Applicability of Enhanced Surveillance Measure
NSE circular 554/2026 · 22 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 subject to the Enhanced Surveillance Measure (ESM) framework. Securities listed in Annexure I are now subject to a minimum 100% margin requirement and will be shifted from the Rolling Settlement segment to the Trade-for-Trade segment effective July 24, 2026. Additionally, securities transitioning to Stage II of the framework will be subject to a 2% price band under the Periodic Call Auction mechanism starting July 23, 2026. Annexure II identifies securities exiting the framework, while Annexure III provides the consolidated list. These measures are part of ongoing market surveillance and do not reflect adverse actions against the affected entities.
What you must do
- Apply a minimum 100% margin on all open positions as of July 23, 2026, and on new positions created from July 24, 2026, for securities listed in Annexure I.
- Shift securities qualifying under ESM from Rolling Settlement segment to Trade-for-Trade segment.
Document text
National Stock Exchange of India Limited
Circular
| Department: SURVEILLANCE | |
|---|---|
| Download Ref No: NSE/SURV/75333 | Date: July 22, 2026 |
| Circular Ref. No: 554/2026 |
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. July 24, 2026, on all open positions as on July 23, 2026, and new positions created from July 24, 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. July 24, 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. July 23, 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
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Source details
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 22 Jul 2026
- Document number
- 554/2026
- Issuing division
- SURVEILLANCE
- Effective date
- 24 Jul 2026
- Coverage area
- securities