Applicability of Enhanced Surveillance Measure
NSE circular 456/2026 · 19 Jun 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. Securities shifting to Stage II move to the Trade-for-Trade segment with a 2 percent price band under Periodic Call Auction. The exchange applies these changes from June 23, 2026, except for Stage II transitions which start on June 22, 2026. This measure functions alongside other existing surveillance rules. The exchange clarifies that this shortlisting results from market surveillance and does not represent adverse action against the listed entities.
What you must do
- Apply a minimum 100 percent margin on open and new positions for securities in Annexure I.
Key dates
- Effective date for Stage II securities
- 22 Jun 2026
Document text
National Stock Exchange of India Limited Circular
Department: SURVEILLANCE
| Download Ref No: NSE/SURV/74789 | Date: June 19, 2026 |
|---|---|
| Circular Ref. No: 456/2026 |
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. June 23, 2026, on all open positions as on June 22, 2026, and new positions created from June 23, 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. June 23, 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. June 22, 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.
The Price Band of a scrip moving out of the framework shall be reinstated to the Price Band applicable to that scrip before it got shortlisted under the respective framework. This will be subject to the scrip not being shortlisted or part of any other Surveillance measure, in which case, the price band of the relevant surveillance framework will prevail.
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
Binoy Yohannan Vice President Surveillance
Source details
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 19 Jun 2026
- Document number
- 456/2026
- Issuing division
- SURVEILLANCE
- Effective date
- 23 Jun 2026
- Coverage area
- securities