Applicability of Enhanced Surveillance Measure
NSE circular 472/2026 · 24 Jun 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 Limited updates the list of securities under the Enhanced Surveillance Measure framework. Securities in Annexure I attract a 100 percent margin requirement. These securities move from the Rolling Settlement segment to the Trade-for-Trade segment on June 29, 2026. Securities in Annexure II exit the framework. Securities that move to Stage II enter the Trade-for-Trade segment with a 2 percent price band under Periodic Call Auction on June 25, 2026. The exchange applies these measures in addition to existing surveillance rules. This action results from market surveillance and does not indicate adverse action against the companies.
What you must do
- Apply a minimum 100 percent margin on specified securities.
Key dates
- Effective from
- 25 Jun 2026
- Effective date for Stage II securities price band
Document text
National Stock Exchange of India Limited Circular
Department: SURVEILLANCE
| Download Ref No: NSE/SURV/74849 | Date: June 24, 2026 |
|---|---|
| Circular Ref. No: 472/2026 |
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. June 29, 2026, on all open positions as on June 25, 2026, and new positions created from June 29, 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. June 29, 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. June 25, 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
Amit Shinde Chief Manager Surveillance
Source details
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 24 Jun 2026
- Document number
- 472/2026
- Issuing division
- SURVEILLANCE
- Effective date
- 25 Jun 2026
- Coverage area
- securities