NSE has issued Circular No. NSE/SURV/73737 (Ref. 267/2026) dated April 13, 2026, placing multiple securities under the Short-Term Additional Surveillance Measure (ST-ASM) framework. Nineteen securities have been included under ST-ASM Stage I and additional securities under ST-ASM Stage II, both effective April 16, 2026. The action follows the ASM framework established via earlier circulars dating back to October 2018.

Key Points

• 19 securities shortlisted under ST-ASM Stage I effective April 15, 2026 (margin changes from April 16, 2026)
• Additional securities shortlisted under ST-ASM Stage II with 100% margin requirement
• ST-ASM Stage I: applicable margin of 50% or existing margin, whichever is higher (capped at 100%)
• ST-ASM Stage II: applicable margin of 100% or existing margin, whichever is higher (capped at 100%)
• ASM framework 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 concerned company

ST-ASM Stage I Securities (Effective April 15, 2026)

Regulatory Changes

This circular is issued further to NSE 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) regarding the Additional Surveillance Measure (ASM) framework. No changes to the framework itself are announced; this circular applies the existing ST-ASM provisions to the newly shortlisted securities.

Compliance Requirements

• NSE Members: Must apply enhanced margin requirements on the listed securities from April 16, 2026
• Stage I securities: Collect minimum 50% margin (or existing margin if higher), subject to a 100% cap, on all open positions as on April 15, 2026 and new positions from April 16, 2026
• Stage II securities: Collect minimum 100% margin on all open positions as on April 15, 2026 and new positions from April 16, 2026
• Members must ensure compliance in conjunction with all other prevailing surveillance measures
• For queries, 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 inclusion effective date under ST-ASM
• April 16, 2026: Enhanced margin requirements become applicable on all open positions (as of April 15, 2026) and new positions

Impact Assessment

The inclusion of 19 securities under ST-ASM Stage I and additional securities under Stage II significantly increases the cost of trading these stocks for leveraged participants. The mandatory 50% margin for Stage I and 100% margin for Stage II will:

• Reduce liquidity in affected stocks as leveraged positions become more costly to maintain
• Force position reduction by traders who cannot meet the enhanced margin calls by April 16, 2026
• Increase volatility risk in the short term as existing positions may be unwound to meet margin requirements
• Signal elevated surveillance risk to the market, potentially dampening investor sentiment for these securities
• Stocks span diverse sectors including pharmaceuticals (ARVEE, BAFNAPH), paper & board (ASTRON), energy (INA), media (MMEL, SAMBHAAV), real estate (PARSVNATH), and IT services (NINSYS, VINSYS), indicating broad-based surveillance action rather than sector-specific concerns