Description
NSE includes 15 securities under ST-ASM Stage I effective April 16, 2026, with enhanced margin requirements of 50% or existing margin (whichever is higher, max 100%) applicable from April 17, 2026. No securities added to Stage II.
Summary
NSE has issued Circular Ref. No. 272/2026 (NSE/SURV/73752) placing 15 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective April 16, 2026. Enhanced margin requirements will apply from April 17, 2026 on both existing open positions and new positions. No securities have been added to ST-ASM Stage II in this circular.
Key Points
- 15 securities shortlisted under ST-ASM Stage I effective April 16, 2026
- No securities added to ST-ASM Stage II (Nil)
- ST-ASM Stage I margin: 50% or existing margin, whichever is higher (capped at 100%)
- Margin requirement effective April 17, 2026 on all open positions as of April 16, 2026 and new positions from April 17, 2026
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely for market surveillance and should not be construed as adverse action against the company
Regulatory Changes
This circular is issued in continuation of earlier Exchange Circulars:
- NSE/SURV/39265 dated October 27, 2018
- NSE/SURV/46557 dated December 04, 2020
- NSE/SURV/52144 dated April 28, 2022
- NSE/SURV/58558 dated September 25, 2023
- NSE/SURV/64066 dated September 20, 2024
No new regulatory framework changes; this is an application of the existing ST-ASM framework to newly shortlisted securities.
Compliance Requirements
- NSE Members/Brokers: Must apply enhanced margin requirements of 50% (or existing margin, whichever is higher, max 100%) for ST-ASM Stage I securities on all open positions from April 17, 2026
- Traders/Investors: Must ensure sufficient margin for existing open positions in the 15 listed securities by April 16, 2026 end of day
- Members may refer to FAQs on ASM at https://www.nseindia.com/regulations/additional-surveillance-measure
- Queries can be directed to surveillance@nse.co.in
Important Dates
- April 15, 2026: Circular issued
- April 16, 2026: Securities included under ST-ASM Stage I (effective date)
- April 17, 2026: Enhanced margin requirements applicable on all open positions as of April 16, 2026 and all new positions
Impact Assessment
Affected Securities — ST-ASM Stage I (15 securities):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | ACCORD | Accord Synergy Limited | INE113X01015 |
| 2 | AHLWEST | Asian Hotels (West) Limited | INE915K01010 |
| 3 | BAWEJA | Baweja Studios Limited | INE0JFJ01011 |
| 4 | CEDAAR | Cedaar Textile Limited | INE11J101017 |
| 5 | GEEKAYWIRE | Geekay Wires Limited | INE669X01032 |
| 6 | IBULLSLTD | Indiabulls Limited | INE126M01010 |
| 7 | MANALIPETC | Manali Petrochemicals Limited | INE201A01024 |
| 8 | NAMAN | Naman Industries Proxima Limited | INE0RJM01010 |
| 9 | NIACL | The New India Assurance Company Limited | INE470Y01017 |
| 10 | NRVANDANA | N R Vandana Tex Industries Limited | INE104101014 |
| 11 | PUSHPA | Pushpa Jewellers Limited | INE154801018 |
| 12 | SHRADHA | Shradha Realty Limited | INE715Y01031 |
| 13 | TIL | TIL Limited | INE806C01018 |
| 14 | VIDYAWIRES | Vidya Wires Limited | INE14UN01029 |
| 15 | ZENITHSTL | Zenith Steel Pipes & Industries Limited | INE318D01020 |
Market Impact: High — traders with existing positions in these 15 securities must provide additional margin by April 17, 2026 or face forced liquidation. The enhanced margin requirement (minimum 50%, maximum 100%) significantly increases the cost of holding these positions, likely causing reduced liquidity and selling pressure. Notably, NIACL (The New India Assurance Company Limited) is a large-cap PSU insurer, making its inclusion particularly significant. The nil addition to Stage II indicates no securities face the more stringent 100% mandatory margin at this time.
Impact Justification
Directly affects trading conditions for 15 securities by imposing enhanced margin requirements of up to 100%, significantly impacting traders holding or planning positions in these stocks from April 17, 2026.