National Stock Exchange of India Limited
Circular
Department: SURVEILLANCE
Download Ref No: NSE/SURV/74943
Date: June 30, 2026
Circular Ref. No: 482/2026
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 02, 2026, on all open positions as on
July 01, 2026, and new positions created from July 02, 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 02, 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 01, 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.
National Stock Exchange of India Limited
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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
