NSE has issued a circular updating the Short-Term Additional Surveillance Measure (ST-ASM) framework effective April 23, 2026. Eleven securities have been freshly added to ST-ASM Stage I, while fifteen securities have been excluded from the ASM framework entirely. No securities have been moved between Stage I and Stage II in this update.

Key Points

• 11 securities added to ST-ASM Stage I effective April 23, 2026
• No securities added to ST-ASM Stage II
• No inter-stage movements (Stage I to Stage II or vice versa)
• 15 securities excluded from the ASM framework effective April 23, 2026
• THAKDEV (Thakkers Developers Limited) qualifies under ST-ASM criteria at BSE only
• NAMAN (Naman Industries Proxima Limited) moved from STASM to LTASM (Long-Term ASM) framework
• BRANDMAN, PENINLAND, RUDRA, SADHNANIQ, and VAISHALI moved from STASM to ESM (Enhanced Surveillance Measure) framework

Regulatory Changes

The ST-ASM framework applies enhanced surveillance and trading restrictions to securities exhibiting unusual price or volume movements. Securities placed under ST-ASM Stage I are subject to additional margin requirements and may face trade-for-trade settlement. Stage II carries stricter restrictions than Stage I.

Compliance Requirements

• Brokers and trading members must update margin collection and risk management systems for the 11 newly added ST-ASM Stage I securities from April 23, 2026
• Clients holding positions in newly added securities should be informed of the changed surveillance status
• Brokers must update their systems to reflect the removal of 15 securities from ASM restrictions
• For securities migrating to ESM (BRANDMAN, PENINLAND, RUDRA, SADHNANIQ, VAISHALI), brokers must apply ESM-specific trading restrictions instead
• For NAMAN, LTASM framework rules now apply in place of STASM rules

Important Dates

• Effective Date: April 23, 2026 — all additions, exclusions, and stage changes come into force

Impact Assessment

Newly Added to ST-ASM Stage I (11 securities):

Excluded from ASM Framework (15 securities):

Investors in newly added ST-ASM securities should expect higher margin requirements and possible trade-for-trade settlement obligations. Securities removed from ASM (non-ESM/LTASM) revert to normal trading conditions, which may provide a positive sentiment signal for those counters.