Applicability of Enhanced Surveillance Measure
NSE circular 705/2026 · 11 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 percent margin requirement starting September 16, 2026. These securities move from the Rolling Settlement segment to the Trade-for-Trade segment on the same date. Securities in Annexure II exit the framework. Securities shifting to Stage II move to the Trade-for-Trade segment with a 2 percent price band under Periodic Call Auction starting September 15, 2026. The ESM framework operates alongside other existing surveillance measures. The exchange clarifies that this shortlisting is a market surveillance action and not an adverse measure against the listed entities.
What you must do
- Apply a minimum 100 percent margin on open positions as of September 15, 2026, and new positions from September 16, 2026, for securities in Annexure I.
Key dates
- Effective date for Stage II price band and call auction
Document text
National Stock Exchange of India Limited
Circular
Department: SURVEILLANCE
| Download Ref No: NSE/SURV/76321 | Date: September 11, 2026 |
|---|---|
| Circular Ref. No: 705/2026 |
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. September 16, 2026, on all open positions as on September 15, 2026, and new positions created from September 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. September 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. September 15, 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.
National Stock Exchange of India Limited
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
Sareesh Koroth
Associate Vice President
Surveillance
Source details
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 11 Sept 2026
- Document number
- 705/2026
- Issuing division
- SURVEILLANCE
- Effective date
- 16 Sept 2026
- Coverage area
- securities