Description

NSE applies Enhanced Surveillance Measure (ESM) to Goldstar Power Limited and Kalana Ispat Limited effective March 06-09, 2026, with mandatory 100% margin requirements and shift to Trade-for-Trade settlement.

Summary

NSE has invoked the Enhanced Surveillance Measure (ESM) framework for two securities — Goldstar Power Limited (GOLDSTAR) and Kalana Ispat Limited (KALANA) — effective March 06-09, 2026. These securities will attract a minimum 100% margin requirement and will be shifted from Rolling Settlement to the Trade-for-Trade segment. No securities are being excluded from the ESM framework in this update.

Key Points

  • Goldstar Power Limited (GOLDSTAR, INE405Y01021) and Kalana Ispat Limited (KALANA, INE0T0L01014) are newly included under ESM Stage I.
  • A minimum 100% margin will be applicable w.e.f. March 09, 2026, on all open positions as on March 06, 2026, and all new positions from March 09, 2026.
  • Both securities will be shifted from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST) w.e.f. March 09, 2026.
  • No securities are moving from Stage I to Stage II or Stage II to Stage I.
  • No securities are being excluded from the ESM framework.
  • Securities shifting to Stage II (if any) would be under Trade-for-Trade with a 2% price band under Periodic Call Auction w.e.f. March 06, 2026.
  • ESM is applied in conjunction with all other prevailing surveillance measures.

Regulatory Changes

This circular is issued under the ESM framework established via earlier circulars NSE/SURV/56948, NSE/SURV/57609, NSE/SURV/63361, NSE/SURV/64066, NSE/SURV/64400, and NSE/SURV/69315 dated June 02, 2023 through July 25, 2025. The addition of two new securities to Stage I tightens trading conditions by mandating full margin coverage and restricting settlement to trade-for-trade basis.

Compliance Requirements

  • NSE members must ensure 100% margin is collected on all open positions in GOLDSTAR and KALANA as on March 06, 2026.
  • From March 09, 2026, all new positions in these securities must also carry 100% margin.
  • Trading in GOLDSTAR and KALANA must be routed through the Trade-for-Trade segment (BE/ST series) from March 09, 2026.
  • Members should communicate these restrictions to their clients holding or intending to trade in these securities.

Important Dates

  • March 05, 2026: Circular issued.
  • March 06, 2026: ESM Stage I inclusion effective; reference date for open positions subject to 100% margin.
  • March 09, 2026: 100% margin applicable on all new positions; GOLDSTAR and KALANA shifted from EQ/SM to BE/ST (Trade-for-Trade segment).

Impact Assessment

Traders and investors holding or planning to trade in Goldstar Power Limited and Kalana Ispat Limited will face significantly increased capital requirements due to the 100% margin mandate. The shift to Trade-for-Trade settlement eliminates netting benefits and requires full delivery, reducing speculative activity. Liquidity in these counters is likely to decline following this measure. The ESM inclusion is driven purely by market surveillance criteria and does not constitute an adverse regulatory action against the companies themselves. The consolidated ESM list shows multiple other securities already under surveillance, indicating continued regulatory focus on market integrity.

Impact Justification

Direct trading restrictions imposed on specific securities including mandatory 100% margin and segment shift to Trade-for-Trade, significantly affecting trading in GOLDSTAR and KALANA.