NSE has issued Circular Ref. No. 279/2026 placing multiple securities under the Short-Term Additional Surveillance Measure (ST-ASM) framework. Securities in ST-ASM Stage I will attract a minimum margin of 50% (or existing margin, whichever is higher, capped at 100%), while securities in ST-ASM Stage II will attract a minimum margin of 100%. These measures are effective April 21, 2026, applicable on all open positions as of April 20, 2026, and all new positions created from April 21, 2026.

Key Points

• 14 securities shortlisted under ST-ASM Stage I effective April 20, 2026
• ST-ASM Stage I margin: 50% or existing margin, whichever is higher (max 100%)
• ST-ASM Stage II margin: 100% or existing margin, whichever is higher (max 100%)
• ASM framework operates in conjunction with all other prevailing surveillance measures
• Upon exit from the framework, price band reverts to pre-ASM levels unless the scrip is part of another surveillance measure
• Shortlisting is purely for market surveillance and should not be construed as adverse action against the company

Regulatory Changes

This circular builds upon prior ASM circulars: NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/46557 (Dec 4, 2020), NSE/SURV/52144 (Apr 28, 2022), NSE/SURV/58558 (Sep 25, 2023), and NSE/SURV/64066 (Sep 20, 2024). The current circular adds new securities to the ST-ASM framework under Circular Ref. No. NSE/SURV/73788.

Compliance Requirements

• NSE members must ensure applicable margin rates of 50% (Stage I) or 100% (Stage II) are collected on all open positions in shortlisted securities as of April 20, 2026
• Members must apply the higher margin on all new positions in these securities created from April 21, 2026
• Members should refer to FAQs on NSE’s website for detailed ASM framework guidance
• Queries can be directed to surveillance@nse.co.in

Important Dates

• April 17, 2026: Circular issued
• April 20, 2026: Shortlisting effective date; margin requirements apply to all open positions as of this date
• April 21, 2026: Enhanced margin requirements become operative for open positions and all new positions

Impact Assessment

Traders and investors holding positions in the 14 shortlisted securities will face significantly higher margin requirements, potentially forcing position liquidation if margin requirements cannot be met. ST-ASM Stage I securities require at least 50% margin, effectively doubling typical margin for many stocks and reducing leverage. Stage II securities require 100% margin, eliminating leverage entirely. This circular affects retail and institutional participants alike and may result in increased selling pressure on the shortlisted securities. The affected stocks span multiple sectors including engineering (KRN, KONSTELEC, SATTVAENGG), infrastructure (SADBHIN, SONUINFRA, LAKSHYA), chemicals (ASTEC, SADHNANIQ), and others.