Description
NSE places multiple securities under ST-ASM Stage I (50% margin) and Stage II (100% margin) effective April 10, 2026, covering open positions as on April 09, 2026 and new positions thereafter.
Summary
NSE’s Surveillance Department has issued Circular Ref. No. 254/2026 (Download Ref: NSE/SURV/73661) dated April 08, 2026, shortlisting securities under the Short-Term Additional Surveillance Measure (ST-ASM) framework. Securities placed under ST-ASM Stage I will attract a minimum margin of 50%, while those under Stage II will attract a minimum margin of 100%, both effective April 10, 2026.
Key Points
- Securities shortlisted under ST-ASM Stage I: Applicable margin rate is 50% or existing margin, whichever is higher, capped at a maximum of 100%.
- Securities shortlisted under ST-ASM Stage II: Applicable margin rate is 100% or existing margin, whichever is higher, capped at 100%.
- Margin requirements apply to all open positions as on April 09, 2026 and new positions created from April 10, 2026.
- The ASM framework operates in conjunction with all other prevailing surveillance measures imposed by exchanges.
- Shortlisting under ASM is purely a surveillance action and should not be construed as an adverse action against any company or entity.
- For queries, contact: surveillance@nse.co.in
Regulatory Changes
This circular is issued further to earlier 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), all pertaining to the Additional Surveillance Measure (ASM) framework. The current circular updates the list of securities subject to ST-ASM as of April 2026.
Compliance Requirements
- Brokers/Members: Must ensure enhanced margin collection from clients for all ST-ASM Stage I and Stage II securities effective April 10, 2026.
- Stage I securities: Collect minimum 50% margin (or existing applicable margin, whichever is higher, up to 100%).
- Stage II securities: Collect minimum 100% margin on all open and new positions.
- All NSE members are required to adhere to revised margin obligations for covered securities.
Important Dates
| Event | Date |
|---|---|
| Circular Issue Date | April 08, 2026 |
| Reference Date for Open Positions | April 09, 2026 |
| Effective Date for Enhanced Margins | April 10, 2026 |
Impact Assessment
This circular has a high impact on traders and investors holding or intending to trade in the listed securities. The mandatory increase in margin requirements — up to 100% for Stage II securities — significantly raises the cost of leveraged positions and may trigger forced liquidations for under-margined accounts. The affected securities span multiple sectors including pharmaceuticals, chemicals, marine, hospitality, and technology. Market participants should review their portfolio exposure to all ST-ASM-listed securities and ensure adequate margins are in place before April 10, 2026. The full list of affected securities (Annexure I) should be referenced directly from the circular, as the published list includes additional securities beyond those shown in this summary.
Impact Justification
This circular imposes significantly elevated margin requirements (50%-100%) on multiple securities under the ST-ASM framework, directly restricting trading activity and increasing cost of holding positions effective April 10, 2026. Affects a large number of securities across segments.