Description

NSE shortlists 9 securities under ST-ASM Stage I effective April 07, 2026, with mandatory margin requirements of 50% or higher. No securities shortlisted under ST-ASM Stage II.

Summary

NSE has shortlisted 9 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective April 07, 2026, requiring a minimum margin of 50% (or existing margin, whichever is higher, capped at 100%). No securities have been shortlisted under ST-ASM Stage II in this circular. The measure applies to all open positions as on April 06, 2026 and new positions created from April 07, 2026.

Key Points

  • 9 securities shortlisted under ST-ASM Stage I w.e.f. April 06, 2026
  • ST-ASM Stage I margin: 50% or existing margin, whichever is higher (max cap 100%)
  • ST-ASM Stage II margin: 100% or existing margin, whichever is higher (max cap 100%) — no securities shortlisted this time
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely a market surveillance action and should not be construed as adverse action against the company
  • Price band reinstated to pre-ASM level upon exit, unless the scrip is under another surveillance measure

Regulatory Changes

This circular is issued further to prior Exchange 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) on the ASM framework. No new regulatory framework changes are introduced; this is an update to the list of shortlisted securities.

Compliance Requirements

  • NSE members must ensure applicable margin of 50% or higher is collected for ST-ASM Stage I securities on all open positions as on April 06, 2026 and new positions from April 07, 2026
  • Members must align with all other prevailing surveillance measures in conjunction with ASM
  • Queries may be directed to surveillance@nse.co.in

Important Dates

  • April 02, 2026: Circular issued
  • April 06, 2026: Effective date for shortlisting of securities under ST-ASM
  • April 07, 2026: Enhanced margin requirements come into force for all open positions as on April 06, 2026 and new positions

Impact Assessment

Traders and investors holding positions in the 9 shortlisted securities (ARROWGREEN, BRACEPORT, CONFIPET, GANECOS, LIKHITHA, OMNI, PUSHPA, SPUNWEB, VITAL) will face increased margin requirements of at least 50% from April 07, 2026. This may lead to margin calls for existing position holders, reduced leverage availability, and potential selling pressure as participants adjust portfolios. The absence of Stage II shortlistings limits the most severe 100% margin impact to none of the newly listed securities this round.

Impact Justification

Directly affects trading conditions for 9 securities with mandatory 50% margin requirement, impacting traders holding or planning positions in these stocks from April 07, 2026.