Description
NSE places 9 securities under Long-Term Additional Surveillance Measure (LT-ASM) Stage I effective April 20, 2026, with 100% margin requirement from April 22, 2026.
Summary
NSE has shortlisted 9 securities under the Long-Term Additional Surveillance Measure (LT-ASM) Stage I framework effective April 20, 2026. A 100% margin requirement applies on all open and new positions from April 22, 2026. No securities have been moved to Stage IV (Trade-for-Trade) in this update.
Key Points
- 9 securities added to LT-ASM Stage I effective April 20, 2026
- 100% margin applicable on all open positions as on April 21, 2026 and new positions from April 22, 2026
- 3 securities (GLOBALVECT, GUJALKALI, SHIVAMAUTO) moved from Short-Term ASM (STASM) to LTASM
- 2 securities (COUNCODOS, PAKKA) satisfy criteria at BSE as well
- Stage IV list is Nil — no securities shifted to Trade-for-Trade (BE series) in this circular
- ASM shortlisting is purely a surveillance action and not an adverse finding against the company
Regulatory Changes
Securities satisfying LT-ASM criteria are subject to enhanced surveillance per circulars NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066. Upon exit from the framework, price bands revert to pre-shortlisting levels unless the scrip remains under another surveillance measure.
Compliance Requirements
- Members must maintain 100% margin on open positions in shortlisted securities as of April 21, 2026
- Members must collect 100% margin on new positions in these securities from April 22, 2026 onwards
- ASM framework operates in conjunction with all other prevailing surveillance measures
Important Dates
- April 20, 2026: Shortlisting under LT-ASM Stage I becomes effective
- April 21, 2026: Reference date for open positions subject to 100% margin
- April 22, 2026: 100% margin requirement comes into force for open and new positions
Impact Assessment
Traders and investors holding positions in the 9 affected securities face significantly higher capital requirements due to the 100% margin mandate, which reduces leverage and may lead to forced position unwinding. The escalation of GLOBALVECT, GUJALKALI, and SHIVAMAUTO from STASM to LTASM signals continued surveillance concern for these scrips. Liquidity in these counters may decline as participation becomes more capital-intensive. Affected securities and their ISINs:
| Symbol | Security Name | ISIN |
|---|---|---|
| BLUECOAST | Blue Coast Hotels Limited | INE472B01011 |
| COUNCODOS | Country Condo’s Limited | INE695B01025 |
| ELGIRUBCO | Elgi Rubber Company Limited | INE819L01012 |
| GLOBALVECT | Global Vectra Helicorp Limited | INE792H01019 |
| GUJALKALI | Gujarat Alkalies and Chemicals Limited | INE186A01019 |
| PAKKA | PAKKA LIMITED | INE551D01018 |
| RAJSREESUG | Rajshree Sugars & Chemicals Limited | INE562B01019 |
| SHIVAMAUTO | Shivam Autotech Limited | INE637H01024 |
| VALIANTLAB | Valiant Laboratories Limited | INE0JWS01017 |
Impact Justification
100% margin requirement imposed on 9 securities with immediate effect; directly impacts trading costs and liquidity for affected scrips; some stocks shifted from STASM to LTASM indicating escalating surveillance.