🛡 NSE Surveillance Circular
National Stock Exchange of India — Department: Surveillance
Applicability of Enhanced Surveillance Measure (ESM)
Download Ref No: NSE/SURV/73771 · Circular Ref. No: 276/2026 · Dated: April 16, 2026 · To All NSE Members
Reference Circulars
This is with reference to the following Exchange Circulars in respect of Enhanced Surveillance Measure (ESM):
NSE/SURV/56948 June 02, 2023
NSE/SURV/57609 July 18, 2023
NSE/SURV/63361 August 09, 2024
NSE/SURV/64066 September 20, 2024
NSE/SURV/64400 October 04, 2024
NSE/SURV/69315 July 25, 2025
ESM Applicability — Members to Note
Annexure I — Securities that have satisfied the criteria for inclusion under the ESM framework shall attract a minimum 100% margin on all open positions.
Open positions as on: April 17, 2026 New positions from: April 20, 2026
Annexure II — Securities that are eligible to move out from the ESM framework.
Annexure III — A consolidated list of all securities currently under the ESM framework.
Segment Shift & Trading Changes
Securities qualifying under ESM shall be shifted w.e.f. April 20, 2026:
From (Rolling Settlement)
EQ / Sm
Normal rolling settlement
→
To (Trade-for-Trade)
BE / ST
Trade-for-Trade segment
📌 Stage II — Additional Restriction:
Securities shifting to Stage II shall be under Trade for Trade with a price band of 2% under Periodic Call Auction, effective April 17, 2026.
Securities shifting to Stage II shall be under Trade for Trade with a price band of 2% under Periodic Call Auction, effective April 17, 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.
Important Clarification
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.
⚠ Note to Market Participants: Inclusion under ESM does not indicate any wrongdoing by the company. It is a market monitoring measure applied by exchanges as a standard surveillance tool to protect investor interests.
Issued By
Contact — Surveillance Department
📍 Exchange Plaza, C-1, Block G, BKC, Bandra (E), Mumbai — 400 051
For National Stock Exchange of India Limited
Binoy Yohannan
Vice President — Surveillance
Disclaimer: This circular is sourced from NSE exchange communications. This page is for informational purposes only.
© 2026 IPO Portal | Data as per SEBI/NSE public disclosures | Circular Ref: 276/2026 | NSE/SURV/73771
© 2026 IPO Portal | Data as per SEBI/NSE public disclosures | Circular Ref: 276/2026 | NSE/SURV/73771
