Description

NSE adds NEWJAISA and PVP to Enhanced Surveillance Measure Stage I with 100% margin requirements and trade-for-trade settlement effective September 12, 2025.

Summary

NSE has imposed Enhanced Surveillance Measure (ESM) Stage I on two securities - Newjaisa Technologies Limited (NEWJAISA) and PVP Ventures Limited (PVP). These securities will attract minimum 100% margin requirements and shift from rolling settlement to trade-for-trade segment effective September 12, 2025.

Key Points

  • Two securities added to ESM Stage I: NEWJAISA and PVP
  • 100% minimum margin requirement on all open and new positions
  • Securities will shift from EQ/SM series to BE/ST series (trade-for-trade)
  • No securities being excluded from ESM framework
  • No securities moving between ESM stages
  • ESM is a market surveillance measure, not adverse action against companies

Regulatory Changes

  • Securities under ESM Stage I will move from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST)
  • Securities moving to Stage II will be under Trade for Trade with 2% price band under Periodic Call Auction
  • ESM framework operates in conjunction with other prevailing surveillance measures

Compliance Requirements

  • Market participants must maintain minimum 100% margin for affected securities
  • All open positions as of September 11, 2025 will be subject to new margin requirements
  • New positions created from September 12, 2025 onwards will attract 100% margin
  • Trading will only be possible in trade-for-trade mode for affected securities

Important Dates

  • September 11, 2025: Last day for existing positions under current margin requirements
  • September 12, 2025: ESM Stage I becomes effective for NEWJAISA and PVP
  • September 12, 2025: Securities shift from EQ/SM to BE/ST series

Impact Assessment

Trading Impact: High - Securities will face restricted trading through trade-for-trade mechanism only, potentially reducing liquidity and increasing transaction costs.

Margin Impact: High - 100% margin requirement significantly increases capital requirements for positions in these securities.

Market Access: Medium - Retail and institutional investors will face higher barriers to trading these securities due to margin and settlement restrictions.

Impact Justification

Affects specific securities with increased margin requirements and trading restrictions