NSE Surveillance has updated the Long Term Additional Surveillance Measure (LTASM) framework, adding 5 securities to Stage-I and escalating 2 securities from Stage-I to Stage-II, effective April 17, 2026. A 100% margin requirement will apply on all open and new positions from April 21, 2026.

Key Points

• 5 securities added to Long Term ASM Stage-I w.e.f. April 17, 2026: AARTECH, DRONE, EMAMIREAL, INFOMEDIA, JKIPL
• AARTECH and DRONE moved from Short Term ASM (STASM) to Long Term ASM (LTASM) framework
• 2 securities escalated from Stage-I to Stage-II: ASLIND, STLTECH
• No securities shortlisted for Stage-IV, Stage-II to Stage-III, or Stage-I to Stage-IV transitions
• 100% margin applicable on all open positions as on April 20, 2026 and new positions from April 21, 2026
• ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

Securities newly included or escalated under the Long Term ASM framework are subject to enhanced surveillance actions as per LTASM provisions. Any securities qualifying under Criteria VII (Stage-IV) would be shifted from Rolling Settlement segment (Series: EQ) to Trade-for-Trade segment (Series: BE); however, no such securities are listed in this circular.

Compliance Requirements

• All NSE members must note the revised ASM classifications effective April 17, 2026
• Members must apply a 100% margin on open positions in affected securities from April 21, 2026
• Members must ensure clients are informed of the increased margin requirements and stage changes
• Refer to FAQs at https://www.nseindia.com/regulations/additional-surveillance-measure for detailed framework provisions
• Queries may be directed to surveillance@nse.co.in

Important Dates

• April 17, 2026: ASM stage inclusions and transitions become effective
• April 20, 2026: Reference date for open positions subject to 100% margin
• April 21, 2026: 100% margin requirement effective for all open and new positions in affected securities

Impact Assessment

Traders and investors holding positions in AARTECH, DRONE, EMAMIREAL, INFOMEDIA, JKIPL, ASLIND, and STLTECH will face a 100% margin requirement, significantly increasing the capital required to maintain or create positions. ASLIND and STLTECH face heightened scrutiny as Stage-II securities, potentially signalling continued surveillance concern. AARTECH and DRONE are escalated from STASM, indicating persistence of surveillance triggers. The absence of Stage-IV additions means no forced shift to Trade-for-Trade settlement in this update. Market participants should reassess position sizing and liquidity risk for all 7 affected securities.