Description
NSE adds 14 securities to Enhanced Surveillance Measure (ESM) Stage I effective April 23, 2026, requiring 100% margin and shifting marked securities from Rolling Settlement (EQ/SM) to Trade-for-Trade (BE/ST) segment from April 24, 2026.
Summary
NSE Surveillance department has issued Circular No. 289/2026 (Download Ref: NSE/SURV/73851) dated April 22, 2026, announcing the inclusion of 14 securities under the Enhanced Surveillance Measure (ESM) Stage I effective April 23, 2026. These securities will attract a minimum 100% margin from April 24, 2026, and 10 of the 14 securities (marked with *) will be shifted from the Rolling Settlement segment (Series: EQ/SM) to the Trade-for-Trade segment (Series: BE/ST) effective April 24, 2026.
Key Points
- 14 securities added to ESM Stage I effective April 23, 2026
- Minimum 100% margin applicable on all open positions as on April 23, 2026, and new positions created from April 24, 2026
- 10 securities (BRANDMAN, GLOBECIVIL, OSWALAGRO, PENINLAND, RUDRA, SADHNANIQ, SARVESHWAR, SPECTSTM, SUPREMEPWR, VAISHALI) to shift from EQ/SM to BE/ST series w.e.f. April 24, 2026
- No securities moving from ESM Stage I to Stage II in this circular
- Securities moving to Stage II would be placed under Trade for Trade with a 2% price band under Periodic Call Auction w.e.f. April 23, 2026
- ESM operates in conjunction with all other prevailing surveillance measures
- Shortlisting is based on market surveillance criteria and should not be construed as adverse action against the company
Securities Added to ESM Stage I
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | BRANDMAN* | Brandman Retail Limited | INE0XUD01014 |
| 2 | DIVYADHAN | Divyadhan Recycling Industries Limited | INE0QYI01019 |
| 3 | GLOBECIVIL* | Globe Civil Projects Limited | INE0V3U01015 |
| 4 | HINDCON | Hindcon Chemicals Limited | INE642Y01029 |
| 5 | NEWJAISA | Newjaisa Technologies Limited | INE0PW501021 |
| 6 | OSWALAGRO* | Oswal Agro Mills Limited | INE142A01012 |
| 7 | PENINLAND* | Peninsula Land Limited | INE138A01028 |
| 8 | RSSOFTWARE | R. S. Software (India) Limited | INE165B01029 |
| 9 | RUDRA* | Rudra Global Infra Products Limited | INE027T01023 |
| 10 | SADHNANIQ* | Sadhana Nitrochem Limited | INE888C01040 |
| 11 | SARVESHWAR* | Sarveshwar Foods Limited | INE324X01026 |
| 12 | SPECTSTM* | Spectrum Talent Management Limited | INE0OL001018 |
| 13 | SUPREMEPWR* | Supreme Power Equipment Limited | INE0QHG01026 |
| 14 | VAISHALI* | Vaishali Pharma Limited | INE972X01022 |
* EQ/SM to BE/ST w.e.f April 24, 2026
Regulatory Changes
This circular references and continues the ESM framework established via prior 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). The measure shifts qualifying securities from normal Rolling Settlement to Trade-for-Trade and imposes heightened margin requirements to curb speculative activity.
Compliance Requirements
- Brokers/Members: Must ensure 100% margin collection on all open and new positions in the 14 listed securities from April 24, 2026
- Trading systems: Must reflect the segment migration of the 10 marked securities from EQ/SM to BE/ST effective April 24, 2026
- Investors holding positions: Should be aware that existing open positions as on April 23, 2026, will attract 100% margin from April 24, 2026
- For queries, contact: surveillance@nse.co.in
Important Dates
- April 22, 2026: Circular issuance date
- April 23, 2026: ESM Stage I inclusion effective date; Stage II securities (if any) shift to Periodic Call Auction with 2% price band
- April 24, 2026: 100% margin requirement effective; 10 securities shift from EQ/SM (Rolling Settlement) to BE/ST (Trade-for-Trade) segment
Impact Assessment
This circular has a high market impact for traders and investors in the 14 listed securities:
- Liquidity reduction: Trade-for-Trade settlement eliminates netting, requiring full delivery of shares and full payment, effectively curbing intraday and speculative trading
- Capital requirement spike: The 100% margin requirement will significantly increase capital needed to hold or take positions in these securities
- Segment migration: For the 10 asterisked securities, the shift from EQ/SM to BE/ST effectively restricts the trading mode and may reduce trading volumes
- Retail investors: Those with existing open positions in these stocks will face sudden margin calls from April 24, 2026
- Institutional impact: Fund managers and institutional investors may need to reassess exposure in these securities
- The ESM framework is a surveillance-driven measure; inclusion does not indicate any legal or regulatory proceeding against the companies themselves
Impact Justification
14 securities are placed under ESM Stage I with mandatory 100% margin and segment migration to Trade-for-Trade, significantly restricting trading conditions and directly impacting traders and investors holding positions in these stocks.