Description

NSE adds Sheetal Universal Limited to ESM Stage-I with 100% margin requirement and shifts it to Trade-for-Trade segment effective January 19, 2026.

Summary

NSE has added Sheetal Universal Limited (SHEETAL) to the Enhanced Surveillance Measure (ESM) Stage-I framework effective January 16, 2026. The security will attract a minimum 100% margin requirement and will be shifted from Rolling Settlement segment (EQ/SM series) to Trade-for-Trade segment (BE/ST series) from January 19, 2026. No securities are being excluded from the ESM framework in this update.

Key Points

  • Sheetal Universal Limited (ISIN: INE04VX01019) added to ESM Stage-I
  • 100% minimum margin applicable on all open positions as on January 16, 2026 and new positions from January 19, 2026
  • Security to shift from EQ/SM to BE/ST series (Trade-for-Trade) effective January 19, 2026
  • No securities moving between Stage-I and Stage-II
  • No securities being excluded from ESM framework
  • ESM framework operates in conjunction with all other prevailing surveillance measures
  • Consolidated ESM list includes Alps Industries Limited, Anondita Medicare Limited, and Docmode Health Technologies Limited in Stage-II

Regulatory Changes

The Enhanced Surveillance Measure framework continues under existing regulations referenced in 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). Securities qualifying under ESM are automatically shifted to Trade-for-Trade segment with enhanced margin requirements.

Compliance Requirements

  • NSE members must ensure 100% margin collection for Sheetal Universal Limited on all open positions as on January 16, 2026
  • 100% margin requirement applies to all new positions created from January 19, 2026
  • Trading members must adjust systems for Trade-for-Trade settlement (BE/ST series) for affected security from January 19, 2026
  • Market participants must note that ESM is a surveillance measure and not an adverse action against the company
  • Members should refer to NSE FAQs on ESM at https://www.nseindia.com/regulations/enhanced-surveillance-measure-esm

Important Dates

  • January 14, 2026: Circular issued
  • January 16, 2026: ESM Stage-I inclusion effective date; 100% margin applicable on existing open positions
  • January 19, 2026: Shift from EQ/SM to BE/ST series (Trade-for-Trade segment); 100% margin applicable on new positions

Impact Assessment

Trading Impact: Sheetal Universal Limited will experience significantly reduced liquidity as it moves to Trade-for-Trade segment, eliminating intraday trading and requiring full delivery. The 100% margin requirement substantially increases capital requirements for positions.

Investor Impact: Existing position holders must arrange for 100% margin by January 16, 2026. New investors from January 19, 2026 can only trade on a delivery basis with full upfront margin, making short-term trading strategies unviable.

Market Impact: The ESM framework targets securities exhibiting unusual price movements or volumes. This measure aims to curb speculation and protect investors. The consolidated ESM list shows ongoing surveillance of multiple securities across Stage-I and Stage-II categories.

Operational Impact: Brokers and trading members must update risk management systems, margin calculations, and client communication regarding the changed trading status of Sheetal Universal Limited.

Impact Justification

High impact due to mandatory 100% margin requirement and shift to Trade-for-Trade segment for Sheetal Universal Limited, significantly affecting trading liquidity and investor positions.