NSE Circular 0733/2026 (Ref. No. NSE/CML/74063) notifies the admission of further issued securities for four SME EMERGE segment companies to dealings on the National Stock Exchange, effective May 06, 2026. The securities include shares allotted via ESOP, warrant conversions, and preferential allotments.

Key Points

• Four SME EMERGE companies admitted for further dealings effective May 06, 2026
• Securities identified by designated codes; trading in specified lot sizes
• DUDIGITAL GLOBAL LIMITED: 69,788 equity shares (ESOP allotment, no lock-in)
• Krishca Strapping Solutions Limited: 450,000 equity shares (warrant conversion, lock-in until Nov 15, 2026)
• Mandeep Auto Industries Limited: 1,100,000 equity shares (warrant/preferential conversion, lock-in until Nov 20, 2027)
• OBSC Perfection Limited: 1,393,200 equity shares (preferential basis, staggered lock-in from Oct 31, 2026 to various dates)

Regulatory Changes

No new regulatory changes. Circular issued under Regulation 3.1.1 and Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, governing further admission of securities and lot sizes respectively.

Compliance Requirements

• Trading members must use designated security codes for all transactions
• Trading must be conducted in the specified market lot sizes for each security
• Lock-in restrictions must be observed for applicable tranches of Krishca Strapping, Mandeep Auto, and OBSC Perfection shares

Important Dates

• Effective Date: May 06, 2026 (all four listings)
• DUDIGITAL GLOBAL: Allotment date Apr 27, 2026; no lock-in
• Krishca Strapping: Allotment date Feb 10, 2026; lock-in expiry Nov 15, 2026 (all tranches)
• Mandeep Auto: Allotment date Mar 18, 2026; lock-in expiry Nov 20, 2027
• OBSC Perfection: Allotment date Feb 06, 2026; lock-in expiry dates range from Oct 31, 2026 onward for various tranches

Impact Assessment

All four companies are in the SME EMERGE segment. The additional float is modest relative to typical SME market caps. Lock-in conditions on the majority of Krishca, Mandeep, and OBSC shares limit near-term selling pressure. DUDIGITAL shares (ESOP allotment) have no lock-in and could see some selling activity post-listing.

NSE’s Surveillance Department (Circular Ref. No: 307/2026, Download Ref No: NSE/SURV/73948) has placed 8 securities under Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective April 29, 2026. Enhanced margin requirements apply from April 30, 2026. No securities were shortlisted for ST-ASM Stage II, and no movements between stages were announced.

Key Points

• 8 securities added to ST-ASM Stage I effective April 29, 2026
• Margin rate for Stage I: 50% or existing margin, whichever is higher (maximum capped at 100%)
• New margin rates apply to all open positions as on April 29, 2026 and all new positions created from April 30, 2026
• Stage II list is Nil; no inter-stage movements announced
• Inclusion is purely for market surveillance purposes and should not be construed as adverse action against the concerned companies
• ASM framework operates in conjunction with all other prevailing surveillance measures

Securities Under ST-ASM Stage I (Effective April 29, 2026)

Regulatory Changes

This circular is issued further to earlier 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 ST-ASM framework imposes differential margin rates based on stage classification to curb excessive speculation in high-surveillance securities.

Compliance Requirements

• NSE Members/Brokers: Must collect enhanced margins from clients holding or creating positions in the 8 listed securities from April 30, 2026
• Stage I Margin: Minimum 50% margin or existing applicable margin, whichever is higher, subject to a maximum cap of 100%
• Stage II Margin (no securities currently): Would require 100% margin or existing margin, whichever is higher, capped at 100%
• Members must apply new margin rates to all open positions as of April 29, 2026 and all new positions from April 30, 2026
• For queries, contact: surveillance@nse.co.in

Important Dates

• April 28, 2026: Circular issued
• April 29, 2026: Securities officially included under ST-ASM Stage I; enhanced margin requirements reference date for open positions
• April 30, 2026: Enhanced margin requirements come into effect for all open and new positions

Impact Assessment

The inclusion of 8 securities under ST-ASM Stage I will materially increase the cost of holding or initiating positions in these stocks. The mandatory 50% minimum margin (up to 100% max) will reduce leverage available to traders, potentially suppressing short-term trading volumes and liquidity in these counters. Notably, ADANIENSOL (Adani Energy Solutions Limited) is a large-cap Adani Group entity, and its inclusion is likely to attract significant market attention. Retail and institutional traders with existing leveraged positions in any of these 8 securities will need to top up margins by April 30, 2026 or risk forced liquidation. The measure is classified as a surveillance action and does not reflect fundamental concerns about the companies themselves.