NSE has issued Circular No. 332/2026 (Download Ref: NSE/SURV/74086) dated May 06, 2026, under the Short-Term Additional Surveillance Measure (ST-ASM) framework. Eight securities have been newly included under ST-ASM Stage I, one security (WEL - Wonder Electricals Limited) has been moved from Stage I to Stage II, and no securities are newly included in Stage II. Enhanced margin requirements become effective from May 08, 2026.

Key Points

• 8 securities added to ST-ASM Stage I effective May 07, 2026: ARISTO, BHARATWIRE, IFBAGRO, MANOMAY, MANORG, NAMOEWASTE, STANLEY, WOMANCART
• 1 security moved from ST-ASM Stage I to Stage II effective May 07, 2026: WEL (Wonder Electricals Limited)
• No new securities added directly to ST-ASM Stage II
• 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%)
• Margins apply to all open positions as on May 07, 2026 and new positions from May 08, 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 companies

Regulatory Changes

This circular is issued further to prior ASM 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). The current update applies the ST-ASM framework criteria to newly qualifying securities.

Compliance Requirements

• NSE Members: Must ensure margin collection of at least 50% for Stage I securities and 100% for Stage II securities on all positions from May 08, 2026
• Stage I securities: Applicable margin = max(50%, existing margin), subject to a ceiling of 100%
• Stage II securities: Applicable margin = max(100%, existing margin), subject to a ceiling of 100%
• Members should refer to the ASM FAQs at https://www.nseindia.com/regulations/additional-surveillance-measure for further guidance
• Queries can be directed to surveillance@nse.co.in

Important Dates

Impact Assessment

Securities added to ST-ASM Stage I (8 securities):

Securities moved from Stage I to Stage II (1 security):

Traders holding or intending to trade these securities will face higher margin requirements, reducing leverage and potentially limiting liquidity. For WEL, the margin escalation to 100% significantly constrains intraday and positional trading. The measures are temporary and surveillance-driven, not indicative of fundamental issues with the listed companies.