NSE’s Surveillance Department (Circular Ref. No: 266/2026, Download Ref No: NSE/SURV/73732) has notified the inclusion of 8 securities under the Long Term Additional Surveillance Measure (LT-ASM) Stage I framework, effective April 15, 2026. Of these, 6 securities are being moved from the Short Term ASM (STASM) to the Long Term ASM (LTASM) framework. A 100% margin requirement on all open and new positions becomes effective April 17, 2026.

Key Points

• 8 securities added to Long Term ASM Framework Stage I effective April 15, 2026
• 6 of the 8 securities (marked with *) are moved from STASM to LTASM framework
• 100% margin applicable on all open positions as on April 16, 2026 and new positions from April 17, 2026 onwards
• No securities shortlisted under Stage IV, or for movement from Stage I to Stage II, Stage II to Stage III, or Stage I to Stage IV
• ASM classification is purely for market surveillance purposes and should not be construed as adverse action against the company

Securities Added to Long Term ASM Stage I (Effective April 15, 2026)

Regulatory Changes

This circular is issued under the Long Term Additional Surveillance Measure (LT-ASM) framework, referencing prior circulars: NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/45111 (Jul 22, 2020), NSE/SURV/46557 (Dec 04, 2020), NSE/SURV/48506 (Jun 04, 2021), NSE/SURV/52090 (Apr 22, 2022), NSE/SURV/63362 (Aug 09, 2024), and NSE/SURV/64066 (Sep 20, 2024). Securities qualifying under criteria VII (Stage IV) would be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE), though no securities qualified for Stage IV in this notification.

Compliance Requirements

• All NSE members must apply 100% margin on open positions in the 8 listed securities effective April 17, 2026
• Members must ensure margin collection on all new positions in these securities from April 17, 2026 onwards
• The ASM framework applies in conjunction with all other prevailing surveillance measures imposed by exchanges
• For queries, members may 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 included in Long Term ASM Stage I framework (effective date)
• April 16, 2026: Reference date for open positions subject to 100% margin
• April 17, 2026: 100% margin requirement becomes effective on all open positions (as on Apr 16) and new positions

Impact Assessment

Traders and investors holding positions in any of the 8 listed securities will face significantly increased margin requirements (100%) from April 17, 2026. This will:

• Substantially increase capital requirements for maintaining existing positions
• Reduce leverage available for trading in these scrips
• Potentially trigger forced liquidations for traders unable to meet the enhanced margin calls
• For the 6 securities moving from STASM to LTASM, this represents an escalation of surveillance scrutiny, signaling continued concerns about price/volume behaviour
• No securities have been placed in Stage IV (Trade-for-Trade), so settlement mechanics remain in EQ series for all 8 securities at this time

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.