Description

NSE places Galaxy Medicare Limited under ESM Stage-I with 100% margin requirement effective January 14, 2026, shifting the security from rolling settlement to trade-for-trade segment.

Summary

NSE has issued circular 30/2026 placing Galaxy Medicare Limited (GML) under Enhanced Surveillance Measure (ESM) Stage-I effective January 14, 2026. The security will attract a minimum 100% margin requirement on all open and new positions and will be shifted from the rolling settlement segment (EQ/SM series) to the trade-for-trade segment (BE/ST series). No securities are being excluded from the ESM framework or moving between stages at this time.

Key Points

  • Galaxy Medicare Limited (GML, ISIN: INE09A801015) placed under ESM Stage-I
  • 100% margin requirement applicable on all open positions as of January 13, 2026
  • 100% margin requirement on new positions created from January 14, 2026
  • Security shifts from EQ/SM series to BE/ST series (trade-for-trade) effective January 14, 2026
  • No securities are being removed from ESM framework
  • No securities are moving between Stage-I and Stage-II
  • ESM framework operates in conjunction with other surveillance measures

Regulatory Changes

The circular implements the Enhanced Surveillance Measure framework established under 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 subject to increased margin requirements and trading restrictions based on surveillance criteria. The measure is purely for market surveillance purposes and should not be construed as adverse action against the company.

Compliance Requirements

  • Market participants must ensure 100% margin coverage for all GML positions (existing and new)
  • Trading members must comply with trade-for-trade settlement requirements for GML
  • Securities moving to Stage-II will be under trade-for-trade with 2% price band under Periodic Call Auction
  • Members should monitor the consolidated list of securities under ESM framework (Annexure III)
  • Queries may be directed to surveillance@nse.co.in

Important Dates

  • January 12, 2026: Circular issued
  • January 13, 2026: 100% margin applicable on open positions; Stage-II securities move to Periodic Call Auction with 2% price band
  • January 14, 2026: 100% margin on new positions; GML shifts from EQ/SM to BE/ST series

Impact Assessment

The inclusion of Galaxy Medicare Limited under ESM Stage-I will significantly impact trading liquidity and investor participation. The 100% margin requirement effectively eliminates leverage trading, while the shift to trade-for-trade segment removes intraday trading opportunities and requires full delivery settlement. This increases capital requirements for traders and may reduce trading volumes. The consolidated ESM list shows multiple securities already under surveillance across Stage-I and Stage-II, indicating broader market surveillance activities. Market participants holding positions in GML must arrange additional margin funding or face potential position squaring.

Impact Justification

ESM Stage-I inclusion requires 100% margin and restricts trading to trade-for-trade segment, significantly impacting liquidity and trading operations for affected security