NSE has placed 7 securities under the Short-Term Additional Surveillance Measure (ST-ASM) Stage I framework effective April 28, 2026. Enhanced margin requirements of at least 50% (capped at 100%) will apply to all open and new positions from April 29, 2026. No securities were added to Stage II, and no movements between stages were recorded in this circular.

Key Points

• 7 securities added to ST-ASM Stage I effective April 28, 2026
• Stage I margin: 50% or existing margin, whichever is higher (max 100%)
• Stage II margin: 100% or existing margin, whichever is higher (max 100%)
• No securities placed in Stage II; no stage transitions in this circular
• ASM is a surveillance action and should not be construed as adverse action against the listed company
• ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

This circular is issued under the ST-ASM framework, referencing prior 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). The current circular (NSE/SURV/73916, Ref. No. 301/2026) adds qualifying securities to the ST-ASM list based on surveillance criteria.

Compliance Requirements

• NSE members must apply a minimum margin of 50% on all Stage I securities for both open positions (as of April 28, 2026) and new positions created from April 29, 2026
• Margin is capped at a maximum of 100%
• Members must comply with all ASM provisions simultaneously alongside other applicable surveillance measures
• Queries may be directed to surveillance@nse.co.in

Important Dates

• April 27, 2026: Circular issued
• April 28, 2026: Securities added to ST-ASM Stage I (inclusion effective date)
• April 29, 2026: Enhanced margin requirements take effect for all open positions (as of April 28) and new positions

Impact Assessment

The following 7 securities are placed under ST-ASM Stage I:

Traders and investors holding these securities will face increased margin requirements (minimum 50%), which may prompt position unwinding and could increase short-term selling pressure. DELTACORP is a relatively larger and more widely tracked stock, making its inclusion potentially more market-visible. No securities were escalated to Stage II (100% margin), limiting the severity of the immediate impact.