Applicability of Additional Surveillance Measure (ASM) - New Inclusions and Updates w.e.f. April 23, 2026

Description

NSE circular announcing new securities shortlisted under the Long-Term ASM Framework Stage-I effective April 23, 2026, along with the consolidated list of all securities currently under ASM surveillance.

Summary

NSE has announced the applicability of the Additional Surveillance Measure (ASM) framework effective April 23, 2026. Five securities have been newly shortlisted under the Long-Term ASM Framework Stage-I. No securities are being moved between stages or excluded from the framework in this circular update.

Key Points

• 5 securities newly added to Long-Term ASM Framework Stage-I effective April 23, 2026
• NAMAN (Naman Industries Proxima Limited) has been moved from Short-Term ASM (STASM) to Long-Term ASM (LTASM) framework
• EMPOWER (Empower India Limited) satisfies ASM criteria at BSE
• No securities shortlisted for Stage-IV (Trade for Trade settlement) in this update
• No inter-stage movements (Stage I→II, II→III, III→IV, IV→III, III→II, II→I) in this update
• No securities excluded from the ASM framework in this update

Regulatory Changes

The following securities are newly placed under Long-Term ASM Framework Stage-I:

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

Note: Securities shortlisted under Stage-IV (Criteria VII) are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis. No securities were placed in Stage-IV in this update.

Compliance Requirements

• Trading members must note enhanced surveillance margins applicable to ASM Stage-I securities
• Investors and traders holding the newly added securities should be aware of increased margin requirements under the ASM framework
• Market participants should review the consolidated ASM list for all currently active surveillance securities
• Brokers must communicate applicable margin and trading restrictions to clients holding affected securities

Important Dates

• Effective Date: April 23, 2026 — New ASM Stage-I inclusions become applicable
• Circular Date: April 22, 2026

Impact Assessment

Affected Securities (New Additions):

• DEEDEV, GLOBALE, NAMAN, VINEETLAB, and EMPOWER are subject to ASM Stage-I restrictions from April 23, 2026
• NAMAN faces an escalation in surveillance intensity, having been moved from the Short-Term ASM to the Long-Term ASM framework

Market Impact:

• Investors in these 5 stocks will face higher margin requirements, potentially leading to forced selling or position reduction
• Liquidity in these securities may decrease as trading costs rise under enhanced surveillance
• EMPOWER’s inclusion is driven by BSE-side criteria, indicating cross-exchange surveillance coordination
• The absence of any Stage-IV additions means no securities are being shifted to Trade-for-Trade settlement in this round, limiting the most severe trading restrictions
• The consolidated ASM list (Annexure - Consolidated ASM) contains a broader set of securities already under various stages of surveillance, indicating continued active market oversight by NSE

Impact Justification

Direct trading restrictions imposed on 5 securities under ASM framework; affects traders and investors holding these stocks with margin and settlement implications.