Applicability of Enhanced Surveillance Measure
NSE circular 541/2026 · 17 Jul 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 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, effective July 21, 2026. These securities will also shift from the Rolling Settlement segment to the Trade-for-Trade segment on the same date. Additionally, securities moving to Stage II of the framework will be subject to a 2% price band under the Periodic Call Auction mechanism starting July 20, 2026. Securities listed in Annexure II are removed from the framework, with their price bands reinstated to previous levels, provided no other surveillance measures apply. This action is a market surveillance measure and not an adverse action against the entities.
What you must do
- Apply a minimum 100% margin on all open positions as of July 20, 2026, and new positions created from July 21, 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/75256 | Date: July 17, 2026 |
| Circular Ref. No: 541/2026 |
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 21, 2026, on all open positions as on July 20, 2026, and new positions created from July 21, 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 21, 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 20, 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.
The Price Band of a scrip moving out of the framework shall be reinstated to the Price Band applicable to that scrip before it got shortlisted under the respective framework. This will be subject to the scrip not being shortlisted or part of any other Surveillance measure, in which case, the price band of the relevant surveillance framework will prevail.
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
- 17 Jul 2026
- Document number
- 541/2026
- Issuing division
- SURVEILLANCE
- Effective date
- 21 Jul 2026
- Coverage area
- securities