Description

NSE places Kesoram Industries Limited under Enhanced Surveillance Measure (ESM) Stage-I with 100% margin requirement and Trade-for-Trade settlement effective December 12, 2025.

Summary

The National Stock Exchange has issued surveillance circular 957/2025 placing Kesoram Industries Limited under Enhanced Surveillance Measure (ESM) Stage-I framework. The security will attract a minimum 100% margin requirement and will be shifted from Rolling Settlement (EQ/SM series) to Trade-for-Trade segment (BE/ST series) effective December 12, 2025. No securities are being excluded from the ESM framework or moving between stages in this update.

Key Points

  • Kesoram Industries Limited (KESORAMIND, ISIN: INE087A01019) added to ESM Stage-I
  • 100% margin applicable on all open positions as of December 11, 2025 and new positions from December 12, 2025
  • Security to be shifted from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST) from December 12, 2025
  • No securities moving from Stage-I to Stage-II or vice versa
  • No securities being excluded from ESM framework
  • ESM framework operates in conjunction with all other prevailing surveillance measures
  • Consolidated list includes multiple securities in Stage-II: Anondita Medicare Limited, ASL Industries Limited, Bafna Pharmaceuticals Limited (partially visible)

Regulatory Changes

This circular implements the Enhanced Surveillance Measure framework as established under previous circulars NSE/SURV/56948 (June 02, 2023), NSE/SURV/57609 (July 18, 2023), NSE/SURV/63361 (August 09, 2024), NSE/SURV/64066 (September 20, 2024), NSE/SURV/64400 (October 04, 2024), and NSE/SURV/69315 (July 25, 2025). The measure is purely based on market surveillance criteria and should not be construed as adverse action against the concerned company.

Compliance Requirements

  • All NSE members must ensure 100% margin requirement is applied for Kesoram Industries Limited from December 12, 2025
  • Margin applies to both existing open positions as of December 11, 2025 and all new positions created from December 12, 2025 onwards
  • Securities must be traded in Trade-for-Trade (BE/ST) segment only from December 12, 2025
  • Market participants must comply with ESM framework alongside all other surveillance measures imposed by the Exchange
  • For queries, members should contact surveillance@nse.co.in

Important Dates

  • December 10, 2025: Circular issued
  • December 11, 2025: Last day for trading in Rolling Settlement segment; 100% margin becomes applicable on existing open positions
  • December 12, 2025: Effective date for Trade-for-Trade settlement; 100% margin applies to new positions

Impact Assessment

High Impact: The ESM placement significantly restricts trading activity in Kesoram Industries Limited. The 100% margin requirement substantially increases capital requirements for traders, while the shift to Trade-for-Trade settlement eliminates intraday trading opportunities and reduces liquidity. This measure is designed to curb excessive speculation and protect investor interests but may lead to reduced trading volumes and wider bid-ask spreads. Existing position holders must arrange for full margin coverage by December 11, 2025. The measure indicates NSE’s heightened surveillance concern regarding the security’s price movements or trading patterns.

Impact Justification

ESM placement significantly restricts trading by imposing 100% margin and Trade-for-Trade settlement, directly impacting liquidity and trading flexibility for affected securities