Description

NSE applies Short-Term Additional Surveillance Measure (ST-ASM) to 24 new securities under Stage I, moves CEDAAR to Stage II, and excludes 13 securities from the ASM framework, all effective April 24, 2026.

Summary

NSE has issued an updated Short-Term Additional Surveillance Measure (ST-ASM) circular effective April 24, 2026. Twenty-four securities are newly shortlisted under ST-ASM Stage I, one security (CEDAAR) is escalated from Stage I to Stage II, no securities move from Stage II to Stage I, and thirteen securities are excluded from the ASM framework entirely.

Key Points

  • 24 securities added to ST-ASM Stage I effective April 24, 2026
  • 0 securities added directly to ST-ASM Stage II
  • 1 security (CEDAAR – Cedaar Textile Limited) escalated from Stage I to Stage II
  • 0 securities moved down from Stage II to Stage I
  • 13 securities excluded from the ASM framework effective April 24, 2026
  • Exclusions include transfers: GALLANTT moved to LT-ASM; AMBEY, MANAKSTEEL, NAGREEKCAP, and NINSYS moved to ESM framework

Regulatory Changes

The ST-ASM framework is updated periodically by NSE based on surveillance criteria such as abnormal price/volume movements. Securities placed under ST-ASM face enhanced margin requirements and restricted trading conditions. Stage II represents a higher surveillance level than Stage I with more stringent restrictions.

Compliance Requirements

  • Brokers and members must ensure clients are aware of enhanced margin requirements for all ST-ASM listed securities from April 24, 2026
  • Investors holding or trading any of the 24 newly added Stage I securities or CEDAAR (now Stage II) should review applicable margin and trade settlement conditions
  • Clearing members must apply revised margins per the ASM framework guidelines from the effective date

Important Dates

  • Effective date for all changes: April 24, 2026

Impact Assessment

Newly added to ST-ASM Stage I (24 securities): ASPIRE, BFUTILITIE, BHANDARI, BIRLAMONEY, BSHSL, FINBUD, GLOTTIS, JTLIND, KANANIIND, LAXMIINDIA, MEGATHERM, NAGREEKEXP, NDL, SAHAJSOLAR, SDREAMS, SHYAMCENT, STALLION, STYLEBAAZA, UNIINFO, VGINFOTECH, VIPCLOTHNG, VLINFRA, VMARCIND, WALCHANNAG

Escalated to ST-ASM Stage II (1 security): CEDAAR (Cedaar Textile Limited | INE11J101017)

Excluded from ASM Framework (13 securities): AMBEY (→ESM), GALLANTT (→LT-ASM), GEEKAYWIRE, MANAKSTEEL (→ESM), MANALIPETC, NAGREEKCAP (→ESM), NIACL, NINSYS (→ESM), NRVANDANA, SHRADHA, TIL, VIDYAWIRES, ZENITHSTL

Traders in newly added securities will face higher upfront margins, potentially reducing liquidity and increasing cost of carry. Securities excluded from ASM (where not moved to a stricter framework) may see improved trading conditions and liquidity from April 24, 2026.

Impact Justification

Directly affects trading conditions (margins, price bands, surveillance) for 38 securities across addition, escalation, and exclusion actions; traders and investors in these stocks must act before April 24, 2026.