Description
NSE adds 18 securities to the Long-Term Additional Surveillance Measure (LTASM) Stage-I framework effective April 29, 2026, with 100% margin requirement applicable from May 4, 2026.
Summary
NSE’s Surveillance Department has shortlisted 18 securities for inclusion under the Long-Term Additional Surveillance Measure (LTASM) Stage-I framework effective April 29, 2026. A 100% margin requirement will apply on all open positions as of April 30, 2026, and all new positions created from May 4, 2026 onwards. No securities were added to LTASM Stage-IV in this circular.
Key Points
- 18 securities added to Long-Term ASM (LTASM) Stage-I effective April 29, 2026
- 100% margin applicable from May 4, 2026 on existing open positions (as of April 30, 2026) and new positions
- No securities moved to Stage-IV (Trade-for-Trade / BE segment) in this update
- Three securities (AROGRANITE, INDOWIND, TRIGYN) moved from Short-Term ASM (STASM) to LTASM
- Two securities (AMDIND, SHALPAINTS) satisfy criteria at BSE as well
- ASM classification is a market surveillance action and should not be construed as adverse action against the company
Regulatory Changes
The LTASM framework is being applied to 18 new securities under provisions referenced in 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 qualifying under criteria VII (Stage IV) would be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE), though no securities qualify for Stage-IV in this instance.
Compliance Requirements
- NSE Members: Must ensure 100% margin is collected from clients holding or taking new positions in the 18 listed securities from May 4, 2026
- Market Participants: Must note the increased margin requirements and plan positions accordingly before April 30, 2026
- ASM framework applies in conjunction with all other prevailing surveillance measures imposed by the exchanges
Important Dates
| Date | Event |
|---|---|
| April 29, 2026 | Securities officially shortlisted under LTASM Stage-I |
| April 30, 2026 | Reference date for open positions subject to 100% margin |
| May 4, 2026 | 100% margin requirement becomes effective for open and new positions |
Impact Assessment
Trading Impact (High): All 18 securities will require 100% upfront margin, effectively doubling or more the capital required to hold or create positions. This will significantly reduce liquidity and may cause sharp price corrections as leveraged positions are unwound.
Affected Securities:
| Sr. No. | Symbol | Security Name | ISIN | Notes |
|---|---|---|---|---|
| 1 | AKSHARCHEM | AksharChem India Limited | INE542B01011 | |
| 2 | ALKALI | Alkali Metals Limited | INE773I01017 | |
| 3 | AMDIND | AMD Industries Limited | INE005I01014 | BSE criteria also |
| 4 | AROGRANITE | Aro Granite Industries Limited | INE210C01013 | Moved from STASM |
| 5 | BPL | BPL Limited | INE110A01019 | |
| 6 | DCMNVL | DCM Nouvelle Limited | INE08KP01019 | |
| 7 | DHRUV | Dhruv Consultancy Services Limited | INE506Z01015 | |
| 8 | FALCONTECH | Falcon Technoprojects India Limited | INE0PQK01013 | |
| 9 | FMNL | Future Market Networks Limited | INE360L01017 | |
| 10 | INDOTECH | Indo Tech Transformers Limited | INE332H01014 | |
| 11 | INDOWIND | Indowind Energy Limited | INE227G01018 | Moved from STASM |
| 12 | ISHANCH | Ishan Dyes and Chemicals Limited | INE561M01018 | |
| 13 | KEEPLEARN | DSJ Keep Learning Limited | INE055C01020 | |
| 14 | ONELIFECAP | Onelife Capital Advisors Limited | INE912L01015 | |
| 15 | SHALPAINTS | Shalimar Paints Limited | INE849C01026 | BSE criteria also |
| 16 | SHEMAROO | Shemaroo Entertainment Limited | INE363M01019 | |
| 17 | TRIGYN | Trigyn Technologies Limited | INE948A01012 | Moved from STASM |
| 18 | TRU | TruCap Finance Limited | INE615R01029 |
Escalation Risk: Three stocks (AROGRANITE, INDOWIND, TRIGYN) escalated from STASM to LTASM, indicating sustained surveillance concerns. Continued non-compliance with normalization criteria could lead to further escalation to higher ASM stages, including potential shift to Trade-for-Trade segment.
Impact Justification
18 securities face 100% margin requirements from May 4, 2026, directly restricting trading and increasing cost of holding positions. Affects retail and institutional traders holding these stocks. Three stocks moved from Short-Term ASM to Long-Term ASM indicating escalated scrutiny.