NSE has issued Circular No. 336/2026 (Download Ref: NSE/SURV/74108) dated May 07, 2026, placing 9 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective May 08, 2026. Enhanced margin requirements will apply from May 11, 2026. No securities have been added to ST-ASM Stage II, and no securities are moving between stages.

Key Points

• 9 securities shortlisted under ST-ASM Stage I effective May 08, 2026
• Stage I margin requirement: 50% or existing margin, whichever is higher (capped at 100%)
• Enhanced margins apply to all open positions as of May 08, 2026 and new positions from May 11, 2026
• ST-ASM Stage II additions: Nil
• Stage I to Stage II movements: Nil
• Stage II to Stage I movements: Nil (content not fully provided)
• KANORICHEM satisfies ASM criteria at BSE (not solely NSE)
• Shortlisting is purely a market surveillance action and should not be construed as adverse action against the company

Regulatory Changes

This circular is issued further to prior 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 operates in conjunction with all other prevailing surveillance measures imposed by the Exchanges.

Securities Under ST-ASM Stage I (Effective May 08, 2026)

# Satisfies criteria at BSE

Compliance Requirements

• NSE Members: Note the revised margin requirements for all 9 Stage I securities.
• Stage I Margin: Collect 50% margin or existing applicable margin, whichever is higher, subject to a maximum cap of 100%.
• Stage II Margin: 100% margin or existing margin, whichever is higher (capped at 100%) — applicable if securities are placed in Stage II.
• Members must apply enhanced margins on all open positions as of May 08, 2026 and on all new positions created from May 11, 2026.
• For queries: surveillance@nse.co.in
• FAQs: https://www.nseindia.com/regulations/additional-surveillance-measure

Important Dates

• May 07, 2026: Circular issued
• May 08, 2026: Securities included in ST-ASM Stage I (effective date for shortlisting)
• May 11, 2026: Enhanced margin requirements come into force for open positions (as of May 08) and all new positions

Impact Assessment

Traders and investors holding positions in any of the 9 listed securities will face significantly higher margin requirements from May 11, 2026. The 50% minimum margin for Stage I securities may require additional capital infusion for existing positions. The absence of any Stage II additions or inter-stage movements limits broader market disruption. KANORICHEM’s inclusion is cross-exchange (BSE criteria), which may signal coordinated surveillance action. All 9 affected securities span diverse sectors including real estate (DBREALTY, RAYMONDREL), technology (DSSL), finance (FUSION), media (MMWL), chemicals (PARAGON, KANORICHEM), steel (VISASTEEL), and agriculture (VISHWAS).