NSE has issued Circular 286/2026 (Ref: NSE/SURV/73827) placing 6 securities under the Long Term Additional Surveillance Measure (LT-ASM) Stage I framework effective April 24, 2026. A 100% margin requirement will apply on all open positions as on April 23, 2026 and all new positions from April 24, 2026. One security (OILCOUNTUB) has been moved from Short Term ASM (STASM) to the Long Term ASM framework.

Key Points

• 6 securities shortlisted for inclusion in Long Term ASM Stage I w.e.f. April 22, 2026
• 100% margin applicable on all open and new positions w.e.f. April 24, 2026
• No securities shortlisted under Stage IV, Stage I→II, Stage II→III, or Stage I→IV transitions (all Nil)
• OILCOUNTUB moved from STASM to LTASM framework
• ASM framework operates alongside all other prevailing surveillance measures
• Shortlisting is purely for market surveillance purposes and not an adverse action against the company

Regulatory Changes

The following securities are newly included in Long Term ASM Stage I:

*Moved from STASM to LTASM framework

Compliance Requirements

• Members/Brokers: Ensure 100% margin is collected from clients holding or intending to take positions in the above securities from April 24, 2026
• Members: Note that open positions as on April 23, 2026 will also attract 100% margin from April 24, 2026
• All market participants: ASM restrictions apply in conjunction with all other existing surveillance measures
• For queries, contact: surveillance@nse.co.in
• FAQs available at: https://www.nseindia.com/regulations/additional-surveillance-measure

Important Dates

• April 21, 2026: Circular issued
• April 22, 2026: Effective date for LT-ASM Stage I shortlisting
• April 23, 2026: Reference date for open positions subject to new margin requirement
• April 24, 2026: 100% margin requirement comes into effect for all open and new positions

Impact Assessment

Traders and investors holding positions in ARFIN, BALCO, DANGEE, DELPHIFX, KAKATCEM, and OILCOUNTUB will face a significant increase in margin requirements to 100%, effectively doubling or more the capital required to maintain positions. This typically leads to forced liquidation by margin-constrained participants and reduced liquidity in these counters. OILCOUNTUB faces an elevated impact as it transitions from the less restrictive Short Term ASM to the more stringent Long Term ASM framework. No securities were moved to Stage IV (Trade-for-Trade), limiting the most severe trading restrictions to the Stage I category for this cycle.