Description
NSE announces securities shortlisted under Long Term Additional Surveillance Measure (ASM) framework with 100% margin requirement effective April 02, 2026. All listed securities show 'Nil' entries for this cycle.
Summary
NSE has issued Circular No. 227/2026 (Download Ref No: NSE/SURV/73513) dated March 27, 2026 regarding the Applicability of the Additional Surveillance Measure (ASM) framework. The circular notifies members of securities satisfying criteria for inclusion under the Long Term ASM framework. For this cycle (effective March 30, 2026), all categories in the Annexure list ‘Nil’ securities, meaning no new securities are being added, moved between stages, or shifted to Trade-for-Trade settlement.
Key Points
- Circular references prior ASM circulars: NSE/SURV/39265, 45111, 46557, 48506, 52090, 63362, and 64066 (October 2018 through September 2024)
- Applicable margin rate under Long Term ASM: 100% on all open positions
- Margin applicability: on open positions as on April 01, 2026 and new positions from April 02, 2026 onwards
- Securities qualifying under Criteria VII (Stage IV) are shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE)
- For this cycle, no securities are being added to Stage I, Stage IV, or moved between any stages (all entries are ‘Nil’)
- 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 the company
Regulatory Changes
No new regulatory changes are introduced. This circular applies the existing Long Term ASM framework provisions:
- 100% margin requirement for securities under Long Term ASM
- Mechanism for shifting Stage IV securities from EQ series to BE (Trade-for-Trade) series
- Price band reinstatement provisions for securities exiting the framework (subject to other surveillance measures not being applicable)
Compliance Requirements
- NSE Members must take note of the ASM-listed securities and ensure applicable margin of 100% is collected on relevant positions
- Members should monitor the Annexure for any securities under their clients’ portfolios that fall under Long Term ASM
- For securities shifted to Trade-for-Trade (BE series), members must comply with the settlement obligations of that segment
- Queries can be directed to: surveillance@nse.co.in
- FAQs available at: https://www.nseindia.com/regulations/additional-surveillance-measure
Important Dates
| Event | Date |
|---|---|
| Circular Date | March 27, 2026 |
| Securities shortlisted (effective) | March 30, 2026 |
| 100% Margin applicable on open positions | April 01, 2026 (EOD) |
| 100% Margin effective for new positions | April 02, 2026 |
| Trade-for-Trade (BE series) shift effective | April 02, 2026 |
Impact Assessment
For this particular cycle, the market impact is minimal as all annexure categories (Stage I inclusion, Stage IV inclusion, Stage I to II movement, Stage II to III movement, Stage I to Stage IV movement) list ‘Nil’ securities. No stocks are being subjected to new ASM restrictions in this update.
Generally, when securities are added to Long Term ASM:
- Traders/Investors: Face significantly higher margin requirements (100%), reducing leverage and potentially limiting trading activity in affected stocks
- Brokers/Members: Must collect and maintain higher margins, increasing operational and capital requirements
- Stage IV securities: Subject to Trade-for-Trade settlement, eliminating intraday squaring off and requiring full delivery, which typically reduces liquidity and volumes
- Price bands: Securities exiting ASM have price bands restored to pre-ASM levels unless other surveillance measures apply
Impact Justification
Routine ASM framework update; all annexure sections show 'Nil' securities for this cycle, meaning no new stocks are being added or moved between stages. The circular is procedurally important but has no immediate market impact for this period.