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Applicability of Enhanced Surveillance Measure
- Deadline
- 13 Nov 2026 · today · Effective date for Stage II price band and reference date for open positions
- Who
- All NSE members
- Action
- Members must apply a 100% margin on open positions as of November 13, 2026, and new positions from November 16, 2026.
What changed
The National Stock Exchange of India applies Enhanced Surveillance Measure (ESM) to specific securities. Securities in Annexure I attract a 100% margin requirement. These securities move from the Rolling Settlement segment to the Trade-for-Trade segment on November 16, 2026. Securities in Annexure II exit the framework. Securities that move to Stage II enter the Trade-for-Trade segment with a 2% price band under Periodic Call Auction on November 13, 2026. The ESM framework operates alongside other existing surveillance measures. The exchange performs this shortlisting for market surveillance purposes. This action does not represent an adverse measure against the affected companies.
What you must do
- Members must apply a 100% margin on open positions as of November 13, 2026, and new positions from November 16, 2026.
Key dates
Document text
National Stock Exchange of India Limited
Circular
Department: SURVEILLANCE
| Download Ref No: NSE/SURV/77401 | Date: November 12, 2026 | | Circular Ref. No: 873/2026 | |
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. November 16, 2026, on all open positions as on November 13, 2026, and new positions created from November 16, 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. November 16, 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. November 13, 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 and on behalf of
National Stock Exchange of India Limited
Sareesh Koroth
Associate Vice President
Surveillance
Source details
- Official title
- Applicability of Enhanced Surveillance Measure (ESM)
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 12 Nov 2026
- Document number
- NSE/SURV/77401
- Issuing division
- SURVEILLANCE
- Effective date
- 16 Nov 2026
- Coverage area
- securities