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NSE29 Jul 2026circularPrepared by Complied AI

Applicability of Enhanced Surveillance Measure

Official title

Applicability of Enhanced Surveillance Measure (ESM)

Official record

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What 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 included under the measure, requiring a minimum 100% margin on all open positions as of July 31, 2026, and on new positions created from August 3, 2026. These securities will also shift from the Rolling Settlement segment to the Trade-for-Trade segment effective August 3, 2026. Additionally, securities moving to Stage II of the framework are subject to a 2% price band under Periodic Call Auction effective July 31, 2026. Securities listed in Annexure II are removed from the framework. This measure operates alongside existing surveillance protocols and does not imply adverse action against the entities.

Who is affected
  • All NSE members
Required action
  • Maintain a minimum 100% margin on open positions as of July 31, 2026, and new positions created from August 3, 2026, for securities in Annexure I.
Key dates
  • Effective date for Stage II price band and reference date for open positions — 30 Jul 2026
  • Effective date for margin requirements and segment shift — 02 Aug 2026
Thresholds
  • Minimum 100% margin requirement for securities in Annexure I.
  • 2% price band for securities shifting to Stage II under Periodic Call Auction.
Consequences
  • Securities qualifying under ESM will be shifted from Rolling Settlement segment to Trade-for-Trade segment.

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Source details

Source
National Stock Exchange of India
Type
circular
Published by source
29 Jul 2026
Document number
571/2026
Issuing division
SURVEILLANCE
Effective date
02 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/75478Date: July 30, 2026
Circular Ref. No: 571/2026

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 03, 2026, on all open positions as on July 31, 2026, and new positions created from August 03, 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 03, 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 31, 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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