Description

NSE places 5 securities under ST-ASM Stage I effective May 14-15, 2026, requiring 50% margin or higher on all open and new positions. No securities added to Stage II.

Summary

NSE has placed 5 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective May 14, 2026, with enhanced margin requirements kicking in from May 15, 2026. No securities have been added to Stage II, and no securities are being moved between stages or excluded from the ASM framework in this circular.

Key Points

  • 5 securities shortlisted under ST-ASM Stage I effective May 14, 2026: ARUNAYA, KRIDHANINF, NIMBSPROJ, SASKEN, SEMAC
  • Stage I margin requirement: 50% or existing margin, whichever is higher (capped at 100%)
  • Enhanced margins apply to all open positions as on May 14, 2026 and new positions from May 15, 2026
  • No securities added to ST-ASM Stage II
  • No securities moved between Stage I and Stage II
  • No securities excluded from the ASM framework
  • Circular references prior ASM circulars dating back to October 27, 2018

Regulatory Changes

This circular is issued under the existing ASM framework established via circulars NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558, and NSE/SURV/64066. No new framework changes are introduced; the action is an application of existing ST-ASM provisions to newly shortlisted securities.

Compliance Requirements

  • Brokers/Members: Must apply the revised margin requirements for the 5 Stage I securities on all open positions from May 14, 2026 and new positions from May 15, 2026
  • Stage I margin: Collect 50% margin or existing applicable margin, whichever is higher, subject to a maximum cap of 100%
  • The ASM framework operates in conjunction with all other prevailing surveillance measures imposed by the Exchanges
  • Shortlisting is purely for surveillance purposes and should not be construed as adverse action against the listed companies

Important Dates

  • May 13, 2026: Circular issued
  • May 14, 2026: Securities included in ST-ASM Stage I; enhanced margins apply to all open positions
  • May 15, 2026: Enhanced margin requirements effective for new positions

Impact Assessment

Traders and investors holding or planning to take positions in the 5 shortlisted securities (ARUNAYA, KRIDHANINF, NIMBSPROJ, SASKEN, SEMAC) will face significantly higher margin obligations from May 15, 2026. The 50% margin floor (capped at 100%) may force position reduction for undercapitalized traders, potentially increasing selling pressure and volatility in these securities. Institutional and retail participants with open positions as of May 14 must ensure sufficient margin is available to avoid forced liquidation. Notably, SASKEN (Sasken Technologies Limited) is a relatively well-known mid-cap technology company, making its inclusion potentially more market-notable than the smaller names on the list.

Impact Justification

Directly restricts trading in 5 securities by imposing 50% margin requirements, affecting traders with open or new positions from May 15, 2026.