Description

NSE announces inclusion of GE Vernova T&D India Limited and Lloyds Luxuries Limited under Long Term ASM Stage-I framework effective April 06, 2026, with 100% margin requirement applicable from April 08, 2026.

Summary

NSE has shortlisted two securities — GE Vernova T&D India Limited (GVT&D) and Lloyds Luxuries Limited (LLOYDS) — under the Long Term Additional Surveillance Measure (ASM) Stage-I framework effective April 06, 2026. A 100% margin requirement will apply from April 08, 2026 on all open and new positions. No securities have been shortlisted for Stage II, III, or IV transitions in this circular.

Key Points

  • Two securities added to Long Term ASM Stage-I: GVT&D (GE Vernova T&D India Limited, ISIN: INE200A01026) and LLOYDS (Lloyds Luxuries Limited, ISIN: INE0DTQ01028)
  • Applicable margin rate: 100% on all open positions as on April 07, 2026 and new positions from April 08, 2026
  • No securities shortlisted for Stage IV (Trade-for-Trade segment shift) in this circular
  • No stage transitions (I→II, II→III, I→IV) in this circular
  • ASM shortlisting is purely for market surveillance and should not be construed as adverse action against the company

Regulatory Changes

Securities added to Long Term ASM Stage-I are subject to enhanced margin requirements under the ASM framework established via circulars NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066. Securities qualifying under Stage IV criteria would be moved from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE), though no such securities are identified in this circular.

Compliance Requirements

  • All NSE members must apply 100% margin on open positions in GVT&D and LLOYDS as on April 07, 2026
  • 100% margin must be collected on all new positions in these securities created from April 08, 2026 onwards
  • Members must comply with ASM framework in conjunction with all other prevailing surveillance measures
  • On exit from ASM framework, the pre-ASM price band must be reinstated unless the scrip is under another surveillance measure

Important Dates

  • April 06, 2026: Inclusion of GVT&D and LLOYDS under Long Term ASM Stage-I takes effect
  • April 07, 2026: Reference date for open positions subject to 100% margin
  • April 08, 2026: 100% margin requirement becomes applicable on all open and new positions

Impact Assessment

Traders and investors holding or planning to take positions in GVT&D (GE Vernova T&D India Limited) and LLOYDS (Lloyds Luxuries Limited) will face significantly higher capital requirements due to the 100% margin mandate. This is likely to reduce liquidity and increase trading costs for these securities. Existing position holders must ensure adequate margin is available by April 07, 2026 to avoid margin shortfall. The absence of any Stage IV shortlisting means no immediate forced migration to the Trade-for-Trade segment in this round.

Impact Justification

100% margin requirement imposed on two securities with potential shift to Trade-for-Trade segment for Stage IV securities, directly impacting trading costs and liquidity for affected stocks.