Applicability of Enhanced Surveillance Measure
NSE circular NSE/SURV/75124 · 09 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 updates the list of securities under the Enhanced Surveillance Measure framework. Securities in Annexure I move to the Trade-for-Trade segment and attract a 100 percent margin requirement. Securities in Annexure II exit the framework. The Exchange shifts qualifying securities from the Rolling Settlement segment to the Trade-for-Trade segment. Securities that move to Stage II operate under a 2 percent price band within the Periodic Call Auction mechanism. These measures apply in addition to existing surveillance rules. The selection of securities results from market surveillance and does not indicate adverse action against the entities.
What you must do
- Apply a minimum 100 percent margin on open positions as of July 10, 2026, and new positions from July 13, 2026, for securities 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/75124 | Date: July 09, 2026 |
| Circular Ref. No: 514/2026 |
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 13, 2026, on all open positions as on July 10, 2026, and new positions created from July 13, 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 13, 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 10, 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
- 09 Jul 2026
- Document number
- NSE/SURV/75124
- Issuing division
- SURVEILLANCE
- Effective date
- 13 Jul 2026
- Coverage area
- securities