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NSE03 Aug 2026circularPrepared by Complied AI

Applicability of Surveillance Measure in respect of companies with high 'Encumbrance' as per Reg. 28(3) of SEBI (SAST) Regulation 2011

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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What changed

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.

Who is affected
  • Trading Members of the National Stock Exchange
Required action
  • Trading members must apply a minimum 35% margin on specified securities in Equity and Equity Derivatives segments.
  • Companies seeking to contest their placement in the framework must submit a representation to the Exchange by 5:00 PM on August 5, 2026.
Key dates
  • Effective date for removal of securities from the framework — 04 Aug 2026
  • Deadline for company representations — 04 Aug 2026
  • Reference date for open positions subject to margin — 05 Aug 2026
  • Effective date for margin requirements — 06 Aug 2026
Thresholds
  • Minimum 35% margin requirement for securities in the surveillance framework.

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Source details

Source
National Stock Exchange of India
Type
circular
Published by source
03 Aug 2026
Document number
NSE/SURV/75560
Issuing division
SURVEILLANCE
Effective date
06 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/75560Date: 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:

  1. The securities as given in Annexure I, have satisfied the criteria for inclusion under the aforesaid Surveillance Measure and shall attract minimum 35% margin in Equity and Equity Derivatives segment w.e.f. August 07, 2026, on all open positions as on August 06, 2026 and new positions created from August 07, 2026.
  2. The Securities as given in Annexure II, are eligible to move out from the said framework effective from August 05, 2026.
  3. A consolidated list of securities under the framework is given in Annexure III.

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

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