NSE has issued a circular on the applicability of the Short-Term Additional Surveillance Measure (ST-ASM) Framework, placing 51 securities under Stage-I with effect from April 27, 2026. No securities have been added to Stage-II, and no securities are moving from Stage-I to Stage-II in this update. Two securities (PML and BAJAJST) satisfy the ST-ASM criteria at BSE.

Key Points

• 51 securities shortlisted under Short-Term ASM Framework Stage-I effective April 27, 2026
• Stage-II additions: Nil
• Stage-I to Stage-II movements: Nil
• PML (Paul Merchants Limited) and BAJAJST (Bajaj Steel Industries Limited) satisfy criteria at BSE
• Surveillance applies to securities exhibiting unusual price movements or other monitored parameters

Regulatory Changes

Securities placed under ST-ASM are subject to enhanced surveillance measures including applicable margin requirements and trading conditions as prescribed under the Short-Term ASM Framework. This is a periodic review update implementing surveillance norms under SEBI guidelines.

Compliance Requirements

• Brokers and market participants must ensure compliance with applicable margin and trading conditions for all 51 securities listed under ST-ASM Stage-I
• Trading members should communicate applicable restrictions and margin requirements to clients holding or trading in these securities
• Clients should note that enhanced surveillance conditions apply and plan trading activity accordingly

Important Dates

• Effective Date: April 27, 2026 — ST-ASM Stage-I applicability commences for all 51 listed securities
• Circular Date: April 24, 2026

Impact Assessment

A total of 51 securities across diverse sectors—including textiles (AYMSYNTEX, SUTLEJTEX), infrastructure (RBMINFRA, RUCHINFRA), chemicals (BHAGCHEM, AUROIMPEX), technology (TRIGYN, APTECHT), and consumer goods (ADFFOODS, RUPA)—are subject to enhanced surveillance. Market participants holding positions in these securities should expect higher margin requirements and possible trade-to-trade settlement conditions. The broad list signals NSE’s active monitoring of price volatility and unusual market activity across small and mid-cap segments. No securities are escalating to Stage-II, indicating the current review is primarily an initial surveillance placement rather than an escalation action.