Description

NSE announces inclusion of Mahickra Chemicals Limited under ESM Stage I and movement of Cura Technologies Limited from ESM Stage I to Stage II, effective March 18-19, 2026.

Summary

NSE has updated the Enhanced Surveillance Measure (ESM) framework effective March 18-19, 2026. Mahickra Chemicals Limited (MAHICKRA) is newly included under ESM Stage I, attracting a minimum 100% margin requirement. Cura Technologies Limited (CURAA) is moved from ESM Stage I to Stage II under Periodic Call Auction with a 2% price band. No securities are being excluded from the ESM framework in this update.

Key Points

  • Mahickra Chemicals Limited (MAHICKRA, INE961Y01015) newly shortlisted under ESM Stage I w.e.f. March 18, 2026
  • Cura Technologies Limited (CURAA, INE117B01020) moved from ESM Stage I to Stage II w.e.f. March 18, 2026
  • No securities moved from Stage II to Stage I; no securities excluded from the ESM framework
  • Minimum 100% margin applicable on all open positions as on March 18, 2026 and new positions from March 19, 2026
  • Securities under ESM shifted from Rolling Settlement (EQ/SM series) to Trade-for-Trade segment (BE/ST series) w.e.f. March 19, 2026
  • Stage II securities placed under Trade for Trade with 2% price band under Periodic Call Auction w.e.f. March 18, 2026
  • ESM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

  • Circular Ref. No: 199/2026, Download Ref No: NSE/SURV/73323
  • References prior circulars: NSE/SURV/56948, NSE/SURV/57609, NSE/SURV/63361, NSE/SURV/64066, NSE/SURV/64400, and NSE/SURV/69315
  • Shortlisting under ESM is purely a market surveillance action and should not be construed as adverse action against the concerned company

Compliance Requirements

  • All NSE members must note the updated ESM list and apply the mandatory 100% margin on affected securities
  • Members must transition applicable securities from EQ/SM series to BE/ST series by March 19, 2026
  • Members should inform clients holding positions in MAHICKRA and CURAA about the changed trading conditions
  • Queries can be directed to surveillance@nse.co.in

Important Dates

  • March 17, 2026: Circular issued
  • March 18, 2026: ESM Stage I inclusion and Stage I to Stage II movement effective; Stage II Periodic Call Auction with 2% price band begins
  • March 19, 2026: Segment shift from Rolling Settlement (EQ/SM) to Trade-for-Trade (BE/ST) effective; 100% margin applicable on new positions

Impact Assessment

Traders and investors holding positions in MAHICKRA (Mahickra Chemicals Limited) will face a 100% margin requirement and restricted trading under the Trade-for-Trade segment, significantly reducing liquidity and increasing capital requirements. CURAA (Cura Technologies Limited) moves to Stage II with a tighter 2% price band under Periodic Call Auction, further restricting price movement and trading activity. These measures are intended to protect market integrity but will substantially limit intraday trading flexibility and may pressure holders to exit positions. The consolidated ESM list continues to include ABM International Limited, Ascom Leasing & Investments Limited, Cura Technologies Limited, and others under various stages.

Impact Justification

Directly affects trading conditions for specific securities with mandatory 100% margin requirement and segment shifts from Rolling Settlement to Trade-for-Trade, significantly impacting trader positions and liquidity.