Description

NSE introduces Enhanced Surveillance Measure for Jay Jalaram Technologies Limited with 100% margin requirement and shift to Trade-for-Trade segment effective November 17, 2025.

Summary

NSE has issued circular regarding the application of Enhanced Surveillance Measure (ESM) framework effective November 14-17, 2025. One security, Jay Jalaram Technologies Limited (Symbol: KORE), has been included under ESM Stage-I, which will attract a minimum 100% margin requirement on all open and new positions. The security will be shifted from Rolling Settlement segment (EQ/SM series) to Trade-for-Trade segment (BE/ST series) starting November 17, 2025.

Key Points

  • Jay Jalaram Technologies Limited (Symbol: KORE, ISIN: INE0J6801010) included in ESM Stage-I
  • 100% minimum margin applicable on all open positions as of November 14, 2025
  • 100% minimum margin applicable on all new positions from November 17, 2025
  • Security to shift from Rolling Settlement (EQ/SM) to Trade-for-Trade segment (BE/ST) from November 17, 2025
  • No securities moving between Stage-I and Stage-II
  • No securities being excluded from ESM framework
  • ESM framework operates in conjunction with all other surveillance measures
  • Securities in Stage-II will be under Trade-for-Trade with 2% price band under Periodic Call Auction

Regulatory Changes

The circular implements the Enhanced Surveillance Measure framework established through previous circulars (NSE/SURV/56948, NSE/SURV/57609, NSE/SURV/63361, NSE/SURV/64066, NSE/SURV/64400, and NSE/SURV/69315). The measure is applied based on surveillance criteria and aims to protect market integrity. The shortlisting is purely for market surveillance purposes and should not be construed as adverse action against the company.

Compliance Requirements

  • Trading members must ensure 100% margin collection on KORE (Jay Jalaram Technologies Limited) for all open positions from November 14, 2025
  • 100% margin must be collected on all new positions in KORE from November 17, 2025
  • Trading in KORE will only be permitted on Trade-for-Trade basis (no intraday squaring off) from November 17, 2025
  • All trades must result in delivery
  • Members should refer to NSE FAQs on ESM at https://www.nseindia.com/regulations/enhanced-surveillance-measure-esm for detailed guidelines
  • Queries may be directed to surveillance@nse.co.in

Important Dates

  • November 13, 2025: Circular issued
  • November 14, 2025: Enhanced Surveillance Measure becomes applicable; 100% margin required on existing open positions
  • November 17, 2025: KORE shifts from EQ/SM to BE/ST series; 100% margin applicable on new positions created from this date

Impact Assessment

Trading Impact: The shift to Trade-for-Trade segment eliminates intraday trading opportunities in KORE, significantly reducing liquidity and trading volumes. All transactions must result in delivery, preventing speculative trading.

Margin Impact: The 100% margin requirement substantially increases capital requirements for traders and investors holding or seeking to establish positions in the affected security. This will likely deter leveraged trading activity.

Market Liquidity: Expected sharp decline in trading volumes and liquidity for KORE due to mandatory delivery requirement and higher margin obligations.

Investor Implications: Existing position holders must arrange for additional margin by November 14, 2025. New investors from November 17, 2025 must have full cash/securities upfront for purchase.

Broader Market: This action demonstrates NSE’s continued focus on market surveillance and investor protection. The consolidated ESM list includes multiple securities under various stages of surveillance, indicating ongoing monitoring of market manipulation or unusual price movements.

Impact Justification

Significant trading restrictions imposed including 100% margin requirement and shift to Trade-for-Trade segment, severely impacting liquidity and trading flexibility for affected security