NSE has shortlisted 6 securities for inclusion under the Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective April 07, 2026. Enhanced margin requirements will apply from April 08, 2026 on all open positions as on April 07, 2026 and new positions created from April 08, 2026. No securities have been shortlisted under ST-ASM Stage II or for movement between stages.

Key Points

• 6 securities added to ST-ASM Stage I effective April 07, 2026
• ST-ASM Stage I margin: 50% or existing margin, whichever is higher (capped at 100%)
• ST-ASM Stage II margin: 100% or existing margin, whichever is higher (capped at 100%)
• No securities shortlisted for Stage II inclusion or inter-stage movement
• One security (RUCHINFRA) satisfies criteria at BSE as well
• ASM framework operates in conjunction with all other prevailing surveillance measures
• Shortlisting is purely for market surveillance purposes and not an adverse action against the company

Regulatory Changes

This circular is issued further to Exchange Circular nos. NSE/SURV/39265, NSE/SURV/46557, NSE/SURV/52144, NSE/SURV/58558 and NSE/SURV/64066 dated October 27, 2018, December 04, 2020, April 28, 2022, September 25, 2023 and September 20, 2024 respectively. No new regulatory framework is introduced; existing ST-ASM provisions are applied to newly shortlisted securities.

Compliance Requirements

• Members must ensure applicable margin of 50% or existing margin (whichever is higher, capped at 100%) is collected for ST-ASM Stage I securities
• Margins apply to all open positions as on April 07, 2026 and new positions from April 08, 2026
• Members should refer to FAQs on the NSE website for detailed ASM framework guidelines
• Queries may be directed to surveillance@nse.co.in

Important Dates

• April 06, 2026: Circular issued
• April 07, 2026: Securities included under ST-ASM Stage I
• April 08, 2026: Enhanced margin requirements become effective for all open positions (as on April 07) and new positions

Impact Assessment

Traders and investors holding or planning to take positions in the following 6 securities will face higher margin requirements:

The increased margin requirement of at least 50% under Stage I will reduce leverage available to traders, potentially dampening trading volumes and liquidity in these securities. RUCHINFRA is subject to ST-ASM criteria at BSE as well, indicating cross-exchange surveillance concern.