NSE has announced the applicability of the Additional Surveillance Measure (ASM) framework effective April 23, 2026. Five securities have been newly shortlisted under the Long-Term ASM Framework Stage-I. No securities are being moved between stages or excluded from the framework in this circular update.

Key Points

• 5 securities newly added to Long-Term ASM Framework Stage-I effective April 23, 2026
• NAMAN (Naman Industries Proxima Limited) has been moved from Short-Term ASM (STASM) to Long-Term ASM (LTASM) framework
• EMPOWER (Empower India Limited) satisfies ASM criteria at BSE
• No securities shortlisted for Stage-IV (Trade for Trade settlement) in this update
• No inter-stage movements (Stage I→II, II→III, III→IV, IV→III, III→II, II→I) in this update
• No securities excluded from the ASM framework in this update

Regulatory Changes

The following securities are newly placed under Long-Term ASM Framework Stage-I:

* Moved from STASM to LTASM framework # Satisfies criteria at BSE

Note: Securities shortlisted under Stage-IV (Criteria VII) are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis. No securities were placed in Stage-IV in this update.

Compliance Requirements

• Trading members must note enhanced surveillance margins applicable to ASM Stage-I securities
• Investors and traders holding the newly added securities should be aware of increased margin requirements under the ASM framework
• Market participants should review the consolidated ASM list for all currently active surveillance securities
• Brokers must communicate applicable margin and trading restrictions to clients holding affected securities

Important Dates

• Effective Date: April 23, 2026 — New ASM Stage-I inclusions become applicable
• Circular Date: April 22, 2026

Impact Assessment

Affected Securities (New Additions):

• DEEDEV, GLOBALE, NAMAN, VINEETLAB, and EMPOWER are subject to ASM Stage-I restrictions from April 23, 2026
• NAMAN faces an escalation in surveillance intensity, having been moved from the Short-Term ASM to the Long-Term ASM framework

Market Impact:

• Investors in these 5 stocks will face higher margin requirements, potentially leading to forced selling or position reduction
• Liquidity in these securities may decrease as trading costs rise under enhanced surveillance
• EMPOWER’s inclusion is driven by BSE-side criteria, indicating cross-exchange surveillance coordination
• The absence of any Stage-IV additions means no securities are being shifted to Trade-for-Trade settlement in this round, limiting the most severe trading restrictions
• The consolidated ASM list (Annexure - Consolidated ASM) contains a broader set of securities already under various stages of surveillance, indicating continued active market oversight by NSE