Description

NSE announces inclusion of DCM Shriram International Limited under ESM Stage-I w.e.f. March 19-20, 2026, with 100% margin requirement and shift to Trade-for-Trade segment.

Summary

NSE has updated the Enhanced Surveillance Measure (ESM) framework effective March 19-20, 2026. DCM Shriram International Limited (DCMSIL) has been newly added to ESM Stage-I. No securities are moving between stages or being excluded from the framework in this update. The consolidated ESM list continues to include multiple securities across Stage-I and Stage-II.

Key Points

  • DCMSIL (DCM Shriram International Limited, ISIN: INE0OU201013) added to ESM Stage-I w.e.f. March 19, 2026
  • Minimum 100% margin applicable on all open positions as on March 19, 2026, and new positions from March 20, 2026
  • DCMSIL to shift from Rolling Settlement segment (EQ/SM) to Trade-for-Trade segment (BE/ST) w.e.f. March 20, 2026
  • No securities moving from Stage-I to Stage-II or Stage-II to Stage-I in this update
  • No securities excluded from ESM framework in this update
  • Securities shifting to Stage-II attract Trade-for-Trade with 2% price band under Periodic Call Auction
  • ESM operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

This circular updates the ESM framework per earlier circulars NSE/SURV/56948, NSE/SURV/57609, NSE/SURV/63361, NSE/SURV/64066, NSE/SURV/64400, and NSE/SURV/69315. The inclusion is based on market surveillance criteria and does not constitute adverse action against the company.

Compliance Requirements

  • Members must ensure 100% margin is collected on all open positions in DCMSIL as on March 19, 2026
  • Members must ensure 100% margin on all new positions in DCMSIL created from March 20, 2026
  • Trading in DCMSIL must be handled in the BE/ST (Trade-for-Trade) series from March 20, 2026
  • For queries, contact: surveillance@nse.co.in

Important Dates

  • March 19, 2026: DCMSIL included in ESM Stage-I; 100% margin applicable on existing open positions; Stage-II securities under Periodic Call Auction with 2% price band effective
  • March 20, 2026: DCMSIL shifts from EQ/SM (Rolling Settlement) to BE/ST (Trade-for-Trade); 100% margin on new positions

Impact Assessment

Traders and investors holding or planning to trade DCMSIL face significantly higher capital requirements due to the 100% margin mandate. The shift to Trade-for-Trade eliminates netting benefits and requires full delivery/payment for each transaction, reducing speculative activity. Market liquidity for DCMSIL is expected to decline. The consolidated ESM list includes several other securities (e.g., ABMINTLLTD, ASCOM, CURAA, DIVINEHIRA) already under Stage-II, indicating ongoing heightened scrutiny across multiple counters.

Impact Justification

Direct trading restriction with 100% margin requirement and segment shift to Trade-for-Trade for DCMSIL; affects trading strategy and margin obligations for all market participants holding or trading this security.