Description
NSE updates the Enhanced Surveillance Measure (ESM) framework effective March 09-10, 2026, adding new securities to Stage I, moving one security from Stage I to Stage II, and excluding certain securities from the framework.
Summary
NSE has updated the Enhanced Surveillance Measure (ESM) framework vide Circular Ref. No. 174/2026 (Download Ref No: NSE/SURV/73183). Effective March 09–10, 2026, two securities are newly included under ESM Stage I, one security moves from Stage I to Stage II, two securities move from Stage II to Stage I, and certain securities are excluded from the framework.
Key Points
- New Stage I additions (w.e.f. March 09, 2026): PARAMPARA (Parampara Dairy Delights Limited, INE749Y01014) and PRIZOR (Prizor Viztech Limited, INE0V9N01017) are shortlisted under ESM Stage I.
- Stage I to Stage II: KSR (KSR Footwear Limited, INE1SPP01016) moves from Stage I to Stage II w.e.f. March 09, 2026.
- Stage II to Stage I: CURAA (Cura Technologies Limited, INE117B01020) and EXIMROUTES (Exim Routes Limited, INE19I001020) move from Stage II back to Stage I w.e.f. March 09, 2026.
- Securities newly shortlisted under ESM shall attract a minimum 100% margin on all open positions as on March 09, 2026, and on new positions from March 10, 2026.
- Securities shifting to Stage II shall be subject to Trade for Trade with a 2% price band under Periodic Call Auction w.e.f. March 09, 2026.
- ESM-shortlisted securities are shifted from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST) w.e.f. March 10, 2026.
Regulatory Changes
This circular references and builds upon earlier NSE circulars: NSE/SURV/56948, NSE/SURV/57609, NSE/SURV/63361, NSE/SURV/64066, NSE/SURV/64400, and NSE/SURV/69315 (dated June 2023 through July 2025). The updated consolidated list of securities under ESM is provided in Annexure III of the circular.
Price band reinstatement: When a security exits the ESM framework, its price band is restored to the level applicable before it was shortlisted, unless it remains under another surveillance measure (in which case the relevant surveillance framework’s price band prevails).
Compliance Requirements
- NSE Members must ensure 100% margin collection on open positions in newly ESM-shortlisted securities as on March 09, 2026, and on all new positions from March 10, 2026.
- Members must facilitate trading of affected securities only in the Trade-for-Trade segment (Series: BE/ST) from March 10, 2026.
- Stage II securities must be traded under Periodic Call Auction with a 2% price band from March 09, 2026.
- The ESM framework operates in conjunction with all other prevailing surveillance measures imposed by the Exchanges.
Important Dates
| Date | Event |
|---|---|
| March 06, 2026 | Circular issued |
| March 09, 2026 | ESM Stage inclusions/movements take effect; Stage II Periodic Call Auction (2% price band) begins |
| March 10, 2026 | Shift from EQ/SM to BE/ST (Trade-for-Trade) for newly shortlisted securities; 100% margin on new positions begins |
Impact Assessment
Trading in PARAMPARA and PRIZOR will be significantly restricted from March 10, 2026, as they shift to Trade-for-Trade settlement with 100% margin requirements, reducing leverage and limiting speculative activity. KSR faces tighter restrictions under Stage II with a 2% price band in Periodic Call Auction, severely limiting intraday price movement. CURAA and EXIMROUTES receive partial relief by moving back to Stage I from Stage II. Market participants holding positions in these scrips must ensure adequate margin availability by March 09, 2026. NSE emphasises that ESM shortlisting is a market surveillance action and should not be construed as an adverse finding against the concerned company.
Impact Justification
Directly affects trading conditions for multiple securities — imposing 100% margin requirements, shifting from rolling to trade-for-trade settlement, and applying 2% price bands under Periodic Call Auction for Stage II securities, with effect from March 09-10, 2026.