NSE Additional Surveillance Measure (ASM) - Long Term Framework Updates effective April 21, 2026

Description

NSE circular notifying inclusion of 10 securities under Long-Term ASM Stage-I and movement of 1 security from Stage-I to Stage-II, with 100% margin requirement applicable from April 23, 2026.

Summary

NSE has notified the inclusion of 10 securities under the Long-Term Additional Surveillance Measure (Long Term-ASM) Stage-I framework effective April 21, 2026, along with movement of 1 security from Stage-I to Stage-II. A 100% margin requirement will apply on all open and new positions from April 23, 2026. Securities qualifying under criteria VII (Stage-IV) will be transferred from the Rolling Settlement segment (Series: EQ) to the Trade-for-Trade segment (Series: BE).

Key Points

• 10 securities newly shortlisted under Long-Term ASM Stage-I w.e.f. April 21, 2026
• 2 securities (BHAGYANGR, SVPGLOB) moved from Short-Term ASM (STASM) to Long-Term ASM (LTASM) framework
• 1 security (PEARLPOLY) satisfies criteria at BSE
• 1 security (INSPIRE) moves from Long-Term ASM Stage-I to Stage-II w.e.f. April 21, 2026
• No securities shortlisted under Stage-IV or Stage-II to Stage-III movement
• 100% margin applicable on all open positions as on April 22, 2026 and new positions from April 23, 2026
• ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

Circular Ref No: NSE/SURV/73812 (Download Ref) / 282/2026 (Circular Ref), issued under the Long-Term ASM framework established by prior circulars: NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066. Securities meeting criteria VII (Stage-IV) will be shifted from Rolling Settlement (EQ series) to Trade-for-Trade settlement (BE series).

Compliance Requirements

• Members must maintain 100% margin on open positions held as of April 22, 2026, and on all new positions in ASM-listed securities from April 23, 2026 onwards
• Members should update their systems to reflect segment change (EQ to BE) for any Stage-IV securities
• Members must inform clients of applicable margin and settlement changes for affected securities

Important Dates

• April 21, 2026: ASM inclusion effective for newly shortlisted securities; Stage-I to Stage-II movement effective
• April 22, 2026: Reference date for open positions subject to 100% margin
• April 23, 2026: 100% margin requirement comes into effect; Trade-for-Trade segment shift effective for Stage-IV securities

Impact Assessment

The 100% margin requirement significantly increases the cost of holding or creating positions in the 10 newly listed securities, likely reducing liquidity and increasing volatility. The Stage-I to Stage-II progression for INSPIRE Films Limited indicates continued regulatory scrutiny. BHAGYANGR and SVPGLOB, migrated from STASM to LTASM, face a stricter and longer-duration surveillance regime. No securities were placed under Stage-IV at this time, so no segment migration (EQ to BE) is triggered in this circular. Traders and investors in affected securities should reassess positions given the heightened margin and monitoring requirements.

Securities Included in Long-Term ASM Stage-I (w.e.f. April 21, 2026)

*Moved from STASM to LTASM framework | #Satisfies criteria at BSE

Securities Moving from Stage-I to Stage-II (w.e.f. April 21, 2026)

Impact Justification

Imposes 100% margin requirement on 10 securities and moves 1 to Stage-II; Stage-IV shifts trigger segment change from EQ to BE (Trade-for-Trade), significantly affecting trading and liquidity for affected stocks.