Description

NSE places Dhariwalcorp Limited under ESM Stage-I with 100% margin requirement and shifts it to Trade-for-Trade segment effective November 12, 2025.

Summary

NSE has issued a surveillance circular placing Dhariwalcorp Limited (Symbol: DHARIWAL, ISIN: INE0YRN01017) under Enhanced Surveillance Measure (ESM) Stage-I effective November 11, 2025. The security will be shifted from Rolling Settlement segment (EQ/SM series) to Trade-for-Trade segment (BE/ST series) and will attract a minimum 100% margin requirement on all positions.

Key Points

  • Dhariwalcorp Limited added to ESM Stage-I framework
  • 100% margin requirement applicable on all open positions as on November 11, 2025, and new positions from November 12, 2025
  • Security to be shifted from Rolling Settlement (EQ/SM) to Trade-for-Trade segment (BE/ST) effective November 12, 2025
  • No securities moving between ESM stages in this update
  • No securities being excluded from ESM framework
  • ESM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

The circular implements Enhanced Surveillance Measure for one security, changing its trading mechanism from regular rolling settlement to Trade-for-Trade with enhanced margin requirements. This is a continuation of the ESM framework established through earlier circulars (NSE/SURV/56948 dated June 02, 2023, and subsequent updates).

Compliance Requirements

  • NSE members must ensure 100% margin collection on DHARIWAL for all open positions as on November 11, 2025
  • 100% margin must be collected on all new positions in DHARIWAL from November 12, 2025 onwards
  • Trading in DHARIWAL must be conducted in Trade-for-Trade segment (BE/ST series) from November 12, 2025
  • Members should note that ESM shortlisting is purely for market surveillance purposes and not an adverse action against the company

Important Dates

  • November 10, 2025: Circular issued
  • November 11, 2025: 100% margin requirement becomes effective on all open positions in DHARIWAL
  • November 12, 2025:
    • DHARIWAL shifts from EQ/SM to BE/ST series (Trade-for-Trade segment)
    • 100% margin requirement on new positions begins

Impact Assessment

Trading Impact: Dhariwalcorp Limited will experience significant trading restrictions with the shift to Trade-for-Trade segment, eliminating intraday trading opportunities and requiring full upfront margins. This typically reduces liquidity and trading volumes.

Investor Impact: Investors holding positions in DHARIWAL will face 100% margin requirements, increasing capital requirements for both existing and new positions. The Trade-for-Trade mechanism means all trades must result in delivery, preventing speculative short-term trading.

Market Surveillance Context: The ESM framework is applied based on market surveillance criteria to address concerns about price volatility, concentration of trading, or other market integrity issues. The placement is not an adverse regulatory action against the company itself.

Reference Information: For queries, members can contact surveillance@nse.co.in or refer to ESM FAQs at https://www.nseindia.com/regulations/enhanced-surveillance-measure-esm

Impact Justification

Affects trading segment and margin requirements for specific security under surveillance, significant impact on DHARIWAL but limited market-wide impact