Description
NSE announces inclusion of Aakash Exploration Services Limited under ESM Stage-I effective March 10-11, 2026, with 100% margin requirement and shift to Trade-for-Trade segment.
Summary
NSE has issued Circular Ref. No. 175/2026 regarding the applicability of the Enhanced Surveillance Measure (ESM) framework. One new security (Aakash Exploration Services Limited, symbol: AAKASH) has been added to ESM Stage-I effective March 10, 2026. No securities are moving between stages or being excluded from the framework. A consolidated list of all securities currently under ESM is provided.
Key Points
- AAKASH (Aakash Exploration Services Limited, ISIN: INE087Z01024) is newly included under ESM Stage-I w.e.f. March 10, 2026
- A minimum 100% margin will be applicable on all open positions as on March 10, 2026, and new positions from March 11, 2026
- AAKASH will be shifted from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST) w.e.f. March 11, 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 attract Trade-for-Trade with a 2% price band under Periodic Call Auction
- ESM operates in conjunction with all other prevailing surveillance measures
Regulatory Changes
This circular references and operates under the ESM framework established by 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 is a periodic update of securities under the existing ESM mechanism.
Compliance Requirements
- NSE members must note the 100% margin requirement for AAKASH on all open positions as on March 10, 2026, and new positions from March 11, 2026
- Members must update their systems to reflect the series change for AAKASH from EQ/SM to BE/ST effective March 11, 2026
- Market participants should be aware that ESM classification is a surveillance action and should not be construed as an adverse action against the concerned company
Important Dates
- March 09, 2026: Circular issued
- March 10, 2026: AAKASH included in ESM Stage-I; 100% margin applicable on open positions; Stage-II securities under 2% price band Periodic Call Auction
- March 11, 2026: AAKASH shifted from EQ/SM to BE/ST (Trade-for-Trade segment); 100% margin on new positions
Impact Assessment
Consolidated ESM Securities (as of this circular):
| Sr. No. | Symbol | Security Name | ISIN | Stage |
|---|---|---|---|---|
| 1 | ASCOM | Ascom Leasing & Investments Limited | INE08KD01015 | II |
| 2 | CBAZAAR | Net Avenue Technologies Limited | INE518X01015 | II |
| 3 | DIVINEHIRA | Divine Hira Jewellers Limited | INE0NA501011 | II |
| New | AAKASH | Aakash Exploration Services Limited | INE087Z01024 | I |
The inclusion of AAKASH under ESM Stage-I significantly restricts trading activity in the stock. The mandatory 100% margin requirement increases the cost of holding or creating positions, deterring speculative activity. The shift to Trade-for-Trade eliminates netting benefits and requires delivery for every transaction, reducing liquidity. This action is driven purely by market surveillance criteria and is not indicative of any corporate or financial distress at the company level.
Impact Justification
Mandatory 100% margin requirement and forced migration from rolling settlement to trade-for-trade segment directly impacts trading of affected securities, restricting liquidity and increasing cost of participation.