NSE’s Surveillance Department has issued Circular Ref. No. 274/2026 (Download Ref: NSE/SURV/73764) dated April 16, 2026, placing 13 securities under the Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective April 17, 2026. The enhanced margin requirements take effect from April 20, 2026. No securities have been added to ST-ASM Stage II in this circular.

Key Points

• 13 securities shortlisted under ST-ASM Stage I effective April 17, 2026
• ST-ASM Stage II list is Nil for this circular
• No securities are moving from Stage I to Stage II
• Margin enhancement applies to both open positions as of April 17, 2026 and new positions from April 20, 2026
• ASM framework operates in conjunction with all other prevailing surveillance measures
• Inclusion is purely for market surveillance purposes and should not be construed as adverse action against the concerned companies

Regulatory Changes

This circular is issued further to prior NSE 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. The ST-ASM Stage I inclusion triggers a mandatory minimum margin increase for the listed securities.

Compliance Requirements

• NSE Members/Brokers: Must apply the revised margin rates on client positions in the listed securities by April 20, 2026
• ST-ASM Stage I: Applicable margin shall be 50% or existing margin, whichever is higher, subject to a maximum cap of 100%
• ST-ASM Stage II: Applicable margin shall be 100% or existing margin, whichever is higher, subject to a maximum cap of 100% (no securities added this cycle)
• Members must apply the margin on all open positions as of April 17, 2026 and on all new positions created from April 20, 2026
• For queries, contact: surveillance@nse.co.in

Important Dates

• April 16, 2026: Circular issued
• April 17, 2026: Effective date for ST-ASM Stage I inclusion of listed securities
• April 20, 2026: Enhanced margin requirements become applicable on open positions (as of April 17) and all new positions

Impact Assessment

Affected Securities (ST-ASM Stage I):

The elevated margin requirement (minimum 50%) will reduce leveraged trading capacity in these 13 securities, likely dampening short-term speculative activity and potentially causing selling pressure as traders reduce positions to meet margin calls. Retail investors using margin financing in these stocks will be most directly affected. PURVA (Puravankara Limited) is the most widely tracked name in this list given its presence in the real estate sector.