Description

NSE announces the inclusion of Teerth Gopicon Limited under Enhanced Surveillance Measure (ESM) Stage-I with 100% margin requirement and shift to Trade-for-Trade segment effective December 15, 2025.

Summary

The National Stock Exchange has issued a circular regarding the Enhanced Surveillance Measure (ESM) framework. Teerth Gopicon Limited (TGL) has been identified for inclusion under ESM Stage-I effective December 15, 2025. The security will attract a minimum 100% margin on all positions and will be shifted from Rolling Settlement segment to Trade-for-Trade segment. No securities are being excluded from the ESM framework or moving between stages in this update.

Key Points

  • Teerth Gopicon Limited (Symbol: TGL, ISIN: INE0K6601012) shortlisted under ESM Stage-I
  • 100% margin requirement applicable on all open positions as on December 12, 2025, and new positions from December 15, 2025
  • Security will shift from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST) effective December 15, 2025
  • No securities are eligible to move out from the ESM framework in this update
  • No securities are moving between Stage-I and Stage-II
  • Consolidated list shows multiple securities already under ESM Stage-II including Anondita Medicare Limited, ASL Industries Limited, Bafna Pharmaceuticals Limited, Cura Technologies Limited, and others

Regulatory Changes

The ESM framework continues to operate as per previous circulars (NSE/SURV/56948, NSE/SURV/57609, NSE/SURV/63361, NSE/SURV/64066, NSE/SURV/64400, and NSE/SURV/69315). Securities qualifying under ESM are subjected to enhanced margin requirements and trading restrictions. The framework operates in conjunction with all other prevailing surveillance measures imposed by the Exchange.

Compliance Requirements

  • NSE members must ensure 100% margin is collected on all positions in TGL effective December 15, 2025
  • Trading in TGL will be restricted to Trade-for-Trade basis only (no intraday trading)
  • Members should inform their clients about the enhanced surveillance measures and associated restrictions
  • Securities moving to Stage-II are placed under Trade-for-Trade with 2% price band under Periodic Call Auction (though no securities are moving to Stage-II in this circular)

Important Dates

  • December 11, 2025: Circular issued
  • December 12, 2025: 100% margin applicable on all open positions in TGL; Stage-II securities shift to Periodic Call Auction (if applicable)
  • December 15, 2025: 100% margin applicable on new positions; TGL shifts to Trade-for-Trade segment (Series: BE/ST)

Impact Assessment

Market Impact: The inclusion of Teerth Gopicon Limited under ESM Stage-I will significantly impact its trading dynamics. The 100% margin requirement will reduce leveraged positions and speculative trading activity. The shift to Trade-for-Trade segment eliminates intraday trading opportunities, which typically results in reduced liquidity and wider bid-ask spreads.

Investor Impact: Existing investors holding positions in TGL will face higher capital requirements due to 100% margin. The Trade-for-Trade mechanism means investors cannot square off positions intraday, requiring mandatory delivery, which may deter short-term traders.

Surveillance Rationale: The Exchange clarifies that ESM shortlisting is purely for market surveillance purposes and should not be construed as adverse action against the company. The measure aims to curb excessive volatility and ensure orderly price discovery in securities exhibiting abnormal trading patterns.

Impact Justification

High importance due to 100% margin requirement and restriction to Trade-for-Trade segment which significantly impacts trading liquidity and investor participation in affected security