Description

NSE circular announcing securities added to, moved within, and excluded from the Short-Term Additional Surveillance Measure (ST-ASM) framework effective May 20, 2026.

Summary

NSE has announced changes to the Short-Term Additional Surveillance Measure (ST-ASM) framework effective May 20, 2026. Seven securities have been added to Stage-I, one security is moving from Stage-II back to Stage-I, and a large number of securities are being excluded from the ASM framework entirely.

Key Points

  • 7 securities shortlisted for ST-ASM Stage-I effective May 20, 2026
  • No securities shortlisted for ST-ASM Stage-II
  • No securities moving from Stage-I to Stage-II
  • 1 security (RADIOWALLA) moving from Stage-II to Stage-I (relaxation)
  • 36+ securities excluded from the ASM framework effective May 20, 2026
  • INSPIRISYS satisfies criteria at BSE (cross-exchange applicability noted)

Regulatory Changes

Newly added to ST-ASM Stage-I (effective May 20, 2026):

  • BALAMINES – Balaji Amines Limited (INE050E01027)
  • KAYNES – Kaynes Technology India Limited (INE918Z01012)
  • RANEHOLDIN – Rane Holdings Limited (INE384A01010)
  • REMUS – Remus Pharmaceuticals Limited (INE0O5T01011)
  • VISHWAS – Vishwas Agri Seeds Limited (INE0S2E01016)
  • WHEELS – Wheels India Limited (INE715A01015)
  • INSPIRISYS – Inspirisys Solutions Limited (INE020G01017) (also satisfies criteria at BSE)

Moving from Stage-II to Stage-I (relaxation, effective May 20, 2026):

  • RADIOWALLA – Radiowalla Network Limited (INE430U01019)

Excluded from ASM framework (effective May 20, 2026): ALPA, ANMOL, APTECHT, AURIGROW, AUROIMPEX, AVALON, AWFIS, BAJAJST, BALAJEE, BEACON, BHAGCHEM, DYCL, EXICOM, FSL, GENUSPAPER, HLVLTD, HOLMARC, JEYYAM, KONTOR, LOVABLE, MARINE, MERCANTILE, MICEL, MIRCELECTR, MITCON, NEOGEN, NOVAAGRI, PML, QUICKHEAL, RAJOOENG, RBMINFRA, RUCHINFRA, RUPA, SAMAY, SHANTI, SHRADHA, and others.

Compliance Requirements

  • Brokers and trading members must apply enhanced surveillance margins and applicable price bands for securities placed under ST-ASM Stage-I and Stage-II.
  • Securities moved out of ASM will revert to normal trading conditions effective May 20, 2026.
  • Members should update their systems to reflect the revised ASM list before market open on May 20, 2026.

Important Dates

  • Effective Date: May 20, 2026 — All additions, stage movements, and exclusions take effect.

Impact Assessment

The inclusion of seven securities in ST-ASM Stage-I will result in higher margin requirements and tighter price bands for those counters, limiting intraday volatility but potentially reducing liquidity. Traders and investors holding or planning to trade in BALAMINES, KAYNES, RANEHOLDIN, REMUS, VISHWAS, WHEELS, and INSPIRISYS should be aware of changed trading conditions. The large number of exclusions (36+ securities) signals improved surveillance compliance for those stocks and a return to normal trading conditions, which may improve liquidity and reduce trading costs for those counters. The downgrade of RADIOWALLA from Stage-II to Stage-I represents a partial relaxation of restrictions for that security.

Impact Justification

Directly affects trading conditions for a large number of securities. ST-ASM inclusion imposes enhanced margin and price band restrictions, materially impacting traders and investors in the listed stocks.