NSE’s Surveillance Department (Circular Ref. No: 270/2026) has shortlisted four securities for inclusion under the Enhanced Surveillance Measure (ESM) Stage I framework effective April 16–17, 2026. These securities will attract a minimum 100% margin and be shifted from the Rolling Settlement segment (EQ/SM) to the Trade-for-Trade segment (BE/ST). No securities are moving between ESM stages or being excluded from the framework in this update.

Key Points

• Four securities added to ESM Stage I: ANIKINDS (Anik Industries Limited), BROOKS (Brooks Laboratories Limited), GSS (GSS Infotech Limited), and SONAMAC (Sona Machinery Limited)
• All four securities will be migrated from Rolling Settlement (Series: EQ/SM) to Trade-for-Trade settlement (Series: BE/ST) effective April 17, 2026
• A minimum 100% margin will be levied on all open positions as on April 16, 2026, and all new positions created from April 17, 2026
• No securities are moving from ESM Stage I to Stage II or Stage II to Stage I
• No securities are being excluded from the ESM framework in this circular
• Securities moving to Stage II (none this time) would be subject to Trade-for-Trade with a 2% price band under Periodic Call Auction w.e.f. April 16, 2026
• ESM framework operates in conjunction with all other prevailing surveillance measures
• Shortlisting under ESM is purely for market surveillance purposes and does not constitute an adverse action against the company

Regulatory Changes

This circular is issued with reference to previous ESM 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 four newly included securities now attract the full ESM Stage I regulatory framework, including mandatory higher margins and restricted settlement.

Compliance Requirements

• NSE Members must ensure 100% margin collection on open positions in ANIKINDS, BROOKS, GSS, and SONAMAC as on April 16, 2026
• Members must collect 100% margin on all new positions in these securities from April 17, 2026 onwards
• Trading systems must reflect the segment change from EQ/SM to BE/ST for these four securities effective April 17, 2026
• Members and clients holding positions in these scrips should be informed of the new margin and settlement requirements
• For queries, contact: surveillance@nse.co.in

Important Dates

• April 15, 2026: Circular issued
• April 16, 2026: ESM Stage I inclusion effective; 100% margin applicable on existing open positions; Stage II securities (if any) move to Periodic Call Auction with 2% price band
• April 17, 2026: Securities shift from EQ/SM to BE/ST (Trade-for-Trade segment); 100% margin applicable on all new positions

Impact Assessment

The four securities — ANIKINDS (INE087B01017), BROOKS (INE650L01011), GSS (INE871H01011), and SONAMAC (INE0Q6H01012) — will experience significantly reduced liquidity and increased trading costs due to the Trade-for-Trade settlement restriction (no netting of positions) and the 100% margin requirement. Existing holders face mandatory margin top-ups on open positions from April 16, 2026. Retail and institutional investors in these scrips should reassess position sizing and margin availability. The ESM framework is a surveillance tool; inclusion signals regulatory concern over price/volume patterns but is explicitly stated not to be an adverse finding against the company itself.