NSE has issued a circular under the Short-Term Additional Surveillance Measure (ST-ASM) framework announcing the addition of 11 securities to Stage I and the exclusion of 5 securities from the ASM framework, all effective May 11, 2026. Two excluded securities are moved to the Long-Term ASM (LTASM) framework and two to the Enhanced Surveillance Measure (ESM) framework.

Key Points

• 11 securities shortlisted for ST-ASM Stage I effective May 11, 2026
• No securities shortlisted for ST-ASM Stage II
• No inter-stage movements (Stage I to II or Stage II to I)
• 5 securities excluded from ASM framework effective May 11, 2026
• 2 excluded securities (JAINAM, NAMOEWASTE) moved to LTASM framework
• 2 excluded securities (CELLECOR, LAXMIINDIA) moved to ESM framework
• 1 excluded security (PUSHPA) exits the ASM framework entirely

Regulatory Changes

The following securities are newly added to ST-ASM Stage I w.e.f. May 11, 2026:

The following securities are excluded from the ASM framework w.e.f. May 11, 2026:

Compliance Requirements

• Trading members and investors should note the revised ST-ASM applicability for the listed securities from May 11, 2026
• Securities placed under ST-ASM Stage I are subject to enhanced surveillance conditions including applicable margin requirements and price band restrictions as per the ST-ASM framework
• Members dealing in the affected securities must ensure compliance with the applicable surveillance norms

Important Dates

• Circular Date: May 8, 2026
• Effective Date: May 11, 2026 (for all additions and exclusions)

Impact Assessment

The addition of 11 securities to ST-ASM Stage I will result in enhanced margin requirements and tighter surveillance for those stocks, potentially reducing liquidity and increasing trading costs for market participants holding or trading in these securities. Notable inclusions include large-cap and mid-cap names such as Godrej Industries Limited (GODREJIND) and Tejas Networks Limited (TEJASNET), which may attract investor attention.

The exclusion of CELLECOR and LAXMIINDIA with transition to the stricter ESM framework signals escalating regulatory concern over these stocks. Similarly, JAINAM and NAMOEWASTE moving to LTASM indicates sustained surveillance concerns. PUSHPA Jewellers exits the ASM framework entirely, potentially easing trading conditions for that security.