open positions as on March 30, 2026 and new positions created from April 01, 2026
Price Band Reinstatement:
- Price band of a scrip moving out of the framework shall be reinstated to the price band applicable before shortlisting, subject to the scrip not being part of any other surveillance measure.
Compliance Requirements
- NSE members must ensure applicable margin rates are applied for any securities shortlisted under ST-ASM Stage I (50% minimum) and Stage II (100%) from April 01, 2026
- Members should monitor their open positions as on March 30, 2026 for any applicable margin adjustments
- For further queries, members may contact surveillance@nse.co.in
- For FAQs on ASM, refer to: https://www.nseindia.com/regulations/additional-surveillance-measure
Important Dates
- March 27, 2026: Circular issuance date
- March 30, 2026: Reference date for open positions subject to revised margin requirements
- April 01, 2026: Effective date for revised margin rates under ST-ASM Stage I and Stage II
Impact Assessment
For this cycle, the impact is minimal as no securities have been shortlisted under any ST-ASM category (Stage I, Stage II, Stage I to II transition, or Stage II to I transition). The circular serves as a routine update confirming the framework parameters remain active. Market participants and NSE members should remain vigilant for future circulars that may include specific securities. The defined margin framework (50% for Stage I, 100% for Stage II) represents significant capital requirements for any securities that may be included in future cycles.
Impact Justification
Routine ST-ASM update with nil securities shortlisted in all categories for the current cycle, limiting immediate market impact. However, the margin framework changes (50% for Stage I, 100% for Stage II) are significant for any future inclusions.