NSE has placed 14 securities under the Short-Term Additional Surveillance Measure (ST-ASM) Stage I effective April 22, 2026, pursuant to Circular Ref. No. 287/2026 (Download Ref No: NSE/SURV/73828). A 50% margin requirement (or existing margin, whichever is higher, capped at 100%) applies on all open positions as of April 22, 2026, and new positions from April 23, 2026. No securities have been added to Stage II.

Key Points

• 14 securities added to ST-ASM Stage I effective April 22, 2026
• Margin rate for Stage I: 50% or existing margin, whichever is higher (max capped at 100%)
• Margin rate for Stage II: 100% or existing margin, whichever is higher (max capped at 100%) — no new additions this cycle
• ST-ASM operates in conjunction with all other prevailing surveillance measures
• Shortlisting is purely for market surveillance purposes and should not be construed as adverse action against the company

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). Securities meeting ST-ASM criteria are now subject to enhanced margin obligations under the ST-ASM framework.

Compliance Requirements

• Members/Brokers: Collect enhanced margins from clients holding or trading the listed securities as per the applicable stage requirements
• Stage I margin: 50% or existing margin (whichever is higher), subject to a maximum of 100%
• Applicability: Covers all open positions as on April 22, 2026, and all new positions created from April 23, 2026
• For queries, contact: surveillance@nse.co.in

Important Dates

Securities Under ST-ASM Stage I (Effective April 22, 2026)

Stage II Additions: Nil

Impact Assessment

Traders and investors holding positions in any of the 14 listed securities face significantly higher margin requirements starting April 23, 2026. The mandatory 50% margin for Stage I positions can constrain leveraged positions and force de-leveraging. Retail and institutional participants should review their exposure to these securities and ensure adequate margin availability to avoid forced liquidation. The ASM framework is a surveillance tool and does not reflect on the fundamental quality of the underlying companies, but the enhanced margin requirements typically reduce liquidity and increase trading costs in the affected securities.