NSE’s Surveillance Department (Circular Ref. No: 307/2026, Download Ref No: NSE/SURV/73948) has placed 8 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective April 29, 2026. Enhanced margin requirements apply from April 30, 2026. No securities were shortlisted for ST-ASM Stage II, and no movements between stages were announced.

Key Points

• 8 securities added to ST-ASM Stage I effective April 29, 2026
• Margin rate for Stage I: 50% or existing margin, whichever is higher (maximum capped at 100%)
• New margin rates apply to all open positions as on April 29, 2026 and all new positions created from April 30, 2026
• Stage II list is Nil; no inter-stage movements announced
• Inclusion is purely for market surveillance purposes and should not be construed as adverse action against the concerned companies
• ASM framework operates in conjunction with all other prevailing surveillance measures

Securities Under ST-ASM Stage I (Effective April 29, 2026)

Regulatory Changes

This circular is issued further to earlier ASM circulars: NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/46557 (Dec 04, 2020), NSE/SURV/52144 (Apr 28, 2022), NSE/SURV/58558 (Sep 25, 2023), and NSE/SURV/64066 (Sep 20, 2024). The ST-ASM framework imposes differential margin rates based on stage classification to curb excessive speculation in high-surveillance securities.

Compliance Requirements

• NSE Members/Brokers: Must collect enhanced margins from clients holding or creating positions in the 8 listed securities from April 30, 2026
• Stage I Margin: Minimum 50% margin or existing applicable margin, whichever is higher, subject to a maximum cap of 100%
• Stage II Margin (no securities currently): Would require 100% margin or existing margin, whichever is higher, capped at 100%
• Members must apply new margin rates to all open positions as of April 29, 2026 and all new positions from April 30, 2026
• For queries, contact: surveillance@nse.co.in

Important Dates

• April 28, 2026: Circular issued
• April 29, 2026: Securities officially included under ST-ASM Stage I; enhanced margin requirements reference date for open positions
• April 30, 2026: Enhanced margin requirements come into effect for all open and new positions

Impact Assessment

The inclusion of 8 securities under ST-ASM Stage I will materially increase the cost of holding or initiating positions in these stocks. The mandatory 50% minimum margin (up to 100% max) will reduce leverage available to traders, potentially suppressing short-term trading volumes and liquidity in these counters. Notably, ADANIENSOL (Adani Energy Solutions Limited) is a large-cap Adani Group entity, and its inclusion is likely to attract significant market attention. Retail and institutional traders with existing leveraged positions in any of these 8 securities will need to top up margins by April 30, 2026 or risk forced liquidation. The measure is classified as a surveillance action and does not reflect fundamental concerns about the companies themselves.