Description
NSE adds 7 securities to ESM Stage I with minimum 100% margin requirement effective April 28, 2026, shifting them from Rolling Settlement to Trade-for-Trade segment. One security (CURAA) moves from Stage II back to Stage I.
Summary
NSE has issued Circular 296/2026 under the Enhanced Surveillance Measure (ESM) framework, adding 7 securities to ESM Stage I effective April 28, 2026. These securities will attract a minimum 100% margin on all open and new positions and will be shifted from the Rolling Settlement segment (EQ/SM) to the Trade-for-Trade segment (BE/ST). Additionally, one security (CURAA - Cura Technologies Limited) is moved from ESM Stage II back to Stage I.
Key Points
- 7 securities newly included in ESM Stage I, attracting minimum 100% margin w.e.f. April 28, 2026
- All 6 starred securities (GAUDIUMIVF, HBSL, MOBILISE, SIGACHI, SOCL, VLINFRA) will shift from EQ/SM to BE/ST series w.e.f. April 28, 2026
- No securities shortlisted to move from ESM Stage I to Stage II
- CURAA (Cura Technologies Limited) moves from ESM Stage II back to Stage I w.e.f. April 27, 2026
- Stage II securities are placed under Trade-for-Trade with a 2% price band under Periodic Call Auction w.e.f. April 27, 2026
- ESM is applied purely on market surveillance grounds and should not be construed as adverse action against the company
Regulatory Changes
The ESM framework, referenced under earlier circulars NSE/SURV/56948, NSE/SURV/57609, NSE/SURV/63361, NSE/SURV/64066, NSE/SURV/64400, and NSE/SURV/69315 (dated June 2023 through July 2025), continues to be applied. Securities moving out of the ESM framework will have their price band reinstated to the pre-ESM applicable level, subject to no other surveillance measure being in effect.
Compliance Requirements
- NSE members must ensure minimum 100% margin is collected on open positions as on April 27, 2026 and all new positions from April 28, 2026 for the 7 newly included ESM Stage I securities
- Members must comply with Trade-for-Trade settlement obligations for securities shifted to BE/ST series
- Members should inform clients of the segment change and margin implications for affected securities
- For queries, members may contact surveillance@nse.co.in
Important Dates
- April 24, 2026: Circular issued
- April 27, 2026: Stage II securities subject to 2% price band under Periodic Call Auction; CURAA moves from Stage II to Stage I
- April 28, 2026: Minimum 100% margin applicable on new ESM Stage I inclusions; segment shift from EQ/SM to BE/ST effective
Impact Assessment
Newly added ESM Stage I securities (effective April 28, 2026):
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | GAUDIUMIVF | Gaudium IVF and Women Health Limited | INE0P8B01020 |
| 2 | HBSL | HB Stockholdings Limited | INE550B01022 |
| 3 | MOBILISE | Mobilise App Lab Limited | INE1YNB01019 |
| 4 | SIGACHI | Sigachi Industries Limited | INE0D0K01022 |
| 5 | SOCL | Sundrex Oil Company Limited | INE0CTB01014 |
| 6 | VIJIFIN | Viji Finance Limited | INE159N01027 |
| 7 | VLINFRA | V.L.Infraprojects Limited | INE0QXL01015 |
The 100% margin requirement and shift to Trade-for-Trade will significantly reduce liquidity for these securities, as intraday trading will no longer be permitted and capital requirements for holding positions will increase substantially. Investors currently holding positions in these securities should be aware of the settlement segment change. CURAA’s downgrade from Stage II to Stage I is a positive development, potentially easing trading conditions for that security.
Impact Justification
Direct trading impact on 8 securities: 7 newly placed under ESM Stage I face mandatory 100% margin and segment shift to Trade-for-Trade, significantly affecting liquidity and trading conditions for investors holding or trading these stocks.