Description

NSE circular announcing inclusion of Grover Jewells Limited in ESM Stage I and movement of Teerth Gopicon Limited from Stage I to Stage II, effective February 26-27, 2026.

Summary

NSE has issued a surveillance circular (Ref No: NSE/SURV/72985, Circular Ref. 149/2026) updating the list of securities under the Enhanced Surveillance Measure (ESM) framework. Grover Jewells Limited (GJL) has been newly included in ESM Stage I, while Teerth Gopicon Limited (TGL) is being moved from Stage I to Stage II. No securities are being excluded from the framework. All changes are effective February 26, 2026, with settlement segment shifts effective February 27, 2026.

Key Points

  • Grover Jewells Limited (GJL, ISIN: INE1TY801010) newly shortlisted under ESM Stage I w.e.f. February 26, 2026
  • Teerth Gopicon Limited (TGL, ISIN: INE0K6601012) moved from ESM Stage I to Stage II w.e.f. February 26, 2026
  • No securities excluded from ESM framework in this update
  • A minimum 100% margin applies on all open positions as on February 26, 2026, and new positions from February 27, 2026
  • Securities shifting to Stage II will be subject to Trade for Trade with a 2% price band under Periodic Call Auction
  • ESM framework operates in conjunction with all other prevailing surveillance measures
  • Shortlisting under ESM is purely for market surveillance and should not be construed as adverse action against the company

Regulatory Changes

This circular references and updates ESM framework guidelines originally established under circulars NSE/SURV/56948, NSE/SURV/57609, NSE/SURV/63361, NSE/SURV/64066, NSE/SURV/64400, and NSE/SURV/69315 dated between June 2, 2023 and July 25, 2025. The current update adds one new Stage I entrant and advances one security to Stage II.

Compliance Requirements

  • NSE members must maintain a minimum 100% margin on open positions in ESM-listed securities as of February 26, 2026
  • Members must apply 100% margin on all new positions in ESM securities created from February 27, 2026 onwards
  • Trading in newly shifted securities must comply with Trade-for-Trade (Series: BE/ST) settlement rules from February 27, 2026
  • Stage II securities (including TGL) must be traded under Periodic Call Auction with a 2% price band from February 26, 2026

Important Dates

  • February 25, 2026: Circular issuance date
  • February 26, 2026: ESM inclusion/stage changes effective; 100% margin applicable on open positions; Stage II Periodic Call Auction with 2% price band begins
  • February 27, 2026: Shift from Rolling Settlement (EQ/SM) to Trade-for-Trade segment (BE/ST) effective; 100% margin on new positions begins

Impact Assessment

Traders and investors holding or planning to trade in GJL (Grover Jewells Limited) and TGL (Teerth Gopicon Limited) will face significantly restricted trading conditions. The mandatory 100% margin requirement substantially increases the capital needed to hold positions, likely reducing liquidity. The shift to Trade-for-Trade settlement eliminates netting benefits and requires full delivery, further constraining speculative activity. TGL’s move to Stage II adds an additional restriction via Periodic Call Auction with a narrow 2% price band, severely limiting intraday price movement. Market participants should review the consolidated ESM list (Annexure III) for all currently affected securities, which includes Net Avenue Technologies Limited (CBAZAAR), Cura Technologies Limited (CURAA), Dhariwalcorp Limited (DHARIWAL), among others.

Impact Justification

Directly affects trading conditions for specific securities with mandatory 100% margin requirement and shift to Trade-for-Trade segment, significantly impacting liquidity and trading strategy for affected stocks.