Description

NSE updates Enhanced Surveillance Measure framework with securities being moved to Stage I and Stage II, including Jet Freight Logistics Limited and Cura Technologies Limited, effective December 5-8, 2025.

Summary

NSE has updated the Enhanced Surveillance Measure (ESM) framework, shortlisting securities for inclusion in Stage I and moving securities between stages. Jet Freight Logistics Limited has been newly included in ESM Stage I, while Cura Technologies Limited moves from Stage I to Stage II. Securities under ESM will shift from Rolling Settlement (EQ/SM) to Trade-for-Trade segment (BE/ST) and attract a minimum 100% margin requirement. Stage II securities will be under Trade for Trade with a 2% price band under Periodic Call Auction.

Key Points

  • Jet Freight Logistics Limited (JETFREIGHT, ISIN: INE982V01025) newly shortlisted in ESM Stage I
  • Cura Technologies Limited (CURAA, ISIN: INE117B01020) moved from Stage I to Stage II
  • No securities moving from Stage II to Stage I
  • No securities being excluded from ESM framework
  • 100% minimum margin applicable on all open positions and new positions
  • Securities will shift from EQ/SM series to BE/ST series (Trade-for-Trade segment)
  • Stage II securities subject to 2% price band under Periodic Call Auction
  • Consolidated list includes securities like Anondita Medicare Limited, ASL Industries Limited, and Bafna Pharmaceuticals

Regulatory Changes

Securities qualifying under ESM are shifted from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST). Stage II securities are placed under Trade for Trade with a 2% price band under Periodic Call Auction mechanism.

Compliance Requirements

  • Members must apply 100% minimum margin on all open positions as on December 05, 2025
  • Members must apply 100% minimum margin on new positions created from December 08, 2025
  • Trading members should note that ESM framework operates in conjunction with all other prevailing surveillance measures
  • For queries, members should contact surveillance@nse.co.in

Important Dates

  • December 04, 2025: Circular issued
  • December 05, 2025: Stage II securities come under Trade for Trade with 2% price band under Periodic Call Auction
  • December 05, 2025: Date for applying 100% margin on all open positions
  • December 08, 2025: Securities shift from EQ/SM to BE/ST segment
  • December 08, 2025: 100% margin applicable on new positions created from this date

Impact Assessment

Trading Impact: Securities under ESM Stage I will move to Trade-for-Trade segment, eliminating intraday trading and requiring delivery-based settlement. This significantly reduces liquidity and increases capital requirements for traders.

Margin Impact: The 100% margin requirement substantially increases the capital needed to trade these securities, both for existing positions and new trades. This measure aims to curb excessive speculation and volatility.

Stage II Impact: Securities in Stage II face additional restrictions with a 2% price band under Periodic Call Auction, further limiting price movements and trading flexibility.

Member Impact: Trading members must ensure adequate margin collection and monitor client positions in affected securities. System changes may be required to accommodate segment shifts.

Investor Impact: Investors holding these securities will face reduced liquidity, higher margin requirements, and trading restrictions. The measures are surveillance-driven and not adverse actions against the companies themselves.

Impact Justification

Affects trading margins (100% minimum) and segment shifts for securities under surveillance, with immediate impact on trading members and investors holding these securities.