NSE has announced changes to the Short-Term Additional Surveillance Measure (ST-ASM) framework effective May 06, 2026. Eight securities have been newly added to Stage I, one security (WEBELSOLAR) moves from Stage I to Stage II with stricter surveillance, and nine securities are excluded from the ASM framework entirely — with some transitioning to Long-Term ASM (LTASM) or Enhanced Surveillance Measure (ESM) frameworks.

Key Points

• 8 securities newly added to ST-ASM Stage I w.e.f. May 06, 2026
• No securities directly added to ST-ASM Stage II
• 1 security (WEBELSOLAR / Websol Energy System Limited) escalated from Stage I to Stage II, indicating heightened surveillance
• No securities moved from Stage II back to Stage I
• 9 securities excluded from the ASM framework, with 3 moving to LTASM and 2 moving to ESM
• A consolidated ASM list covering all currently active ASM-listed securities is also provided

Regulatory Changes

Newly added to ST-ASM Stage I (w.e.f. May 06, 2026):

Moved from ST-ASM Stage I to Stage II (w.e.f. May 06, 2026):

Stage II to Stage I: Nil

Stage II newly added: Nil

Excluded from ASM Framework (w.e.f. May 06, 2026):

Compliance Requirements

• Trading members and investors must note the revised ASM applicability for the listed securities from May 06, 2026
• Securities under ST-ASM Stage I are subject to applicable additional margin requirements as per SEBI/NSE guidelines
• Securities under ST-ASM Stage II face stricter surveillance conditions including enhanced margins and trade-to-trade settlement
• IBULLSLTD, IRMENERGY, and VIDYAWIRES, while exiting STASM, are now under LTASM and remain subject to long-term surveillance restrictions
• CLASSICEIL and TROM transition to ESM (Enhanced Surveillance Measure), which carries its own set of trading restrictions

Important Dates

• Effective Date: May 06, 2026 — All additions, escalations, de-escalations, and exclusions take effect
• Circular Date: May 05, 2026

Impact Assessment

High impact on the 8 newly ASM Stage I securities (BCPL, CALSOFT, CEMPRO, MWL, OMAXAUTO, RICHA, SAIFL, STYLEBAAZA): investors will face higher margin requirements, potential trade-to-trade settlement constraints, and reduced liquidity, often leading to short-term price volatility.

Heightened impact on WEBELSOLAR: Escalation from Stage I to Stage II signals continued regulatory concern; Stage II typically involves stricter margin calls and enhanced monitoring, which may further suppress price and liquidity.

Positive signal for excluded securities (ADFFOODS, ARISTO, AYMSYNTEX, ELECON): Removal from ASM framework suggests improved surveillance metrics; may reduce trading friction and attract broader investor participation.

Neutral-to-cautious for LTASM/ESM transitions (IBULLSLTD, IRMENERGY, VIDYAWIRES, CLASSICEIL, TROM): These securities exit STASM but remain under alternative surveillance regimes, so restrictions are not fully lifted.