Description

NSE announces addition of 3 securities to ST-ASM Stage-I and exclusion of 4 securities from the ASM Framework, effective April 01, 2026.

Summary

NSE’s Surveillance Department (Circular Ref. No: 231/2026) has announced the applicability of the Short-Term Additional Surveillance Measure (ST-ASM) framework with changes effective April 01, 2026. Three securities have been newly added to ST-ASM Stage-I, no securities move between stages, and four securities are excluded from the ASM framework. The consolidated ASM list contains 27 securities, all under Stage-I.

Key Points

  • 3 securities newly shortlisted under ST-ASM Framework Stage-I w.e.f. April 01, 2026: CRAYONS (Crayons Advertising Limited), JSWHL (JSW Holdings Limited), RADIOWALLA (Radiowalla Network Limited)
  • No securities shortlisted under ST-ASM Stage-II
  • No securities moving from Stage-I to Stage-II or vice versa
  • 4 securities excluded from ASM Framework w.e.f. April 01, 2026: AVG (AVG Logistics Limited), BALKRISHNA (Balkrishna Paper Mills Limited), SEMAC (Semac Construction Limited), TEJASNET (Tejas Networks Limited)
  • Consolidated ASM list now comprises 27 securities, all in Stage-I
  • Notable inclusions in consolidated list include IDBI Bank Limited and JSW Holdings Limited

Regulatory Changes

The ST-ASM framework is applied by NSE’s Surveillance Department to securities that exhibit abnormal price/volume behaviour. Stage-I imposes enhanced surveillance with additional margin requirements and/or trade-to-trade settlement. The updated list reflects a periodic review under NSE/SURV/73528.

Compliance Requirements

  • All NSE members must take note of the revised ASM list effective April 01, 2026
  • Members must ensure clients are informed of applicable trading restrictions and enhanced margin requirements for securities under ST-ASM Stage-I
  • No action required for securities being excluded from the framework (trading reverts to normal conditions)

Important Dates

  • Circular Date: March 30, 2026
  • Effective Date: April 01, 2026 (for all inclusions, stage movements, and exclusions)

Impact Assessment

The inclusion of JSWHL (JSW Holdings Limited) and IDBI Bank Limited in the consolidated ASM Stage-I list is significant given their market prominence. ST-ASM Stage-I typically results in additional surveillance margins, potentially reducing liquidity and increasing trading costs for retail and institutional participants in these securities. The exclusion of TEJASNET (Tejas Networks Limited), BALKRISHNA, SEMAC, and AVG from the framework signals improved surveillance compliance and may lead to recovery in normal trading volumes for these stocks from April 01, 2026.

Impact Justification

Directly affects trading conditions for 31 securities including notable names like IDBI Bank and JSW Holdings; ST-ASM inclusion imposes trading restrictions impacting liquidity and investor behavior.