NSE has issued a circular updating the Long-Term Additional Surveillance Measure (LTASM) framework with effect from April 10, 2026. Four securities have been added to Stage I of the LTASM framework, three securities are moving from Stage I to Stage II, and no securities are being excluded from the framework. Two of the newly added Stage I securities have been moved from the Short-Term ASM (STASM) framework.

Key Points

• 4 securities added to Long-Term ASM Framework Stage I w.e.f. April 10, 2026
• 2 of the newly added securities (UMAEXPORTS, VITAL) are being moved from STASM to LTASM framework
• 1 security (VIVIDHA) satisfies criteria at BSE
• 3 securities moving up from Stage I to Stage II w.e.f. April 10, 2026
• No securities shortlisted for Stage IV (which triggers Trade-for-Trade settlement)
• No movements across other stage transitions (Stage II to III, III to IV, IV to III, III to II, II to I)
• No securities excluded from the ASM framework

Regulatory Changes

Under the LTASM framework, securities shortlisted as per Criteria VII and placed in Stage IV are shifted from Rolling Settlement (Series: EQ) to Trade for Trade (Series: BE) on a T+3 basis, where T is the date of issuance of the circular. No securities have been placed in Stage IV in this circular.

Compliance Requirements

• Market participants trading in LTASM-listed securities must be aware of applicable margin and trading restrictions for each stage
• Investors holding or trading LPDC, UMAEXPORTS, VITAL, and VIVIDHA should note their inclusion in Stage I effective April 10, 2026
• Investors in DSFCL, DUGLOBAL, and FILATFASH should note these securities are now in Stage II with more stringent surveillance measures
• Brokers and clearing members must apply the appropriate settlement and margin rules per the updated stage classifications

Important Dates

• Effective Date: April 10, 2026 — All changes to LTASM framework come into force
• Circular Date: April 9, 2026

Impact Assessment

Securities newly added to LTASM Stage I (effective April 10, 2026):

Securities moving from LTASM Stage I to Stage II (effective April 10, 2026):

The overall impact is moderate and stock-specific. Securities under LTASM face enhanced scrutiny, higher margins, and potential trading restrictions. Progression to higher stages increases trading friction. The absence of any Stage IV shortlisting means no forced shift to Trade-for-Trade settlement in this circular cycle.