Description
NSE circular updating the Long Term Additional Surveillance Measure (ASM) framework effective May 18-20, 2026. All annexure lists show nil additions or movements across all ASM stages.
Summary
NSE has issued its periodic Long Term Additional Surveillance Measure (ASM) update (Circular Ref. No. 365/2026, Download Ref: NSE/SURV/74242) dated May 15, 2026. This circular reiterates the ASM framework provisions effective May 18–20, 2026. All five annexure lists — new Stage I inclusions, new Stage IV inclusions, Stage I to II movements, Stage II to III movements, and Stage I to IV movements — contain nil securities, meaning no scrips are being added or moved within the ASM framework in this update.
Key Points
- No securities have been shortlisted or moved under any stage of the Long Term ASM framework in this update (all annexure lists show Nil)
- A 100% margin rate would apply w.e.f. May 20, 2026 on all open positions as on May 19, 2026, and new positions from May 20, 2026 onwards — for any securities that qualify (none this cycle)
- Securities qualifying under Criteria VII (Stage IV) would be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade (Series: BE) w.e.f. May 20, 2026 — not applicable this cycle
- ASM framework operates in conjunction with all other prevailing surveillance measures imposed by the Exchanges
- Scrips moving out of the ASM framework will have their price band reinstated to the band applicable before shortlisting, unless they are part of another surveillance measure
- Shortlisting under ASM is purely for market surveillance purposes and should not be construed as adverse action against the concerned company
Regulatory Changes
No new regulatory changes are introduced. This circular reaffirms the existing Long Term ASM framework provisions as established under prior circulars: NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/45111 (Jul 22, 2020), NSE/SURV/46557 (Dec 4, 2020), NSE/SURV/48506 (Jun 4, 2021), NSE/SURV/52090 (Apr 22, 2022), NSE/SURV/63362 (Aug 9, 2024), and NSE/SURV/64066 (Sep 20, 2024).
Compliance Requirements
- NSE members should note the nil shortlisting in this cycle and monitor future ASM circulars for any securities that may be added
- Members should continue to apply 100% margin and Trade-for-Trade restrictions to any existing ASM-listed securities per prior circulars
- For queries, members may write to surveillance@nse.co.in
- Reference FAQs at https://www.nseindia.com/regulations/additional-surveillance-measure
Important Dates
- May 15, 2026: Circular issuance date
- May 18, 2026: Effective date for any new ASM shortlisting (nil this cycle)
- May 19, 2026: Reference date for open positions subject to 100% margin (not applicable this cycle)
- May 20, 2026: Effective date for 100% margin on open/new positions and shift to Trade-for-Trade for Stage IV securities (not applicable this cycle)
Impact Assessment
This circular has no immediate market impact as all ASM annexure lists are nil. No securities are being added to or moved within the Long Term ASM framework in this update. The circular serves as a routine periodic notification maintaining the cadence of ASM updates. Market participants and NSE members need take no specific action based on this circular. The framework provisions remain unchanged from prior circulars.
Impact Justification
All annexure lists (Stage I additions, Stage IV additions, Stage I to II, Stage II to III, Stage I to IV movements) show nil securities. No stocks are affected by this circular update despite the 100% margin and trade-for-trade provisions being reiterated.