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Applicability of Enhanced Surveillance Measure (ESM)
- Deadline
- 25 Sept 2026 · 44 days ago · Effective date for margin and segment shift
- Who
- All NSE Members
- Action
- Members must note the securities included in Annexure I that attract a minimum 100 percent margin.
What changed
The National Stock Exchange applies the Enhanced Surveillance Measure framework to specific securities based on surveillance criteria. Securities listed in Annexure I attract a minimum 100 percent margin and shift to the Trade-for-Trade segment from September 25, 2026. Securities listed in Annexure II move out of the framework. Securities shifting to Stage II operate under Trade for Trade with a 2 percent price band under Periodic Call Auction from September 24, 2026. Market members must note these surveillance actions.
What you must do
- Members must note the securities included in Annexure I that attract a minimum 100 percent margin.
Key dates
- Open positions reference date
- 24 Sept 2026
Document text
National Stock Exchange of India Limited
Circular
Department: SURVEILLANCE
| Download Ref No: NSE/SURV/76496 | Date: September 23, 2026 |
|---|---|
| Circular Ref. No: 731/2026 |
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 25, 2026, on all open positions as on September 24, 2026, and new positions created from September 25, 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 25, 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 24, 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.
Continuation Sheet
National Stock Exchange of India Limited
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
- 23 Sept 2026
- Document number
- NSE/SURV/76496
- Issuing division
- SURVEILLANCE
- Effective date
- 25 Sept 2026
- Coverage area
- securities