Description

NSE places two securities under ESM Stage I with 100% margin requirement and trade-for-trade settlement effective January 08, 2026.

Summary

NSE has issued a surveillance circular placing two securities under Enhanced Surveillance Measure (ESM) Stage I effective January 08, 2026. Bikewo Green Tech Limited (BIKEWO) and Exim Routes Limited (EXIMROUTES) will attract a minimum 100% margin on all positions and will be shifted from rolling settlement to trade-for-trade segment. No securities are being excluded from the ESM framework or moving between stages.

Key Points

  • Two securities added to ESM Stage I: BIKEWO (Bikewo Green Tech Limited - INE0SQH01013) and EXIMROUTES (Exim Routes Limited - INE19I001020)
  • 100% margin requirement applies to all open positions as on January 07, 2026 and new positions from January 08, 2026
  • Securities will shift from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST)
  • No securities are being excluded from ESM framework
  • No securities moving from Stage I to Stage II or vice versa
  • ESM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

Securities under ESM Stage I now subject to:

  • Minimum 100% margin requirement on all positions
  • Mandatory trade-for-trade settlement (no intraday squaring off)
  • Shift from EQ/SM series to BE/ST series
  • Securities moving to Stage II are additionally subject to 2% price band under Periodic Call Auction

Compliance Requirements

  • Market participants must ensure 100% margin is available for affected securities
  • Positions in BIKEWO and EXIMROUTES require full upfront margin from January 08, 2026
  • No intraday trading allowed - all trades must result in delivery
  • Members should refer to NSE FAQs on ESM for detailed framework understanding
  • Contact surveillance@nse.co.in for queries

Important Dates

  • January 06, 2026: Circular issued
  • January 07, 2026: Last day for rolling settlement; 100% margin applies to open positions
  • January 08, 2026: ESM measures become effective; securities shift to trade-for-trade segment (BE/ST series); 100% margin on new positions

Impact Assessment

Trading Impact: High - The shift to trade-for-trade with 100% margin severely restricts liquidity and eliminates intraday trading opportunities in affected securities. Traders cannot square off positions intraday and must take delivery.

Investor Impact: Investors holding positions as on January 07, 2026 will face 100% margin requirement. New investors must pay full amount upfront with no leverage available.

Market Impact: Limited to two small-cap securities. The surveillance action indicates concerns about unusual price or volume patterns in these stocks. Not construed as adverse action against companies but signals heightened risk monitoring.

Reference Circulars: This circular references previous ESM 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).

Impact Justification

100% margin requirement and shift to trade-for-trade settlement significantly impacts trading in affected securities