NSE has issued Circular Ref. No. 262/2026 (Download Ref No: NSE/SURV/73706) announcing updates to the Long Term Additional Surveillance Measure (LTASM) framework. Five securities are newly included under LTASM Stage-I (moved from STASM), four securities are moved from Stage-I to Stage-II, and securities qualifying under criteria VII (Stage-IV) will be shifted to the Trade-for-Trade segment. A 100% margin requirement applies to all affected securities from April 16, 2026.

Key Points

• 5 securities added to Long Term ASM Stage-I effective April 13, 2026 (all moved from Short Term ASM)
• 4 securities moved from Long Term ASM Stage-I to Stage-II effective April 13, 2026
• No securities shortlisted under Stage-IV (Nil)
• 100% margin applicable from April 16, 2026 on all open positions as on April 15, 2026 and new positions from April 16, 2026 onwards
• Securities under Stage-IV criteria will shift from Rolling Settlement (EQ series) to Trade-for-Trade segment (BE series) w.e.f. April 16, 2026
• ASM shortlisting is a market surveillance action and should not be construed as adverse action against the company

Regulatory Changes

This circular updates the ASM framework previously established under circulars NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066 (dated October 27, 2018 through September 20, 2024). Price bands for securities exiting the framework will be reinstated to pre-ASM levels, subject to no other surveillance measures being in effect.

Compliance Requirements

• All NSE members must note the updated ASM security list and apply the prescribed margin requirements
• 100% margin must be collected on open positions as of April 15, 2026 and all new positions from April 16, 2026
• Members must ensure trading in Stage-IV securities shifts to the BE (Trade-for-Trade) series from April 16, 2026
• ASM framework applies in conjunction with all other prevailing surveillance measures

Important Dates

• April 10, 2026: Circular issued
• April 13, 2026: Effective date for inclusion/movement of securities in ASM stages
• April 15, 2026: Reference date for open positions subject to 100% margin
• April 16, 2026: 100% margin requirement takes effect; Stage-IV securities shift to Trade-for-Trade (BE) series

Impact Assessment

Newly included in Long Term ASM Stage-I (from STASM), effective April 13, 2026:

1. HINDCON – Hindcon Chemicals Limited (INE642Y01029)
2. ISHAN – Ishan International Limited (INE0LCW01025)
3. NEPHROCARE – Nephro Care India Limited (INE0SUN01013)
4. RPSGVENT – RPSG Ventures Limited (INE425Y01011)
5. SECURKLOUD – SecureKloud Technologies Limited (INE650K01021)

Moved from Long Term ASM Stage-I to Stage-II, effective April 13, 2026:

1. NEWJAISA – Newjaisa Technologies Limited (INE0PW501021)
2. RAMASTEEL – Rama Steel Tubes Limited (INE230R01035)
3. SHEEL – Sheel Biotech Limited (INE0YJV01017)
4. VERTOZ – Vertoz Limited (INE188Y01031)

The 100% margin requirement will significantly increase the cost of holding or initiating positions in these securities, likely reducing trading volumes and liquidity. Retail traders using leverage will be most affected. Movement to the Trade-for-Trade segment (if applicable under Stage-IV) eliminates intraday netting, further constraining speculative activity.