NSE has issued Circular No. NSE/SURV/73737 (Ref. 267/2026) dated April 13, 2026, placing multiple securities under the Short-Term Additional Surveillance Measure (ST-ASM) framework. Nineteen securities have been included under ST-ASM Stage I and additional securities under ST-ASM Stage II, both effective April 16, 2026. The action follows the ASM framework established via earlier circulars dating back to October 2018.

Key Points

• 19 securities shortlisted under ST-ASM Stage I effective April 15, 2026 (margin changes from April 16, 2026)
• Additional securities shortlisted under ST-ASM Stage II with 100% margin requirement
• ST-ASM Stage I: applicable margin of 50% or existing margin, whichever is higher (capped at 100%)
• ST-ASM Stage II: applicable margin of 100% or existing margin, whichever is higher (capped at 100%)
• ASM framework operates in conjunction with all other prevailing surveillance measures
• Shortlisting is purely for market surveillance purposes and should not be construed as adverse action against the concerned company

ST-ASM Stage I Securities (Effective April 15, 2026)

Regulatory Changes

This circular is issued further to NSE 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) regarding the Additional Surveillance Measure (ASM) framework. No changes to the framework itself are announced; this circular applies the existing ST-ASM provisions to the newly shortlisted securities.

Compliance Requirements

• NSE Members: Must apply enhanced margin requirements on the listed securities from April 16, 2026
• Stage I securities: Collect minimum 50% margin (or existing margin if higher), subject to a 100% cap, on all open positions as on April 15, 2026 and new positions from April 16, 2026
• Stage II securities: Collect minimum 100% margin on all open positions as on April 15, 2026 and new positions from April 16, 2026
• Members must ensure compliance in conjunction with all other prevailing surveillance measures
• For queries, contact: surveillance@nse.co.in
• FAQs available at: https://www.nseindia.com/regulations/additional-surveillance-measure

Important Dates

• April 13, 2026: Circular issued
• April 15, 2026: Securities inclusion effective date under ST-ASM
• April 16, 2026: Enhanced margin requirements become applicable on all open positions (as of April 15, 2026) and new positions

Impact Assessment

The inclusion of 19 securities under ST-ASM Stage I and additional securities under Stage II significantly increases the cost of trading these stocks for leveraged participants. The mandatory 50% margin for Stage I and 100% margin for Stage II will:

• Reduce liquidity in affected stocks as leveraged positions become more costly to maintain
• Force position reduction by traders who cannot meet the enhanced margin calls by April 16, 2026
• Increase volatility risk in the short term as existing positions may be unwound to meet margin requirements
• Signal elevated surveillance risk to the market, potentially dampening investor sentiment for these securities
• Stocks span diverse sectors including pharmaceuticals (ARVEE, BAFNAPH), paper & board (ASTRON), energy (INA), media (MMEL, SAMBHAAV), real estate (PARSVNATH), and IT services (NINSYS, VINSYS), indicating broad-based surveillance action rather than sector-specific concerns

NSE Surveillance (Circular Ref. No. 269/2026, Download Ref: NSE/SURV/73734) has directed the shift of 14 securities from the Rolling segment (series: EQ/SM) to the Trade for Trade segment (series: BE/ST) with a price band of 5% or lower, effective April 17, 2026 (Friday). The action is taken under Capital Market Segment Trading Regulations Part-A, Regulation 2.6, as part of a periodic surveillance review to ensure market safety and investor protection. A second annexure (Annexure-2) lists securities that will continue in the Trade for Trade segment (series: BE/BZ or ST/SZ).

Key Points

• 14 securities shifted from Rolling segment (EQ/SM) to Trade for Trade segment (BE/ST) effective April 17, 2026
• A 5% or lower price band will apply to all shifted securities
• Shifted securities will no longer be available in the rolling segment (EQ/SM series)
• Settlement will be on a trade-to-trade basis — no netting off will be permitted
• All 14 securities triggered the shift based on criteria: Price Earnings Multiple, Price Variation & Market Capitalization
• Additional securities in Annexure-2 will continue in Trade for Trade segment (BE/BZ or ST/SZ)
• The action is purely a market surveillance measure and should not be construed as adverse action against the concerned companies

Regulatory Changes

Under Capital Market Segment Trading Regulations Part-A, Regulation 2.6, the listed securities are moved to the Trade for Trade (T2T) segment. This removes the availability of normal rolling settlement for the affected scrips. Criteria for shifting securities to/from Trade for Trade are published at https://www.nseindia.com/regulations/movement-securities-periodic-review.

Compliance Requirements

• NSE Members: Must take adequate precautions while trading in the affected securities
• Members: Must note that settlement will be done on a trade-to-trade basis with no netting off allowed
• Brokers/Traders: Must ensure clients are informed that the affected securities are no longer available in the EQ/SM (rolling) series
• Queries: Members may contact NSE Surveillance at surveillance@nse.co.in for further clarification

Important Dates

• Circular Date: April 13, 2026
• Effective Date: April 17, 2026 (Friday) — Trade for Trade restrictions apply from market open

Impact Assessment

All 14 affected securities will face significantly reduced liquidity and trading flexibility from April 17, 2026. The 5% price band limits intraday price movement, and the elimination of netting in settlement increases capital requirements for traders. Investors holding these securities should note:

• ASTRON (Astron Paper & Board Mill Limited | INE646X01014)
• BAFNAPH (Bafna Pharmaceuticals Limited | INE878I01022)
• BANKA (Banka Bioloo Limited | INE862Y01015)
• CTE (Cambridge Technology Enterprises Limited | INE627H01017)
• FILATFASH (Filatex Fashions Limited | INE185E01021)
• LASA (Lasa Supergenerics Limited | INE670X01014)
• MCLEODRUSS (McLeod Russel India Limited | INE942G01012)
• RSSOFTWARE (R.S. Software (India) Limited | INE165B01029)
• SAMBHAAV (Sambhaav Media Limited | INE699B01027)
• VITAL (Vital Chemtech Limited | INE0L4K01016)
• VIVIMEDLAB (Vivimed Labs Limited | INE526G01021)
• VLEGOV (VL E Governance & IT Solutions Limited | INE03HW01020)
• ACCURACY (Accuracy Shipping Limited | INE648Z01023)
• FCSSOFT (FCS Software Solutions Limited | INE512B01022)

The shift signals heightened regulatory scrutiny due to abnormal price/earnings multiples, price variation, and market capitalization concerns. Retail and institutional participants should exercise caution and reassess position sizing given the restricted settlement mechanism.