NSE Circular 285/2026 (Download Ref: NSE/SURV/73826), issued by the Surveillance department on April 21, 2026, announces the inclusion of 20 securities under the Enhanced Surveillance Measure (ESM) Stage I framework effective April 23, 2026. These securities will attract a minimum 100% margin requirement and will be migrated from Rolling Settlement (EQ/SM series) to Trade-for-Trade (BE/ST series). Additionally, securities moving to ESM Stage II will be placed under Trade-for-Trade with a 2% price band under Periodic Call Auction.

Key Points

• 20 securities added to ESM Stage I, attracting minimum 100% margin w.e.f. April 23, 2026
• Margin applies to all open positions as on April 22, 2026, and all new positions from April 23, 2026
• All 20 securities (marked with *) to be shifted from Rolling Settlement (EQ/SM) to Trade-for-Trade (BE/ST) w.e.f. April 23, 2026
• Securities moving to ESM Stage II will be under Trade-for-Trade with a 2% price band under Periodic Call Auction w.e.f. April 22, 2026
• Certain securities are also eligible for exit from ESM framework (Annexure II)
• A consolidated list of all securities under the ESM framework is provided in Annexure III
• ESM framework operates in conjunction with all other prevailing surveillance measures
• Shortlisting under ESM is purely a surveillance action and should not be construed as an adverse action against the company

Regulatory Changes

This circular is issued under the ESM framework established by earlier circulars: NSE/SURV/56948 (June 2, 2023), NSE/SURV/57609 (July 18, 2023), NSE/SURV/63361 (August 9, 2024), NSE/SURV/64066 (September 20, 2024), NSE/SURV/64400 (October 4, 2024), and NSE/SURV/69315 (July 25, 2025). The current circular applies these existing ESM provisions to a new batch of securities.

Compliance Requirements

• NSE Members: Must ensure 100% margin collection on all ESM Stage I securities for open positions as of April 22, 2026, and new positions from April 23, 2026
• Members: Must route trades in the specified securities through the Trade-for-Trade (BE/ST) segment from April 23, 2026
• Members: For ESM Stage II securities, trading must comply with 2% price band restrictions under Periodic Call Auction from April 22, 2026
• Members may direct queries to surveillance@nse.co.in

Important Dates

Impact Assessment

Securities Added to ESM Stage I (Annexure I):

Market Impact: The 100% margin requirement significantly increases the cost of holding positions in these securities, likely reducing liquidity and trading volumes. The shift to Trade-for-Trade eliminates netting benefits, meaning each trade must result in actual delivery, further dampening speculative activity. The 2% price band under Periodic Call Auction for Stage II securities severely limits intraday price movement. These measures collectively signal elevated regulatory concern about price manipulation or abnormal trading patterns in these securities.

NSE has notified the inclusion of 10 securities under the Long-Term Additional Surveillance Measure (Long Term-ASM) Stage-I framework effective April 21, 2026, along with movement of 1 security from Stage-I to Stage-II. A 100% margin requirement will apply on all open and new positions from April 23, 2026. Securities qualifying under criteria VII (Stage-IV) will be transferred from the Rolling Settlement segment (Series: EQ) to the Trade-for-Trade segment (Series: BE).

Key Points

• 10 securities newly shortlisted under Long-Term ASM Stage-I w.e.f. April 21, 2026
• 2 securities (BHAGYANGR, SVPGLOB) moved from Short-Term ASM (STASM) to Long-Term ASM (LTASM) framework
• 1 security (PEARLPOLY) satisfies criteria at BSE
• 1 security (INSPIRE) moves from Long-Term ASM Stage-I to Stage-II w.e.f. April 21, 2026
• No securities shortlisted under Stage-IV or Stage-II to Stage-III movement
• 100% margin applicable on all open positions as on April 22, 2026 and new positions from April 23, 2026
• ASM framework operates in conjunction with all other prevailing surveillance measures

Regulatory Changes

Circular Ref No: NSE/SURV/73812 (Download Ref) / 282/2026 (Circular Ref), issued under the Long-Term ASM framework established by prior circulars: NSE/SURV/39265, NSE/SURV/45111, NSE/SURV/46557, NSE/SURV/48506, NSE/SURV/52090, NSE/SURV/63362, and NSE/SURV/64066. Securities meeting criteria VII (Stage-IV) will be shifted from Rolling Settlement (EQ series) to Trade-for-Trade settlement (BE series).

Compliance Requirements

• Members must maintain 100% margin on open positions held as of April 22, 2026, and on all new positions in ASM-listed securities from April 23, 2026 onwards
• Members should update their systems to reflect segment change (EQ to BE) for any Stage-IV securities
• Members must inform clients of applicable margin and settlement changes for affected securities

Important Dates

• April 21, 2026: ASM inclusion effective for newly shortlisted securities; Stage-I to Stage-II movement effective
• April 22, 2026: Reference date for open positions subject to 100% margin
• April 23, 2026: 100% margin requirement comes into effect; Trade-for-Trade segment shift effective for Stage-IV securities

Impact Assessment

The 100% margin requirement significantly increases the cost of holding or creating positions in the 10 newly listed securities, likely reducing liquidity and increasing volatility. The Stage-I to Stage-II progression for INSPIRE Films Limited indicates continued regulatory scrutiny. BHAGYANGR and SVPGLOB, migrated from STASM to LTASM, face a stricter and longer-duration surveillance regime. No securities were placed under Stage-IV at this time, so no segment migration (EQ to BE) is triggered in this circular. Traders and investors in affected securities should reassess positions given the heightened margin and monitoring requirements.

Securities Included in Long-Term ASM Stage-I (w.e.f. April 21, 2026)

*Moved from STASM to LTASM framework | #Satisfies criteria at BSE

Securities Moving from Stage-I to Stage-II (w.e.f. April 21, 2026)