Description
NSE includes TEJASCARGO (Tejas Cargo India Limited) under ST-ASM Stage I effective May 18, 2026, with enhanced margin requirements of 50% or higher applicable from May 19, 2026.
Summary
NSE has issued circular NSE/SURV/74243 (Ref. 366/2026) dated May 15, 2026 under its Short-Term Additional Surveillance Measure (ST-ASM) framework. Tejas Cargo India Limited (TEJASCARGO) has been shortlisted under ST-ASM Stage I effective May 18, 2026. No securities have been added to or moved between Stage II or other categories in this update.
Key Points
- TEJASCARGO (Tejas Cargo India Limited, ISIN: INE17WC01013) shortlisted under ST-ASM Stage I w.e.f. May 18, 2026
- Stage I margin: 50% or existing margin, whichever is higher, capped at a maximum of 100%
- Stage II additions: Nil — no securities added to Stage II
- Stage I → Stage II movements: Nil
- Stage II → Stage I movements: Nil
- Margin requirements apply to all open positions as on May 18, 2026 and new positions from May 19, 2026
- ASM framework operates in conjunction with all other prevailing surveillance measures
- Shortlisting is purely a market surveillance action and should not be construed as adverse action against the company
Regulatory Changes
This circular is issued in continuation of prior ST-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). No structural changes to the ASM framework are introduced; this circular applies the existing framework to newly shortlisted securities.
Price band reinstatement: Upon exit from the ST-ASM framework, the price band reverts to the pre-ASM applicable band, unless the scrip remains under any other surveillance measure, in which case that measure’s price band prevails.
Compliance Requirements
- NSE Members must ensure margin collection of at least 50% (Stage I) on TEJASCARGO positions
- Applicable to all open positions as on May 18, 2026 and new positions created from May 19, 2026
- Members should monitor subsequent circulars for any stage changes or exclusions
- For queries: surveillance@nse.co.in
- FAQs on ASM framework: https://www.nseindia.com/regulations/additional-surveillance-measure
Important Dates
| Event | Date |
|---|---|
| Circular issued | May 15, 2026 |
| ST-ASM Stage I effective for TEJASCARGO | May 18, 2026 |
| Enhanced margin requirement effective (new & open positions) | May 19, 2026 |
Impact Assessment
TEJASCARGO (Tejas Cargo India Limited): Traders and investors holding or initiating positions in this stock will face a mandatory minimum margin of 50%, significantly increasing the cost of leveraged positions. This is likely to reduce trading volumes and may put downward pressure on the stock price in the short term due to forced position unwinding or reduced participation.
No securities are being moved to the more restrictive Stage II (100% margin), limiting broader market disruption. The absence of any Stage II inclusions or inter-stage movements in this update indicates a targeted, low-breadth surveillance action confined to one security.
Impact Justification
Direct trading restriction on TEJASCARGO with mandatory 50% margin increase effective immediately; affects traders with open or new positions in the security.