Applicability of Enhanced Surveillance Measure
NSE circular NSE/SURV/75559 · 04 Aug 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 100% margin requirement on all open and new positions. Additionally, these securities will be shifted from the Rolling Settlement segment to the Trade-for-Trade segment effective August 6, 2026. Securities listed in Annexure II are removed from the framework. Furthermore, securities transitioning to Stage II of the ESM will be subject to a 2% price band under the Periodic Call Auction mechanism starting August 5, 2026. 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 August 5, 2026, and new positions created from August 6, 2026, for securities in Annexure I.
- Shift securities qualifying under ESM from Rolling Settlement segment to Trade-for-Trade segment.
Document text
National Stock Exchange of India Limited
Circular
| Department: SURVEILLANCE | |
|---|---|
| Download Ref No: NSE/SURV/75559 | Date: August 04, 2026 |
| Circular Ref. No: 585/2026 |
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. August 06, 2026 on all open positions as on August 05, 2026, and new positions created from August 06, 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. August 06, 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. August 05, 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
- 04 Aug 2026
- Document number
- NSE/SURV/75559
- Issuing division
- SURVEILLANCE
- Effective date
- 06 Aug 2026
- Coverage area
- securities