Description
NSE adds five securities to Long-Term Additional Surveillance Measure (ASM) Stage-I effective April 16, 2026, imposing 100% margin requirement on all positions from April 20, 2026.
Summary
NSE has placed five securities under the Long-Term Additional Surveillance Measure (LTASM) Framework Stage-I effective April 16, 2026, pursuant to circular ref. no. 271/2026 (Download Ref: NSE/SURV/73750). A 100% margin will be levied on all open and new positions in these securities from April 20, 2026. No securities were added to Stage-IV, and no inter-stage movements were recorded in this cycle.
Key Points
- Five securities shortlisted for Long-Term ASM Stage-I, effective April 16, 2026
- 100% margin applicable on all open positions as on April 17, 2026 and new positions from April 20, 2026
- PARSVNATH and TNTELE moved from Short-Term ASM (STASM) to Long-Term ASM (LTASM) framework
- LAL and TNTELE satisfy inclusion criteria at BSE as well
- No securities shortlisted under Stage-IV; no inter-stage (I→II, II→III, I→IV) movements this cycle
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely for market surveillance purposes and is not an adverse finding against the company
Regulatory Changes
The following securities have been added to the Long-Term ASM Framework Stage-I:
| Sr. No. | Symbol | Security Name | ISIN | Note |
|---|---|---|---|---|
| 1 | ATLASCYCLE | Atlas Cycles (Haryana) Limited | INE446A01025 | — |
| 2 | NGIL | Nakoda Group of Industries Limited | INE236Y01012 | — |
| 3 | PARSVNATH | Parsvnath Developers Limited | INE561H01026 | Moved from STASM |
| 4 | LAL | Lorenzini Apparels Limited | INE740X01023 | Criteria met at BSE |
| 5 | TNTELE | Tamilnadu Telecommunication Limited | INE141D01018 | Moved from STASM; criteria met at BSE |
Securities qualifying under Criteria VII (Stage-IV) would be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE), but no securities qualified under Stage-IV in this cycle.
Compliance Requirements
- Members/Brokers: Ensure 100% margin is collected on all open positions in the five listed securities as on April 17, 2026 and on any new positions created from April 20, 2026 onwards.
- Market Participants: Note the revised margin obligations and update risk management systems accordingly before April 20, 2026.
- Clearing Members: Align margin computation and collection processes with the 100% margin mandate for the listed ASM securities.
- For queries, contact NSE Surveillance at surveillance@nse.co.in.
Important Dates
- April 15, 2026: Circular issued
- April 16, 2026: Securities included in Long-Term ASM Stage-I (effective date)
- April 17, 2026: Reference date for open positions subject to 100% margin
- April 20, 2026: 100% margin enforcement begins on all open and new positions
Impact Assessment
Affected Stocks: ATLASCYCLE, NGIL, PARSVNATH, LAL, TNTELE
Trading Impact: The 100% margin requirement substantially increases the cost of holding or initiating positions in these five securities, likely reducing liquidity and trading volumes. Leveraged positions will require full cash/collateral backing.
Segment Impact: No securities were moved to the Trade-for-Trade (BE) segment this cycle, so settlement mechanics remain unchanged for Stage-I securities.
Investor Caution: PARSVNATH and TNTELE have been escalated from Short-Term to Long-Term ASM, indicating sustained surveillance concerns. LAL and TNTELE additionally triggered ASM criteria at BSE, reflecting cross-exchange surveillance alignment.
Market Context: The ASM framework targets securities exhibiting abnormal price/volume behavior. Inclusion signals elevated regulatory scrutiny but is explicitly not an adverse ruling against the underlying company.
Impact Justification
Five securities placed under Long-Term ASM Stage-I with mandatory 100% margin requirement effective April 20, 2026, significantly restricting trading in these scrips and increasing cost of holding positions.