Description
NSE adds 9 securities to ST-ASM Stage I effective May 08, 2026, with enhanced margin requirements of 50% or existing margin (whichever higher) applicable from May 11, 2026. No securities added to Stage II.
Summary
NSE has issued Circular No. 336/2026 (Download Ref: NSE/SURV/74108) dated May 07, 2026, placing 9 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective May 08, 2026. Enhanced margin requirements will apply from May 11, 2026. No securities have been added to ST-ASM Stage II, and no securities are moving between stages.
Key Points
- 9 securities shortlisted under ST-ASM Stage I effective May 08, 2026
- Stage I margin requirement: 50% or existing margin, whichever is higher (capped at 100%)
- Enhanced margins apply to all open positions as of May 08, 2026 and new positions from May 11, 2026
- ST-ASM Stage II additions: Nil
- Stage I to Stage II movements: Nil
- Stage II to Stage I movements: Nil (content not fully provided)
- KANORICHEM satisfies ASM criteria at BSE (not solely NSE)
- Shortlisting is purely a market surveillance action and should not be construed as adverse action against the company
Regulatory Changes
This circular is issued further to prior ASM circulars: NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/46557 (Dec 04, 2020), NSE/SURV/52144 (Apr 28, 2022), NSE/SURV/58558 (Sep 25, 2023), and NSE/SURV/64066 (Sep 20, 2024). The ST-ASM framework operates in conjunction with all other prevailing surveillance measures imposed by the Exchanges.
Securities Under ST-ASM Stage I (Effective May 08, 2026)
| Symbol | Security Name | ISIN |
|---|---|---|
| DBREALTY | Valor Estate Limited | INE879I01012 |
| DSSL | Dynacons Systems & Solutions Limited | INE417B01040 |
| FUSION | Fusion Finance Limited | INE139R01012 |
| MMWL | Media Matrix Worldwide Limited | INE200D01020 |
| PARAGON | Paragon Fine and Speciality Chemical Limited | INE0N4G01012 |
| RAYMONDREL | Raymond Realty Limited | INE1SY401010 |
| VISASTEEL | Visa Steel Limited | INE286H01012 |
| VISHWAS | Vishwas Agri Seeds Limited | INE0S2E01016 |
| KANORICHEM | Kanoria Chemicals & Industries Limited# | INE138C01024 |
# Satisfies criteria at BSE
Compliance Requirements
- NSE Members: Note the revised margin requirements for all 9 Stage I securities.
- Stage I Margin: Collect 50% margin or existing applicable margin, whichever is higher, subject to a maximum cap of 100%.
- Stage II Margin: 100% margin or existing margin, whichever is higher (capped at 100%) — applicable if securities are placed in Stage II.
- Members must apply enhanced margins on all open positions as of May 08, 2026 and on all new positions created from May 11, 2026.
- For queries: surveillance@nse.co.in
- FAQs: https://www.nseindia.com/regulations/additional-surveillance-measure
Important Dates
- May 07, 2026: Circular issued
- May 08, 2026: Securities included in ST-ASM Stage I (effective date for shortlisting)
- May 11, 2026: Enhanced margin requirements come into force for open positions (as of May 08) and all new positions
Impact Assessment
Traders and investors holding positions in any of the 9 listed securities will face significantly higher margin requirements from May 11, 2026. The 50% minimum margin for Stage I securities may require additional capital infusion for existing positions. The absence of any Stage II additions or inter-stage movements limits broader market disruption. KANORICHEM’s inclusion is cross-exchange (BSE criteria), which may signal coordinated surveillance action. All 9 affected securities span diverse sectors including real estate (DBREALTY, RAYMONDREL), technology (DSSL), finance (FUSION), media (MMWL), chemicals (PARAGON, KANORICHEM), steel (VISASTEEL), and agriculture (VISHWAS).
Impact Justification
9 securities face mandatory enhanced margin requirements (50%-100%) affecting open and new positions from May 11, 2026, directly impacting traders holding or planning positions in these stocks.