Description

NSE includes 6 securities under ST-ASM Stage I and 1 security moves from Stage I to Stage II effective April 02, 2026, with enhanced margin requirements from April 06, 2026.

Summary

NSE has issued Circular No. 236/2026 (Download Ref: NSE/SURV/73578) dated April 01, 2026, announcing the inclusion of securities under the Short-Term Additional Surveillance Measure (ST-ASM) framework. Six securities are newly included under ST-ASM Stage I, and one security (MPEL) moves from Stage I to Stage II, all effective April 02, 2026, with margin changes effective April 06, 2026.

Key Points

  • 6 securities added to ST-ASM Stage I w.e.f. April 02, 2026: BROOKS, FINBUD, NINSYS, RPSGVENT, SBGLP, WEL
  • ST-ASM Stage I margin: 50% or existing margin, whichever is higher (capped at 100%)
  • 1 security elevated from ST-ASM Stage I to Stage II w.e.f. April 02, 2026: MPEL (Manas Polymers and Energies Limited)
  • ST-ASM Stage II margin: 100% or existing margin, whichever is higher (capped at 100%)
  • No securities in Stage II list (Nil) and no securities moving from Stage II back to Stage I
  • ASM framework applies in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance and should not be construed as adverse action against the company

Regulatory Changes

This circular is issued further to earlier ASM circulars: NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/46557 (Dec 04, 2020), NSE/SURV/52144 (Apr 28, 2022), NSE/SURV/58558 (Sep 25, 2023), and NSE/SURV/64066 (Sep 20, 2024). The current update applies the ST-ASM framework provisions to newly shortlisted securities based on surveillance criteria.

Compliance Requirements

  • All NSE Members must apply enhanced margin requirements on open positions in the listed securities as on April 02, 2026
  • ST-ASM Stage I: Collect minimum 50% margin (or existing margin if higher, capped at 100%) on all open positions as on April 02, 2026 and new positions from April 06, 2026
  • ST-ASM Stage II (MPEL): Collect 100% margin (or existing margin if higher) on all open positions as on April 02, 2026 and new positions from April 06, 2026
  • Members should refer to FAQs on ASM at https://www.nseindia.com/regulations/additional-surveillance-measure for further guidance
  • Queries can be directed to surveillance@nse.co.in

Important Dates

  • April 01, 2026: Circular issued
  • April 02, 2026: Effective date for inclusion/reclassification of securities under ST-ASM framework
  • April 06, 2026: Enhanced margin requirements come into effect for all open positions (as on April 02, 2026) and new positions

Impact Assessment

Traders and investors holding or planning to trade in BROOKS, FINBUD, NINSYS, RPSGVENT, SBGLP, and WEL will face a minimum 50% margin requirement from April 06, 2026, potentially reducing liquidity and increasing cost of trading in these scrips. MPEL faces the most severe restriction with a 100% margin requirement under Stage II, effectively requiring full upfront capital for any position. Market participants with existing open positions in these securities as on April 02, 2026 must ensure sufficient margin is available before April 06, 2026 to avoid margin shortfall penalties. The measure is surveillance-driven and does not indicate any regulatory or legal action against the listed companies.

Impact Justification

Directly imposes 50%-100% margin requirements on 7 specific securities effective April 06, 2026, significantly impacting trading in those scrips for all NSE members.