NSE has issued its periodic Additional Surveillance Measure (ASM) update under the Long-Term ASM (LTASM) framework. Effective April 27, 2026, 10 securities are being added to LTASM Stage I, while 6 securities are being moved down from Stage II to Stage I. No securities are being moved to Stage IV, and all other stage transitions (I→II, II→III, III→IV, IV→III, III→II) show nil entries for this cycle.

Key Points

• 10 securities shortlisted for inclusion in Long-Term ASM Framework Stage I effective April 27, 2026
• 4 of the 10 newly added stocks (KRITI, KRN, QPOWER, SHYAMCENT) are moved from Short-Term ASM (STASM) to LTASM framework
• 2 securities (DELTAMAGNT, SHIVAMILLS) qualify based on criteria satisfied at BSE
• 6 securities downgraded from LTASM Stage II to Stage I, indicating partial improvement in surveillance concern
• No securities shortlisted for Stage IV under any pathway in this cycle
• Stage IV scrips would have faced shift from Rolling Settlement (EQ series) to Trade for Trade (BE series) on T+3 basis

Regulatory Changes

The following securities are newly placed under Long-Term ASM Framework Stage I:

*Moved from STASM to LTASM framework #Satisfies criteria at BSE

The following securities are moved from LTASM Stage II to Stage I (reduction in surveillance intensity):

Compliance Requirements

• Brokers and members must update margin and settlement parameters for all 16 affected securities before market open on April 27, 2026
• Clients holding positions in newly added LTASM Stage I stocks must be informed of enhanced surveillance implications including applicable margin requirements
• Stocks moved from STASM to LTASM (KRITI, KRN, QPOWER, SHYAMCENT) should have their STASM-related restrictions replaced by LTASM Stage I conditions
• No Trade for Trade (BE series) settlement changes apply this cycle as Stage IV lists are nil

Important Dates

• April 24, 2026: Circular issuance date
• April 27, 2026: Effective date for all LTASM stage changes (Stage I additions and Stage II → Stage I movements)

Impact Assessment

This circular has a high direct impact on traders and investors in the 16 affected securities. Securities newly placed in LTASM Stage I face enhanced surveillance conditions, including higher margin requirements, which typically reduce trading activity and liquidity. The 4 stocks migrating from STASM to LTASM signal that the surveillance concerns around them are persistent rather than short-term. Conversely, the 6 securities moving from Stage II to Stage I represent a modest regulatory easing for those counters. The absence of any Stage IV additions is a positive sign, as Stage IV would trigger a move to Trade for Trade settlement (BE series), which significantly constrains intraday trading. Overall market impact is limited to the specific scrips listed; broader indices are unlikely to be affected.