Description

NSE announces changes to the Long-Term Additional Surveillance Measure (ASM) framework effective April 1, 2026, including stage movements and exclusions. Prime Focus Limited moves from Stage I to Stage II; consolidated ASM list contains securities across multiple stages.

Summary

NSE has issued its periodic update to the Additional Surveillance Measure (ASM) framework, effective April 01, 2026. The circular covers Long-Term ASM stage movements across Stages I through IV, exclusions from the ASM framework, and the consolidated list of all securities currently under ASM. The majority of stage-movement lists show no additions (Nil), with the notable exception of Prime Focus Limited (PFOCUS) moving from Long-Term ASM Stage I to Stage II.

Key Points

  • Long-Term ASM Stage I (New entries) w.e.f. April 01, 2026: Nil
  • Long-Term ASM Stage IV (New entries) w.e.f. April 01, 2026: Nil
  • Stage I → Stage II movement: Prime Focus Limited (PFOCUS | INE367G01038)
  • Stage II → Stage III movement: Nil
  • Stage I → Stage IV movement: Nil
  • Stage II → Stage IV movement: Nil
  • Stage III → Stage IV movement: Nil
  • Stage IV → Stage III movement: Nil
  • Stage III → Stage II movement: Nil
  • Stage II → Stage I movement: Nil
  • Exclusions from ASM Framework w.e.f. April 01, 2026: Nil
  • Stage IV scrips shortlisted under Criteria VII are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis

Regulatory Changes

Securities shortlisted under Long-Term ASM Stage IV per Criteria VII are subject to a settlement shift from Rolling Settlement (EQ series) to Trade for Trade (BE series) on a T+3 basis, where T is the date of issuance of the circular. This restricts intraday trading and speculative activity in those scrips.

Compliance Requirements

  • Market Participants / Brokers: Must note the stage changes and settlement type adjustments for affected securities effective April 01, 2026.
  • Trading Members: Must ensure client orders in Stage IV (Criteria VII) securities are executed under the Trade for Trade (BE series) settlement from the applicable date.
  • Investors: Holding or trading in PFOCUS should be aware of the enhanced surveillance obligations under Stage II, which may include additional margin or trading restrictions.

Important Dates

  • Effective Date for all ASM changes: April 01, 2026
  • T+3 Trade for Trade shift (Stage IV, Criteria VII): T-day is the date of issuance of this circular (March 30, 2026), making the shift effective April 02, 2026

Impact Assessment

The overall market impact of this circular is moderate. Only one security — Prime Focus Limited (PFOCUS) — undergoes a stage transition (Stage I to Stage II), indicating tighter surveillance and potentially higher margin requirements for that scrip. No securities are newly added to or removed from the ASM framework entirely, limiting broad market disruption. The consolidated ASM list includes securities such as Aarey Drugs & Pharmaceuticals (AAREYDRUGS), Aatmaj Healthcare (AATMAJ), BGR Energy Systems (BGRENERGY, Stage IV), Cupid Limited (CUPID), and Vasa Denticity (DENTALKART), among others, which continue to face existing surveillance restrictions. Traders and investors in these securities should review applicable margin and settlement conditions.

Impact Justification

Routine ASM framework update affecting a limited number of securities with stage transitions; most lists show Nil entries. Only one security (PFOCUS) moves stages under Long-Term ASM, limiting broader market impact.