Description

NSE includes 14+ securities under ST-ASM Stage I and Stage II effective April 15, 2026, with margin requirements of 50%-100% on open and new positions.

Summary

NSE’s Surveillance department has shortlisted securities under the Short-Term Additional Surveillance Measure (ST-ASM) framework effective April 15, 2026. Securities have been placed under ST-ASM Stage I (50% margin) and Stage II (100% margin). This circular references prior ASM circulars dating back to October 2018 and applies enhanced margin requirements to all open positions as of April 13, 2026, and new positions from April 15, 2026.

Key Points

  • Securities under ST-ASM Stage I are subject to a minimum margin of 50% or existing margin, whichever is higher, capped at 100%
  • Securities under ST-ASM Stage II are subject to a minimum margin of 100% or existing margin, whichever is higher, capped at 100%
  • Enhanced margins apply to all open positions as on April 13, 2026, and new positions from April 15, 2026
  • 14 securities confirmed under ST-ASM Stage I (Stage II list not fully disclosed in available content)
  • Shortlisting is purely a surveillance action and should not be construed as adverse action against the company
  • Price band reinstated upon exit from framework, unless covered by another surveillance measure
  • ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

Securities have been added to the ST-ASM framework under Stage I and Stage II per the criteria established in earlier circulars (NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558, NSE/SURV/64066). No structural change to the framework itself; this is a periodic inclusion update.

Compliance Requirements

  • NSE members must collect enhanced margins (50% for Stage I, 100% for Stage II) from clients on all open positions in listed securities as of April 13, 2026
  • Members must apply the enhanced margin to all new positions in these securities from April 15, 2026
  • Members are advised to communicate the applicable margin requirements to clients trading in the shortlisted securities
  • For queries, members may contact surveillance@nse.co.in

Important Dates

  • April 10, 2026: Circular issued
  • April 13, 2026: Reference date for open positions subject to enhanced margins
  • April 15, 2026: Effective date for enhanced margin requirements on open and new positions

Impact Assessment

This circular has a high trading impact on the 14+ shortlisted securities. Increased margin requirements (50%-100%) will significantly raise the cost of holding and creating positions in these stocks, likely leading to reduced liquidity and potential forced liquidation of under-margined positions. Notable large-cap inclusion is OLAELEC (Ola Electric Mobility Limited), which may attract broader market attention. Traders and investors in ADDICTIVE, AVANA, BLUSPRING, GUJALKALI, MAXPOSURE, MOBILISE, NPST, OLAELEC, OMFURN, PRITI, PURVFLEXI, PVP, REFRACTORY, and SEJALLTD should review margin adequacy before April 13, 2026.

Impact Justification

Directly imposes enhanced margin requirements (50%-100%) on multiple securities effective April 15, 2026, significantly affecting trading costs and positions for members holding these stocks.