NSE has issued Circular Ref. No. 272/2026 (NSE/SURV/73752) placing 15 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective April 16, 2026. Enhanced margin requirements will apply from April 17, 2026 on both existing open positions and new positions. No securities have been added to ST-ASM Stage II in this circular.

Key Points

• 15 securities shortlisted under ST-ASM Stage I effective April 16, 2026
• No securities added to ST-ASM Stage II (Nil)
• ST-ASM Stage I margin: 50% or existing margin, whichever is higher (capped at 100%)
• Margin requirement effective April 17, 2026 on all open positions as of April 16, 2026 and new positions from April 17, 2026
• ASM framework operates in conjunction with all other prevailing surveillance measures
• Shortlisting is purely for market surveillance and should not be construed as adverse action against the company

Regulatory Changes

This circular is issued in continuation of earlier Exchange Circulars:

• NSE/SURV/39265 dated October 27, 2018
• NSE/SURV/46557 dated December 04, 2020
• NSE/SURV/52144 dated April 28, 2022
• NSE/SURV/58558 dated September 25, 2023
• NSE/SURV/64066 dated September 20, 2024

No new regulatory framework changes; this is an application of the existing ST-ASM framework to newly shortlisted securities.

Compliance Requirements

• NSE Members/Brokers: Must apply enhanced margin requirements of 50% (or existing margin, whichever is higher, max 100%) for ST-ASM Stage I securities on all open positions from April 17, 2026
• Traders/Investors: Must ensure sufficient margin for existing open positions in the 15 listed securities by April 16, 2026 end of day
• Members may refer to FAQs on ASM at https://www.nseindia.com/regulations/additional-surveillance-measure
• Queries can be directed to surveillance@nse.co.in

Important Dates

• April 15, 2026: Circular issued
• April 16, 2026: Securities included under ST-ASM Stage I (effective date)
• April 17, 2026: Enhanced margin requirements applicable on all open positions as of April 16, 2026 and all new positions

Impact Assessment

Affected Securities — ST-ASM Stage I (15 securities):

Market Impact: High — traders with existing positions in these 15 securities must provide additional margin by April 17, 2026 or face forced liquidation. The enhanced margin requirement (minimum 50%, maximum 100%) significantly increases the cost of holding these positions, likely causing reduced liquidity and selling pressure. Notably, NIACL (The New India Assurance Company Limited) is a large-cap PSU insurer, making its inclusion particularly significant. The nil addition to Stage II indicates no securities face the more stringent 100% mandatory margin at this time.