NSE has shortlisted securities under the Short-Term Additional Surveillance Measure (ST-ASM) framework effective April 21–22, 2026. Securities under ST-ASM Stage I will attract a minimum margin of 50% (capped at 100%), while those under Stage II will attract a 100% margin on all open and new positions from April 22, 2026. This is issued under Download Ref No: NSE/SURV/73813, Circular Ref. No: 283/2026.

Key Points

• 17 securities shortlisted under ST-ASM Stage I effective April 21, 2026 (margin actions from April 22, 2026)
• ST-ASM Stage I: Minimum margin of 50% or existing margin, whichever is higher, capped at 100%
• ST-ASM Stage II: Minimum margin of 100% or existing margin, whichever is higher, capped at 100%
• ASM framework applies in conjunction with all other existing surveillance measures
• ELCIDIN and PRAVEG satisfy criteria at BSE as well
• Shortlisting is purely for market surveillance purposes and should not be construed as adverse action against the company

Regulatory Changes

This circular is issued further to Exchange 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) regarding the Additional Surveillance Measure (ASM) framework. No new framework changes are introduced; securities are being added to the existing ST-ASM framework.

Compliance Requirements

• Members must apply enhanced margin requirements on all open positions as on April 21, 2026 and new positions created from April 22, 2026
• ST-ASM Stage I securities: collect minimum 50% margin (or existing margin if higher), subject to 100% cap
• ST-ASM Stage II securities: collect minimum 100% margin (or existing margin if higher)
• Brokers/members must ensure compliance for all client trades in the listed securities

Important Dates

• April 20, 2026: Circular issued
• April 21, 2026: Securities included under ST-ASM; margin actions applicable on open positions as of this date
• April 22, 2026: Enhanced margin requirements effective for all open and new positions

Impact Assessment

The inclusion of 17 securities under ST-ASM Stage I significantly increases the cost of trading these stocks, as traders must maintain 50%–100% margin. This typically leads to reduced trading volumes, lower liquidity, and potential price volatility for affected securities. Retail and leveraged traders are most impacted. The dual listing of ELCIDIN and PRAVEG on both NSE and BSE under ASM amplifies the restriction. Affected securities span multiple sectors including metals, infrastructure, food processing, and financial services.

ST-ASM Stage I Securities (effective April 21, 2026)

*Also satisfies criteria at BSE