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NSE11 Aug 2026circularPrepared by Complied AI

Applicability of Enhanced Surveillance Measure

Official title

Applicability of Enhanced Surveillance Measure (ESM)

Official record

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Summary

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What changed

The National Stock Exchange of India Limited updates the list of securities under the Enhanced Surveillance Measure (ESM) framework. Securities in Annexure I move to the Trade-for-Trade segment and attract a 100 percent margin requirement. This requirement applies to open positions as of August 13, 2026, and new positions from August 14, 2026. 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. This change takes effect on August 13, 2026. The ESM framework operates with other existing surveillance measures. The selection of securities results from market surveillance and does not represent adverse action against the entities.

Who is affected
  • All NSE members
Required action
  • Apply a minimum 100 percent margin on open positions as of August 13, 2026, and new positions from August 14, 2026.
Key dates
  • Effective date for Stage II securities price band and Periodic Call Auction — 12 Aug 2026
  • Effective date for margin requirements and segment shift — 13 Aug 2026
Thresholds
  • Minimum 100 percent margin for securities in Annexure I.
  • Two percent price band for securities shifting to Stage II.

Prepared automatically from the captured official document and checked against source evidence. This is not an independent professional review. See how briefs are prepared. Verify material decisions against the official record.

Source details

Source
National Stock Exchange of India
Type
circular
Published by source
11 Aug 2026
Document number
NSE/SURV/75711
Issuing division
SURVEILLANCE
Effective date
12 Aug 2026
Coverage area
securities

Document text

Prepared for reading; wording retained from the source.

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National Stock Exchange of India Limited Circular

Department: SURVEILLANCE
Download Ref No: NSE/SURV/75711Date: August 12, 2026
Circular Ref. No: 617/2026

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 14, 2026, on all open positions as on August 13, 2026, and new positions created from August 14, 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 14, 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 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 National Stock Exchange of India Limited

Sareesh Koroth Associate Vice President Surveillance

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