Description

NSE adds 4 securities to ESM Stage-I effective October 09, 2025, with trading segment changes for certain securities from October 10, 2025.

Summary

NSE has updated the Enhanced Surveillance Measure (ESM) framework effective October 09, 2025. Four securities have been shortlisted for ESM Stage-I, with trading segment changes from EQ/SM to BE/ST scheduled for October 10, 2025. No securities are moving between stages or being excluded from the framework. The consolidated ESM list now contains securities across both Stage-I and Stage-II.

Key Points

  • 4 securities added to ESM Stage-I effective October 09, 2025
  • Anondita Medicare Limited (ANONDITA) - ISIN: INE0VTV01012
  • HP Telecom India Limited (HPTL) - ISIN: INE0VA601019
  • Narmada Agrobase Limited (NARMADA) - ISIN: INE117Z01011
  • TechD Cybersecurity Limited (TECHD) - ISIN: INE0Y5H01014
  • All 4 securities will move from EQ/SM segment to BE/ST segment on October 10, 2025
  • No securities moving from Stage-I to Stage-II
  • No securities moving from Stage-II to Stage-I
  • No securities excluded from ESM framework
  • Consolidated ESM list includes 27 securities in Stage-II and multiple securities in Stage-I

Regulatory Changes

The ESM framework continues to operate under existing regulatory parameters. Securities placed under ESM are subject to additional surveillance due to concerns related to price movements, volatility, or corporate governance issues. The BE (Trade-to-Trade) segment restriction with ST (Surveillance measure - Trade for Trade) classification imposes stricter trading conditions on the affected securities.

Compliance Requirements

Market participants must note:

  • Trading in the 4 newly added securities will be subject to ESM Stage-I restrictions from October 09, 2025
  • From October 10, 2025, these securities will trade only in BE/ST segment (Trade-to-Trade basis)
  • No intraday trading allowed for these securities in BE/ST segment
  • All trades must result in delivery
  • Enhanced margin requirements may apply

Important Dates

  • October 09, 2025: ESM Stage-I applicability begins for 4 securities
  • October 10, 2025: Trading segment change from EQ/SM to BE/ST for the 4 securities

Impact Assessment

Market Impact: The addition of these 4 securities to ESM Stage-I indicates regulatory concerns about their trading patterns or corporate fundamentals. The BE/ST classification significantly restricts liquidity as it eliminates intraday trading and requires compulsory delivery.

Investor Impact: Investors holding these securities will face reduced liquidity and increased transaction costs. The trade-to-trade segment makes it difficult to exit positions quickly, and margin requirements will be higher.

Operational Impact: Brokers and trading members must update their systems to reflect the new trading restrictions and communicate these changes to clients trading in these securities.

Impact Justification

Affects 4 securities entering ESM framework with trading segment restrictions, indicating regulatory concerns about price volatility or corporate governance issues