NSE’s Surveillance department has issued Circular 265/2026 (Ref: NSE/SURV/73728) dated April 13, 2026, updating the Enhanced Surveillance Measure (ESM) framework. Four securities are newly included in ESM Stage I, one security (DCMFINSERV) is escalated from Stage I to Stage II, and no securities are being excluded from the framework. All changes are effective April 15–16, 2026.

Key Points

• Four securities newly added to ESM Stage I: DBOL, ENSER, ESFL, and LLOYDS (all effective April 15, 2026)
• DCMFINSERV (DCM Financial Services Limited) escalated from ESM Stage I to Stage II effective April 15, 2026
• No securities are being removed from the ESM framework in this update
• All newly included and escalated securities will attract a minimum 100% margin on open positions and new positions from April 16, 2026
• Stage II securities placed under Trade-for-Trade with a 2% price band under Periodic Call Auction effective April 15, 2026
• ESM operates alongside all other prevailing surveillance measures imposed by the exchanges

Regulatory Changes

• New ESM Stage I inclusions (w.e.f. April 15, 2026):

  • DBOL — Dhampur Bio Organics Limited (ISIN: INE0I3401014)
  • ENSER — Enser Communications Limited (ISIN: INE0R9I01021)
  • ESFL — Essen Speciality Films Limited (ISIN: INE0ITO01014)
  • LLOYDS — Lloyds Luxuries Limited (ISIN: INE0DTQ01028)

• Stage I to Stage II escalation (w.e.f. April 15, 2026):

  • DCMFINSERV — DCM Financial Services Limited (ISIN: INE891B01012)

• Stage II to Stage I migration: Nil

• Exclusions from ESM Framework: Nil

Compliance Requirements

• Members/Brokers: Must ensure minimum 100% margin is collected on all open positions as of April 15, 2026, and on all new positions created from April 16, 2026, for the listed securities
• Trading systems: Must reflect the segment migration from EQ/SM (Rolling Settlement) to BE/ST (Trade-for-Trade) series for all four Stage I additions effective April 16, 2026
• Stage II securities: Must be traded under Trade-for-Trade with a 2% price band via Periodic Call Auction from April 15, 2026
• Members may direct queries to surveillance@nse.co.in

Important Dates

Impact Assessment

Market Liquidity: The migration of four securities from Rolling Settlement (EQ/SM) to Trade-for-Trade (BE/ST) will significantly reduce liquidity as netting of positions is not permitted in T-for-T segment. Intraday trading will effectively be curtailed.

Margin Impact: The 100% margin requirement on DBOL, ENSER, ESFL, LLOYDS, and DCMFINSERV substantially increases the cost of holding or taking positions, likely leading to position unwinding and reduced open interest.

DCMFINSERV — Heightened Restriction: As a Stage II security, DCM Financial Services faces the most restrictive conditions: Trade-for-Trade with a 2% daily price band under Periodic Call Auction, severely limiting price discovery and trading activity.

Investor Advisory: NSE has clarified that ESM classification is purely a market surveillance action and does not constitute an adverse regulatory finding against the listed company. However, market participants should exercise heightened caution given the elevated risk profile of ESM-listed securities.