NSE’s Surveillance Department has shortlisted 18 securities for inclusion under the Long-Term Additional Surveillance Measure (LTASM) Stage-I framework effective April 29, 2026. A 100% margin requirement will apply on all open positions as of April 30, 2026, and all new positions created from May 4, 2026 onwards. No securities were added to LTASM Stage-IV in this circular.

Key Points

• 18 securities added to Long-Term ASM (LTASM) Stage-I effective April 29, 2026
• 100% margin applicable from May 4, 2026 on existing open positions (as of April 30, 2026) and new positions
• No securities moved to Stage-IV (Trade-for-Trade / BE segment) in this update
• Three securities (AROGRANITE, INDOWIND, TRIGYN) moved from Short-Term ASM (STASM) to LTASM
• Two securities (AMDIND, SHALPAINTS) satisfy criteria at BSE as well
• ASM classification is a market surveillance action and should not be construed as adverse action against the company

Regulatory Changes

The LTASM framework is being applied to 18 new securities under provisions referenced in prior circulars NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066. 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 qualify for Stage-IV in this instance.

Compliance Requirements

• NSE Members: Must ensure 100% margin is collected from clients holding or taking new positions in the 18 listed securities from May 4, 2026
• Market Participants: Must note the increased margin requirements and plan positions accordingly before April 30, 2026
• ASM framework applies in conjunction with all other prevailing surveillance measures imposed by the exchanges

Important Dates

Impact Assessment

Trading Impact (High): All 18 securities will require 100% upfront margin, effectively doubling or more the capital required to hold or create positions. This will significantly reduce liquidity and may cause sharp price corrections as leveraged positions are unwound.

Affected Securities:

Escalation Risk: Three stocks (AROGRANITE, INDOWIND, TRIGYN) escalated from STASM to LTASM, indicating sustained surveillance concerns. Continued non-compliance with normalization criteria could lead to further escalation to higher ASM stages, including potential shift to Trade-for-Trade segment.