Description
NSE announces securities being added to, moved within, and removed from the Enhanced Surveillance Measure (ESM) framework effective March 16-17, 2026, with mandatory minimum 100% margin requirements.
Summary
NSE has issued Circular No. 193/2026 (Download Ref: NSE/SURV/73285) dated March 13, 2026, announcing changes to the Enhanced Surveillance Measure (ESM) framework. Securities are being added to ESM Stage I, moved between stages, and removed from the framework, effective March 16-17, 2026. Affected securities will attract a minimum 100% margin and be shifted from Rolling Settlement (EQ/SM series) to Trade-for-Trade segment (BE/ST series).
Key Points
- DCMFINSERV (DCM Financial Services Limited, ISIN: INE891B01012) newly shortlisted under ESM Stage I w.e.f. March 16, 2026
- TAKE (Take Solutions Limited, ISIN: INE142I01023) moving from ESM Stage I to Stage II w.e.f. March 16, 2026
- Five securities moving from ESM Stage II back to Stage I: CBAZAAR, GCSL, SABEVENTS, SALSTEEL, SVPGLOB
- All securities entering ESM will attract minimum 100% margin on all open positions as on March 16, 2026, and new positions from March 17, 2026
- Securities shift from Rolling Settlement segment (EQ/SM) to Trade-for-Trade segment (BE/ST) w.e.f. March 17, 2026
- Stage II securities will be under Trade for Trade with 2% price band under Periodic Call Auction w.e.f. March 16, 2026
- ESM framework operates in conjunction with all other prevailing surveillance measures
Regulatory Changes
This circular is issued in reference to earlier NSE 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). Securities moving out of the ESM framework will have their price band reinstated to the applicable band prior to shortlisting, unless they remain under another surveillance measure.
Compliance Requirements
- NSE members must ensure minimum 100% margin is collected on all open positions in ESM-listed securities as on March 16, 2026
- Members must apply 100% margin on new positions in ESM securities created from March 17, 2026
- Trading in affected securities must comply with Trade-for-Trade settlement rules under the BE/ST series
- Stage II securities must trade under Periodic Call Auction with a 2% price band
- Members should note that ESM shortlisting is purely a surveillance measure and not an adverse action against the company
Important Dates
- March 13, 2026: Circular issuance date
- March 16, 2026: Effective date for ESM Stage inclusions/movements and Stage II Periodic Call Auction with 2% price band
- March 17, 2026: Effective date for segment shift from Rolling Settlement (EQ/SM) to Trade-for-Trade (BE/ST); 100% margin applicable on new positions
Impact Assessment
Newly added to ESM Stage I:
| Symbol | Security Name | ISIN |
|---|---|---|
| DCMFINSERV | DCM Financial Services Limited | INE891B01012 |
Moving from Stage I to Stage II (stricter restrictions):
| Symbol | Security Name | ISIN |
|---|---|---|
| TAKE | Take Solutions Limited | INE142I01023 |
Moving from Stage II back to Stage I (relaxed restrictions):
| Symbol | Security Name | ISIN |
|---|---|---|
| CBAZAAR | Net Avenue Technologies Limited | INE518X01015 |
| GCSL | Gretex Corporate Services Limited | INE199P01028 |
| SABEVENTS | Sab Events & Governance Now Media Limited | INE860T01019 |
| SALSTEEL | S.A.L. Steel Limited | INE658G01014 |
| SVPGLOB | SVP Global Textiles Limited | INE308E01029 |
The 100% margin requirement and shift to Trade-for-Trade significantly restricts liquidity and leverage for affected securities. Stage II securities face additional constraints with Periodic Call Auction and a tight 2% price band, further limiting intraday price movement. Traders and investors holding positions in these securities must ensure adequate margin availability by March 16, 2026.
Impact Justification
Directly affects trading conditions for multiple securities including mandatory 100% margin requirements, segment shifts from Rolling Settlement to Trade-for-Trade, and 2% price band under Periodic Call Auction for Stage II securities.