Description

NSE adds Globesecure Technologies Limited to ESM Stage-I effective December 9, 2025, and provides consolidated list of 58 securities under enhanced surveillance framework.

Summary

NSE has updated the Enhanced Surveillance Measure (ESM) framework effective December 9, 2025. One new security, Globesecure Technologies Limited (GSTL), has been added to ESM Stage-I. Additionally, GSTL will be moved from EQ/SM segment to BE/ST (Trade-to-Trade) segment from December 10, 2025. No securities are being moved between ESM stages or excluded from the framework. The consolidated list now includes 58 securities under ESM surveillance - 21 in Stage-II and 37 in Stage-I.

Key Points

  • Globesecure Technologies Limited (GSTL, ISIN: INE00WS01056) added to ESM Stage-I effective December 9, 2025
  • GSTL to be moved from EQ/SM to BE/ST (Trade-to-Trade) segment from December 10, 2025
  • No securities moving from Stage-I to Stage-II
  • No securities moving from Stage-II to Stage-I
  • No securities being excluded from ESM framework
  • Total 58 securities currently under ESM surveillance: 21 in Stage-II, 37 in Stage-I
  • ESM framework applies additional surveillance measures to securities showing unusual price movements or volatility

Regulatory Changes

The Enhanced Surveillance Measure framework continues to be applied as per NSE’s surveillance guidelines. Securities under ESM are subject to:

  • Additional surveillance and monitoring
  • Potential trading restrictions
  • Periodic review for escalation, de-escalation, or exclusion from the framework
  • Stage-I represents initial surveillance level
  • Stage-II represents heightened surveillance with stricter measures

Compliance Requirements

  • Trading members must note the ESM classification of securities
  • Investors should be aware of enhanced surveillance status when trading these securities
  • Securities in BE/ST segment (like GSTL from December 10) require compulsory delivery and no intraday trading
  • Market participants must comply with additional margin and position limit requirements as applicable
  • Members should refer to NSE circulars on ESM framework for detailed compliance obligations

Important Dates

  • December 9, 2025: GSTL added to ESM Stage-I; updated consolidated ESM list effective
  • December 10, 2025: GSTL moved from EQ/SM segment to BE/ST (Trade-to-Trade) segment

Impact Assessment

Market Impact: The addition of GSTL to ESM Stage-I and its transfer to Trade-to-Trade segment indicates regulatory concerns about the security’s price movements or trading patterns. This will significantly impact GSTL’s liquidity as intraday trading will not be permitted from December 10, 2025.

Investor Impact: Investors holding or trading GSTL and other ESM securities face:

  • Reduced liquidity due to enhanced surveillance measures
  • Compulsory delivery requirements for GSTL (no intraday square-off)
  • Higher margins and stricter position limits
  • Potential for further restrictions if securities escalate to Stage-II
  • Increased trading costs due to T2T segment requirements

Operational Impact: Trading members must update their risk management systems to reflect GSTL’s new classification and ensure clients are informed about trading restrictions. The consolidated list of 58 securities under ESM represents a significant portion of securities requiring special monitoring and compliance attention.

Impact Justification

High importance and impact due to addition of new security to ESM framework with immediate trading restrictions, affecting investor sentiment and liquidity for all 58 securities under surveillance.