Description

NSE announces securities moving into and out of Enhanced Surveillance Measure framework, with SECURKLOUD entering Stage-I and four securities moving from Stage-II to Stage-I effective November 24-25, 2025.

Summary

NSE has updated the list of securities under Enhanced Surveillance Measure (ESM) framework effective November 24-25, 2025. SECUREKLOUD TECHNOLOGIES LIMITED enters ESM Stage-I with 100% margin requirements and will shift from Rolling Settlement to Trade-for-Trade segment. Four securities (Aarey Drugs & Pharmaceuticals, Divine Power Energy, DRS Cargo Movers, and MIRC Electronics) are moving from Stage-II back to Stage-I, which provides some relaxation in surveillance measures.

Key Points

  • SECURKLOUD (INE650K01021) newly included in ESM Stage-I framework
  • Securities in ESM Stage-I attract minimum 100% margin on all open and new positions
  • Securities shift from Rolling Settlement (EQ/SM series) to Trade-for-Trade segment (BE/ST series)
  • Four securities moving from Stage-II to Stage-I: AAREYDRUGS, DPEL, DRSCARGO, MIRCELECTR
  • No securities moving from Stage-I to Stage-II in this update
  • ESM framework works in conjunction with all other prevailing surveillance measures
  • Shortlisting is purely for market surveillance and not an adverse action against companies

Regulatory Changes

Securities qualifying under ESM Stage-I will be shifted from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST) effective November 25, 2025. Securities shifting to Stage-II are placed under Trade-for-Trade with 2% price band under Periodic Call Auction effective November 24, 2025. When securities move out of the framework, their price band is reinstated to the applicable band before ESM shortlisting, unless they are under another surveillance measure.

Compliance Requirements

  • Members must ensure 100% margin is collected on all open positions as on November 24, 2025 for securities entering ESM Stage-I
  • 100% margin required on all new positions created from November 25, 2025 for ESM Stage-I securities
  • Trading in affected securities will only be possible in Trade-for-Trade segment from November 25, 2025
  • Market participants must comply with all other prevailing surveillance measures simultaneously
  • For queries, members should contact surveillance@nse.co.in

Important Dates

  • November 21, 2025: Circular issued (NSE/SURV/71409, Circular Ref. No: 902/2025)
  • November 24, 2025: ESM changes become applicable; Stage-II securities shift to Trade-for-Trade with 2% price band under Periodic Call Auction
  • November 25, 2025: 100% margin requirement takes effect; Securities shift from EQ/SM to BE/ST series

Impact Assessment

High Impact on Affected Securities: The inclusion of SECURKLOUD in ESM Stage-I significantly restricts trading by imposing 100% upfront margin requirements and eliminating intraday trading opportunities through Trade-for-Trade mechanism. This typically reduces liquidity and trading volumes substantially.

Positive Development: Four securities moving from Stage-II to Stage-I represents a downgrade in surveillance intensity, suggesting improved compliance or market behavior. These securities will no longer be subject to the stricter 2% price band under Periodic Call Auction.

Market Participant Impact: Traders and investors holding positions in SECURKLOUD must arrange for 100% margin by November 24, 2025. The shift to T4T segment eliminates intraday trading, carry-forward positions, and derivatives-style leverage, fundamentally changing the trading dynamics for this security.

Impact Justification

Significant trading restrictions with 100% margin requirement and shift to Trade-for-Trade segment for affected securities, directly impacting liquidity and trading mechanisms