Description
NSE applies minimum 35% margin requirement for 4 newly added securities with high promoter encumbrance effective March 09, 2026, while 4 securities are removed from the framework.
Summary
NSE’s Surveillance Department has updated the list of securities under the High Encumbrance Surveillance Measure pursuant to Reg. 28(3) of SEBI (SAST) Regulations 2011. Four new securities are added requiring a minimum 35% margin in Equity and Equity Derivatives segments from March 09, 2026, while four securities are removed from the framework effective March 05, 2026.
Key Points
- 4 securities newly added to the surveillance framework (Annexure I) will attract a minimum 35% margin in Equity and Equity Derivatives segments
- The 35% margin applies to all open positions as on March 06, 2026 and all new positions from March 09, 2026
- 4 securities are eligible for removal from the framework effective March 05, 2026
- The consolidated list contains securities remaining under the framework as of March 05, 2026
- This measure runs in conjunction with all other prevailing surveillance measures
- Placement in this framework is solely for market surveillance purposes and does not constitute adverse action against the company
Regulatory Changes
This circular is issued in continuation of:
- NSE/SURV/42507 dated October 24, 2019
- NSE/SURV/44169 dated April 17, 2020
The surveillance measure is based on Reg. 28(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, which requires disclosure of high promoter encumbrance on shares.
Compliance Requirements
- Trading Members must ensure minimum 35% margin is collected for the newly added securities in Equity and Equity Derivatives segments
- Margin applies to all open positions as on March 06, 2026 and new positions from March 09, 2026
- Companies wishing to submit representations against inclusion must do so by 5:00 PM on March 05, 2026 via email to surveillance@nse.co.in
Important Dates
| Date | Event |
|---|---|
| March 04, 2026 | Circular issued |
| March 05, 2026 | Deadline for company representations; 4 securities removed from framework |
| March 06, 2026 | Reference date for open positions subject to new margin |
| March 09, 2026 | 35% margin requirement effective for newly added securities |
Impact Assessment
Newly Added Securities (Annexure I — Inclusion w.e.f. March 09, 2026):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | ARTEMISMED | Artemis Medicare Services Limited | INE025R01021 |
| 2 | EUREKAFORB | Eureka Forbes Limited | INE0KCE01017 |
| 3 | HEXT | Hexaware Technologies Limited | INE093A01041 |
| 4 | SAGILITY | Sagility Limited | INE0W2G01015 |
Removed Securities (Annexure II — Exclusion w.e.f. March 05, 2026):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | GMRP&UI | GMR Power and Urban Infra Limited | INE0CU601026 |
| 2 | PATELENG | Patel Engineering Limited | INE244B01030 |
| 3 | RTNPOWER | RattanIndia Power Limited | INE399K01017 |
| 4 | TI | Tilaknagar Industries Limited | INE133E01013 |
The elevated margin requirement increases the cost of holding and trading these securities, which may reduce liquidity and could trigger forced unwinding of leveraged positions. Traders and investors holding positions in ARTEMISMED, EUREKAFORB, HEXT, and SAGILITY should review their margin adequacy ahead of March 06, 2026. Relief is provided to holders of GMRP&UI, PATELENG, RTNPOWER, and TI as the margin surcharge is lifted from March 05, 2026.
Impact Justification
Directly imposes 35% margin requirements on specific listed securities in both equity and derivatives segments, affecting trading costs and positions for market participants holding or trading these stocks.