NSE’s Surveillance Department (Circular Ref. No: 266/2026, Download Ref No: NSE/SURV/73732) has notified the inclusion of 8 securities under the Long Term Additional Surveillance Measure (LT-ASM) Stage I framework, effective April 15, 2026. Of these, 6 securities are being moved from the Short Term ASM (STASM) to the Long Term ASM (LTASM) framework. A 100% margin requirement on all open and new positions becomes effective April 17, 2026.

Key Points

• 8 securities added to Long Term ASM Framework Stage I effective April 15, 2026
• 6 of the 8 securities (marked with *) are moved from STASM to LTASM framework
• 100% margin applicable on all open positions as on April 16, 2026 and new positions from April 17, 2026 onwards
• No securities shortlisted under Stage IV, or for movement from Stage I to Stage II, Stage II to Stage III, or Stage I to Stage IV
• ASM classification is purely for market surveillance purposes and should not be construed as adverse action against the company

Securities Added to Long Term ASM Stage I (Effective April 15, 2026)

Regulatory Changes

This circular is issued under the Long Term Additional Surveillance Measure (LT-ASM) framework, referencing prior circulars: NSE/SURV/39265 (Oct 27, 2018), NSE/SURV/45111 (Jul 22, 2020), NSE/SURV/46557 (Dec 04, 2020), NSE/SURV/48506 (Jun 04, 2021), NSE/SURV/52090 (Apr 22, 2022), NSE/SURV/63362 (Aug 09, 2024), and NSE/SURV/64066 (Sep 20, 2024). Securities qualifying under criteria VII (Stage IV) would be shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE), though no securities qualified for Stage IV in this notification.

Compliance Requirements

• All NSE members must apply 100% margin on open positions in the 8 listed securities effective April 17, 2026
• Members must ensure margin collection on all new positions in these securities from April 17, 2026 onwards
• The ASM framework applies in conjunction with all other prevailing surveillance measures imposed by exchanges
• For queries, members may contact surveillance@nse.co.in
• FAQs available at: https://www.nseindia.com/regulations/additional-surveillance-measure

Important Dates

• April 13, 2026: Circular issued
• April 15, 2026: Securities included in Long Term ASM Stage I framework (effective date)
• April 16, 2026: Reference date for open positions subject to 100% margin
• April 17, 2026: 100% margin requirement becomes effective on all open positions (as on Apr 16) and new positions

Impact Assessment

Traders and investors holding positions in any of the 8 listed securities will face significantly increased margin requirements (100%) from April 17, 2026. This will:

• Substantially increase capital requirements for maintaining existing positions
• Reduce leverage available for trading in these scrips
• Potentially trigger forced liquidations for traders unable to meet the enhanced margin calls
• For the 6 securities moving from STASM to LTASM, this represents an escalation of surveillance scrutiny, signaling continued concerns about price/volume behaviour
• No securities have been placed in Stage IV (Trade-for-Trade), so settlement mechanics remain in EQ series for all 8 securities at this time