NSE’s Surveillance Department (Circular Ref. No. 320/2026) has announced the inclusion of 15 securities under the Long Term Additional Surveillance Measure (Long Term-ASM) Stage-I framework effective May 05, 2026. A 100% margin requirement will apply on all open and new positions from May 07, 2026. Securities qualifying under Stage IV criteria will be moved from the Rolling Settlement segment (Series: EQ) to the Trade-for-Trade segment (Series: BE) from May 07, 2026.

Key Points

• 15 securities added to Long Term ASM Stage-I w.e.f. May 05, 2026
• 100% margin applicable on all open positions as on May 06, 2026 and new positions from May 07, 2026 onwards
• Stage IV securities shifted from EQ (Rolling Settlement) to BE (Trade-for-Trade) segment w.e.f. May 07, 2026
• No securities listed under Stage IV shortlisting (Nil)
• 2 securities (COHANCE, PATTECH) moved from Short Term ASM (STASM) to Long Term ASM (LTASM)
• 3 securities (MARALOVER, MOHITIND, NKIND) included as they satisfy criteria at BSE
• ASM framework operates in conjunction with all other prevailing surveillance measures
• Shortlisting is purely for market surveillance and should not be construed as adverse action against the company

Regulatory Changes

Securities satisfying the criteria for Long Term Additional Surveillance Measure are subject to:

• Enhanced margin requirement of 100% (versus standard margins)
• Potential migration from Rolling Settlement (EQ series) to Trade-for-Trade (BE series) for Stage IV qualifiers
• Reference circulars: NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, NSE/SURV/64066

Compliance Requirements

• NSE members must note and communicate the ASM inclusions to their clients
• Members must ensure 100% margin is collected on open positions in the listed securities as on May 06, 2026
• Members must ensure 100% margin on all new positions in these securities from May 07, 2026 onwards
• For queries, members may contact surveillance@nse.co.in

Important Dates

• May 05, 2026: Effective date for inclusion of securities under Long Term ASM Stage-I
• May 06, 2026: Reference date for open positions subject to 100% margin
• May 07, 2026: 100% margin applicable on all open and new positions; Stage IV securities shifted to Trade-for-Trade (BE) segment

Impact Assessment

Stocks Included in Long Term ASM Stage-I (effective May 05, 2026):

Market Impact: The 100% margin requirement substantially increases the cost of holding or trading these securities, likely reducing liquidity and trading volumes. Retail and leveraged traders will be most affected as they must now put up the full value of positions as margin. The Trade-for-Trade restriction (if applicable to Stage IV) eliminates netting benefits, further constraining trading activity. Investors already holding these securities should review their margin positions before May 06, 2026 to avoid forced liquidation.