Applicability of Enhanced Surveillance Measure
NSE circular 575/2026 · 31 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 under the Enhanced Surveillance Measure (ESM) framework. Securities listed in Annexure I are included in the framework, requiring a 100% margin on all open positions as of August 3, 2026, and new positions from August 4, 2026. These securities will shift from the Rolling Settlement segment to the Trade-for-Trade segment effective August 4, 2026. Securities in Annexure II are removed from the framework, with price bands reinstated to pre-shortlisting levels, provided no other surveillance measures apply. Additionally, securities moving to Stage II are subject to a 2% price band under Periodic Call Auction starting August 3, 2026. This action is for market surveillance purposes.
What you must do
- Maintain a minimum 100% margin on all open positions as of August 3, 2026, and new positions created from August 4, 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/75515 | Date: July 31, 2026 |
| Circular Ref. No: 575/2026 |
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 04, 2026, on all open positions as on August 03, 2026, and new positions created from August 04, 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 04, 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 03, 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
- 31 Jul 2026
- Document number
- 575/2026
- Issuing division
- SURVEILLANCE
- Coverage area
- securities