NSE has issued Circular No. 315/2026 (NSE/SURV/74009) dated April 30, 2026, notifying the inclusion of securities under the Long Term Additional Surveillance Measure (ASM) framework effective May 4, 2026. ZODIACLOTH (Zodiac Clothing Company Limited, ISIN: INE206B01013) has been shortlisted under Long Term ASM Stage I. A 100% margin requirement will apply from May 6, 2026.

Key Points

• ZODIACLOTH (Zodiac Clothing Company Limited, ISIN: INE206B01013) added to Long Term ASM Framework Stage I w.e.f. May 4, 2026
• ZODIACLOTH satisfies the ASM criteria at BSE as well
• Applicable margin of 100% on all open positions as on May 5, 2026 and new positions created from May 6, 2026 onwards
• No securities shortlisted for Stage IV, Stage I→II, Stage II→III, or Stage I→IV transitions in this circular
• ASM framework operates in conjunction with all other prevailing surveillance measures
• Price band reinstated to pre-ASM level upon exit, subject to no other surveillance measure being applicable

Regulatory Changes

This circular is issued in reference to earlier Exchange Circulars on ASM:

• NSE/SURV/39265 (October 27, 2018)
• NSE/SURV/45111 (July 22, 2020)
• NSE/SURV/46557 (December 4, 2020)
• NSE/SURV/48506 (June 4, 2021)
• NSE/SURV/52090 (April 22, 2022)
• NSE/SURV/63362 (August 9, 2024)
• NSE/SURV/64066 (September 20, 2024)

Securities qualifying under criteria VII (Stage IV) are shifted from Rolling Settlement (Series: EQ) to Trade-for-Trade segment (Series: BE). No securities qualify for Stage IV in this circular.

Compliance Requirements

• All NSE Members: Must ensure 100% margin collection on ZODIACLOTH positions (open as of May 5, 2026 and new positions from May 6, 2026)
• Members must comply with all provisions of the Long Term ASM framework as outlined in the referenced circulars
• ASM shortlisting should not be construed as an adverse action against the company; it is purely a market surveillance measure
• For queries, contact: surveillance@nse.co.in
• FAQs available at: https://www.nseindia.com/regulations/additional-surveillance-measure

Important Dates

• May 4, 2026: Effective date for shortlisting of ZODIACLOTH under Long Term ASM Stage I
• May 5, 2026: Reference date for open positions subject to 100% margin
• May 6, 2026: 100% margin requirement comes into effect for all open and new positions in ZODIACLOTH

Impact Assessment

ZODIACLOTH (Zodiac Clothing Company Limited):

• Inclusion in Long Term ASM Stage I significantly increases the cost of trading due to the 100% margin requirement
• Higher margin requirements may reduce liquidity and trading volumes in the stock
• Retail and institutional participants holding or planning positions in ZODIACLOTH will face increased capital requirements
• The stock satisfies ASM criteria at both NSE and BSE, indicating cross-exchange surveillance concern
• No Stage IV inclusions in this circular, so no Trade-for-Trade (BE series) shifts apply this time
• Overall market impact is limited to ZODIACLOTH; broader market not directly affected