Description

NSE circular notifying inclusion of securities under Long Term Additional Surveillance Measure (ASM) with 100% margin requirement effective May 14, 2026, including stage transitions for multiple securities.

Summary

NSE has issued circular 345/2026 notifying the applicability of Long Term Additional Surveillance Measure (ASM) for select securities effective May 12-14, 2026. Securities newly added to Stage I will attract 100% margin on all open and new positions from May 14, 2026. One security (STLTECH) is being shifted to Stage IV, triggering a move from Rolling Settlement (EQ series) to Trade-for-Trade segment (BE series).

Key Points

  • Two securities added to Long Term ASM Stage I: GOACARBON (Goa Carbon Limited) and PILITA (PIL ITALICA LIFESTYLE LIMITED)
  • One security moved from Stage I to Stage II: RPSGVENT (RPSG VENTURES LIMITED)
  • One security moved from Stage I to Stage IV: STLTECH (Sterlite Technologies Limited)
  • 100% margin applicable w.e.f. May 14, 2026 on all open positions as on May 13, 2026 and new positions created from May 14, 2026 onwards
  • ASM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ASM is purely for market surveillance and should not be construed as adverse action against the company

Regulatory Changes

Securities are being moved across ASM stages under the Long Term ASM Framework per Exchange Circular nos. NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362 and NSE/SURV/64066. STLTECH qualifies under Criteria VII (Stage IV shift), requiring migration from Rolling Settlement (EQ series) to Trade-for-Trade (BE series) on a T+3 basis.

Compliance Requirements

  • Members must ensure 100% margin collection on all open positions in affected securities as of May 13, 2026
  • Members must collect 100% margin on all new positions in affected securities from May 14, 2026 onwards
  • Trading in STLTECH to be conducted in Trade-for-Trade (BE series) segment from May 14, 2026
  • Members should note no netting of positions is allowed in Trade-for-Trade segment

Important Dates

  • May 11, 2026: Circular issuance date
  • May 12, 2026: Effective date for ASM stage inclusions and transitions
  • May 13, 2026: Last date for open positions at standard margin
  • May 14, 2026: 100% margin applicable on all open and new positions; STLTECH shifts to BE series

Impact Assessment

GOACARBON (INE426D01013) and PILITA (INE600A01035): Newly added to Long Term ASM Stage I. Traders will face 100% margin requirements, significantly increasing the cost of holding or creating positions. This may reduce liquidity and increase volatility as leveraged positions are unwound.

RPSGVENT (INE425Y01011): Moved from Stage I to Stage II, indicating continued surveillance concern. Margin requirements remain elevated.

STLTECH (INE089C01029): Most severely impacted — moved from Stage I to Stage IV. The shift to Trade-for-Trade (BE series) eliminates intraday netting, requiring full delivery and payment for each trade. This significantly reduces speculative trading and liquidity, and may cause price adjustment as leveraged positions are closed.

Impact Justification

100% margin requirement and Trade-for-Trade segment shift directly affect trading costs and liquidity for affected securities, with immediate effect from May 14, 2026.