Description

NSE circular announcing movement of securities between ESM stages with Visaman Global Sales Limited moving from Stage I to Stage II effective July 29, 2025.

Summary

NSE has issued updates to the Enhanced Surveillance Measure (ESM) framework effective July 29-30, 2025. The circular announces the movement of Visaman Global Sales Limited from ESM Stage I to Stage II, while no new securities are being added to or removed from the ESM framework.

Key Points

  • No new securities added to ESM Stage I
  • Visaman Global Sales Limited (VISAMAN, ISIN: INE0BHK01012) moves from Stage I to Stage II
  • No securities moving from Stage II to Stage I
  • No securities being excluded from ESM framework
  • Securities under ESM attract minimum 100% margin on all positions
  • ESM securities shift from Rolling Settlement (EQ/SM) to Trade-for-Trade (BE/ST)

Regulatory Changes

  • Securities in Stage II operate under Trade-for-Trade with 2% price band under Periodic Call Auction
  • 100% margin requirement applies to all open positions as on July 29, 2025, and new positions from July 30, 2025
  • ESM framework operates in conjunction with other prevailing surveillance measures

Compliance Requirements

  • Market participants must comply with enhanced margin requirements for ESM securities
  • Trading members must note the shift of securities from Rolling Settlement to Trade-for-Trade segment
  • Adherence to price band restrictions for Stage II securities under Periodic Call Auction

Important Dates

  • July 29, 2025: Stage movements become effective, Stage II securities under Periodic Call Auction with 2% price band
  • July 30, 2025: Securities shift to Trade-for-Trade segment, 100% margin applicable on new positions

Impact Assessment

Limited market impact as only one security (VISAMAN) is affected by stage movement. The enhanced surveillance measures will increase trading costs through higher margin requirements and reduce liquidity through Trade-for-Trade mechanism. Investors in Visaman Global Sales Limited will face restricted trading conditions with periodic call auction and price band limitations.

Impact Justification

Routine surveillance measure affecting one security with standard ESM procedures