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The National Stock Exchange has updated the list of securities subject to surveillance measures regarding high encumbrance levels. Securities listed in Annexure I are now subject to a minimum 35% margin requirement in the Equity and Equity Derivatives segments, effective August 7, 2026, applicable to open positions as of August 6, 2026, and new positions. Securities listed in Annexure II are removed from the framework effective August 5, 2026. These measures operate alongside existing surveillance protocols and are subject to periodic review. Companies wishing to contest their inclusion must submit representations to the Exchange by 5:00 PM on August 5, 2026. This action is a market surveillance measure and does not constitute an adverse finding against the affected entities.
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National Stock Exchange of India Limited Circular
| Department: SURVEILLANCE | |
|---|---|
| Download Ref No: NSE/SURV/75560 | Date: August 04, 2026 |
| Circular Ref. No: 586/2026 |
To All NSE Members
Sub: Applicability of Surveillance Measure in respect of companies with high ‘Encumbrance’ as per Reg. 28(3) of SEBI (SAST) Regulation 2011
This is in continuation to Exchange Circular no(s). NSE / SURV / 42507 dated October 24, 2019 and NSE / SURV / 44169 dated April 17, 2020, on the captioned subject.
Trading Members are hereby requested to take note of the following:
Market participants may note that this surveillance measure shall be in conjunction with all other prevailing surveillance measures being imposed by the Exchanges from time to time and shall be subjected to a periodic review.
Further, it may also be noted that the shortlisting of securities under this surveillance measure is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company / entity.
Any Company representation w.r.t. being placed in the aforementioned framework should be received by Exchange latest by 5.00 PM on August 05, 2026 for its consideration.
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
