Applicability of Enhanced Surveillance Measure · 548/2026
NSE circular 548/2026 · 21 Jul 2026
Official title
Applicability of Enhanced Surveillance Measure (ESM)
Official record
Open source pageSummary
Check the official recordWhat changed
The National Stock Exchange has updated the list of securities subject to the Enhanced Surveillance Measure (ESM) framework. Securities listed in Annexure I are now subject to a minimum 100% margin requirement on all open and new positions, and will be shifted from the Rolling Settlement segment to the Trade-for-Trade segment effective July 23, 2026. Additionally, securities transitioning to Stage II of the framework will be subject to a 2% price band under the Periodic Call Auction mechanism starting July 22, 2026. Securities listed in Annexure II are removed from the framework. This measure operates alongside existing surveillance protocols and is based on market surveillance criteria rather than adverse action against the entities.
What you must do
- Apply a minimum 100% margin on all open positions as of July 22, 2026, and new positions created from July 23, 2026, for securities in Annexure I.
Key dates
- Effective date for Stage II price band
Document text
National Stock Exchange of India Limited
Circular
| Department: SURVEILLANCE | |
|---|---|
| Download Ref No: NSE/SURV/75310 | Date: July 21, 2026 |
| Circular Ref. No: 548/2026 |
To All NSE Members
Sub: Applicability of Enhanced Surveillance Measure (ESM)
This is with reference to Exchange Circular nos. NSE/SURV/56948, NSE/SURV/57609, NSE/SURV/63361, NSE/SURV/64066, NSE/SURV/64400, and NSE/SURV/69315 dated June 02, 2023, July 18, 2023, August 09, 2024, September 20, 2024, October 04, 2024, and July 25, 2025 respectively in respect of Enhanced Surveillance Measure (ESM).
Members are hereby requested to note the following:
- The securities as per the attached Annexure I have satisfied the criteria for inclusion under aforesaid measure and shall attract a minimum 100% margin w.e.f. July 23, 2026, on all open positions as on July 22, 2026, and new positions created from July 23, 2026.
- The securities as given in Annexure II, are eligible to move out from the said framework.
- A consolidated list of securities under the framework is given in Annexure III.
Securities qualifying under ESM shall be shifted from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST) w.e.f. July 23, 2026.
Additionally, securities shifting to Stage II shall be under Trade for Trade with price band of 2% under Periodic Call Auction w.e.f. July 22, 2026.
Market participants may note that the ESM framework shall be in conjunction with all other prevailing surveillance measures being imposed by the Exchanges from time to time.
Further, it may also be noted that the shortlisting of securities under ESM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company / entity.
For more information on Enhanced Surveillance Measure please refer to our Frequently Asked Questions (FAQs) - https://www.nseindia.com/regulations/enhanced-surveillance-measure-esm
In case of any further queries, you may write to us at surveillance@nse.co.in
For National Stock Exchange of India Limited
Amit Shinde Chief Manager Surveillance
Source details
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 21 Jul 2026
- Document number
- 548/2026
- Issuing division
- SURVEILLANCE
- Effective date
- 23 Jul 2026
- Coverage area
- securities