Description
NSE announces additions of 6 securities to Long-Term ASM Framework Stage I, stage transitions for select securities, and exclusion of 2 securities from the ASM framework, all effective April 24, 2026.
Summary
NSE has issued this circular under the Additional Surveillance Measure (ASM) framework announcing new shortlistings, stage movements, and exclusions effective April 24, 2026. Six securities have been added to Long-Term ASM (LTASM) Stage I, one security has moved from Stage I to Stage II, one has escalated from Stage III to Stage IV (Trade-for-Trade), and two securities have been excluded from the ASM framework (moved to ESM).
Key Points
- 6 new securities shortlisted in Long-Term ASM Framework Stage I effective April 24, 2026
- GALLANTT moved from Short-Term ASM (STASM) to Long-Term ASM (LTASM) framework
- SURANASOL added based on criteria satisfaction at BSE
- ANONDITA moves from LTASM Stage I to Stage II
- SIGMAADV escalates from LTASM Stage III to Stage IV (Trade-for-Trade settlement)
- DUGLOBAL and SHYAMTEL excluded from ASM and moved to ESM framework
- No securities shortlisted in Stage IV as new entries
- No downward stage movements (Stage IV→III, III→II, II→I) in this cycle
Regulatory Changes
New additions to Long-Term ASM Framework Stage I:
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | CADSYS | Cadsys (India) Limited | INE090Y01013 |
| 2 | GALLANTT | Gallantt Ispat Limited* | INE297H01019 |
| 3 | IITL | Industrial Investment Trust Limited | INE886A01014 |
| 4 | TRANSWORLD | Transworld Shipping Lines Limited | INE757B01015 |
| 5 | ZIMLAB | Zim Laboratories Limited | INE518E01015 |
| 6 | SURANASOL | Surana Solar Limited# | INE272L01022 |
*Moved from STASM to LTASM framework | #Satisfies criteria at BSE
Stage I → Stage II:
| Symbol | Security Name | ISIN |
|---|---|---|
| ANONDITA | Anondita Medicare Limited | INE0VTV01012 |
Stage III → Stage IV (Trade-for-Trade):
| Symbol | Security Name | ISIN |
|---|---|---|
| SIGMAADV | Sigma Advanced Systems Limited | INE933B01012 |
Excluded from ASM Framework (moved to ESM):
| Symbol | Security Name | ISIN |
|---|---|---|
| DUGLOBAL | DuDigital Global Limited* | INE0HPK01020 |
| SHYAMTEL | Shyam Telecom Limited* | INE635A01023 |
*Moved from LTASM to ESM framework
Compliance Requirements
- Brokers and market participants must update their systems to reflect the revised ASM classification of all listed securities by April 24, 2026.
- Securities in Stage IV (specifically SIGMAADV) will be shifted from Rolling Settlement (Series: EQ) to Trade for Trade settlement (Series: BE) on a T+3 basis from the date of issuance of this circular.
- Enhanced margins and trading restrictions applicable under respective ASM stages must be enforced for newly added and stage-escalated securities.
- DUGLOBAL and SHYAMTEL are now subject to ESM framework rules rather than ASM; participants should apply ESM-specific restrictions.
Important Dates
- April 24, 2026: Effective date for all ASM additions, stage changes, and exclusions listed in this circular.
- T+3 basis: SIGMAADV shifts to Trade-for-Trade (Series: BE) settlement, where T is the date of this circular’s issuance (April 23, 2026).
Impact Assessment
High impact for holders and traders of the affected securities:
- SIGMAADV faces the most severe restriction, moving to Stage IV and Trade-for-Trade settlement, significantly reducing liquidity and increasing settlement obligations for traders.
- Six new Stage I entrants (CADSYS, GALLANTT, IITL, TRANSWORLD, ZIMLAB, SURANASOL) will face enhanced surveillance margins and trading restrictions, potentially dampening speculative activity and liquidity.
- ANONDITA escalating to Stage II implies tighter surveillance and margin requirements.
- DUGLOBAL and SHYAMTEL moving to ESM typically indicates a more severe risk classification, subjecting these stocks to stricter trading controls than ASM.
- Overall, this circular signals active regulatory scrutiny of mid/small-cap securities with unusual price or volume behavior, and market participants should exercise caution when trading the affected securities.
Impact Justification
Multiple securities face significant trading restrictions under ASM framework with stage escalations and new additions; Stage IV securities shift to Trade-for-Trade settlement impacting liquidity and trading conditions for affected stocks.