Description

NSE circular notifying inclusion of BLB Limited (BLBLIMITED) under ESM Stage I effective February 25, 2026, with 100% margin requirement and shift from Rolling Settlement to Trade-for-Trade segment.

Summary

NSE has issued Circular Ref. No. 138/2026 (Download Ref: NSE/SURV/72941) dated February 23, 2026, regarding the applicability of the Enhanced Surveillance Measure (ESM) framework. BLB Limited (BLBLIMITED) has been newly added to ESM Stage I effective February 24–25, 2026, with no securities being excluded from the framework in this update.

Key Points

  • BLB Limited (Symbol: BLBLIMITED, ISIN: INE791A01024) has been shortlisted for inclusion under ESM Stage I w.e.f. February 24, 2026.
  • A minimum 100% margin will be applicable on all open positions as on February 24, 2026, and new positions from February 25, 2026.
  • BLBLIMITED will shift from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST) w.e.f. February 25, 2026.
  • No securities are moving from Stage I to Stage II or Stage II to Stage I in this update (both lists show Nil).
  • No securities are being excluded from the ESM framework in this update (Annexure II shows Nil).
  • Securities in Stage II are subject to Trade for Trade with a 2% price band under Periodic Call Auction w.e.f. February 24, 2026.
  • ESM operates in conjunction with all other prevailing surveillance measures imposed by the exchanges.

Regulatory Changes

This circular references and operates under the existing ESM framework established via earlier 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). No new regulatory framework is introduced; this circular applies the existing ESM criteria to newly qualifying securities.

Compliance Requirements

  • NSE Members: Must note the updated ESM securities list and enforce applicable margin requirements (minimum 100%) for BLBLIMITED on all open and new positions.
  • Market Participants: Must comply with Trade-for-Trade settlement restrictions for BLBLIMITED from February 25, 2026.
  • Stage II Securities: Must be traded under Periodic Call Auction with a 2% price band from February 24, 2026.
  • Members may direct queries to surveillance@nse.co.in.

Important Dates

  • February 23, 2026: Circular issuance date.
  • February 24, 2026: ESM Stage I inclusion effective date for BLBLIMITED; Stage II price band (2%) under Periodic Call Auction becomes applicable; 100% margin applies to all open positions as of this date.
  • February 25, 2026: BLBLIMITED shifts from EQ/SM (Rolling Settlement) to BE/ST (Trade-for-Trade) segment; 100% margin applies to all new positions from this date.

Impact Assessment

BLBLIMITED (BLB Limited): Directly and significantly impacted — trading shifts to Trade-for-Trade, 100% margin is mandatory, and liquidity will be constrained. Investors holding or trading this security must ensure full margin availability.

Consolidated ESM List: The framework continues to cover multiple securities at Stage II including CBAZAAR (Net Avenue Technologies Limited), CURAA (Cura Technologies Limited), DHARIWAL (Dhariwalcorp Limited), and others. These continue to face restrictive trading conditions.

Broader Market: Limited systemic impact; ESM is a targeted surveillance tool. NSE explicitly notes that ESM shortlisting is a market surveillance action and should not be construed as an adverse action against the company or entity.

Impact Justification

High impact on directly affected securities due to mandatory 100% margin, segment shift to Trade-for-Trade, and price band restrictions; medium importance as it applies to a limited set of securities under routine surveillance action.