Applicability of Enhanced Surveillance Measure
NSE circular 748/2026 · 29 Sept 2026
Official title
Applicability of Enhanced Surveillance Measure (ESM)
Official record
Open source pageSummary
Check the official recordWhat changed
The National Stock Exchange of India updates the list of securities under the Enhanced Surveillance Measure (ESM) framework. Securities in Annexure I attract a 100% margin requirement. This requirement applies to open positions on September 30, 2026, and new positions from October 01, 2026. These securities move from the Rolling Settlement segment to the Trade-for-Trade segment on October 01, 2026. Securities in Annexure II exit the framework. Securities shifting to Stage II move to Trade-for-Trade with a 2% price band under Periodic Call Auction on September 30, 2026. The ESM framework operates with other existing surveillance measures. This action results from market surveillance and does not represent an adverse action against the companies.
What you must do
- Apply a minimum 100% margin on all open positions as on September 30, 2026, and new positions created from October 01, 2026, for securities in Annexure I.
Key dates
- Effective date for Stage II price band and Periodic Call Auction
Document text
National Stock Exchange of India Limited
Circular
Department: SURVEILLANCE
| Download Ref No: NSE/SURV/76605 | Date: September 29, 2026 |
|---|---|
| Circular Ref. No: 748/2026 |
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. October 01, 2026, on all open positions as on September 30, 2026, and new positions created from October 01, 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. October 01, 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. September 30, 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
Sareesh Koroth
Associate Vice President
Surveillance
Source details
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 29 Sept 2026
- Document number
- 748/2026
- Issuing division
- SURVEILLANCE
- Effective date
- 01 Oct 2026
- Coverage area
- securities