NSE has issued its latest Enhanced Surveillance Measure (ESM) update, adding two securities — DCI (Dc Infotech And Communication Limited) and SETCO (Setco Automotive Limited) — to ESM Stage I effective April 08, 2026. These securities will attract a minimum 100% margin requirement and will be shifted from the Rolling Settlement segment (EQ/SM) to the Trade-for-Trade segment (BE/ST) effective April 09, 2026. No securities are being excluded or moved between stages in this cycle.

Key Points

• Two securities added to ESM Stage I: DCI (Dc Infotech And Communication Limited, INE0A1101019) and SETCO (Setco Automotive Limited, INE878E01021)
• Minimum 100% margin applicable on all open positions as on April 08, 2026, and new positions created from April 09, 2026
• Both securities shifted from Rolling Settlement (EQ/SM series) to Trade-for-Trade (BE/ST series) w.e.f. April 09, 2026
• No securities are being moved from Stage I to Stage II or Stage II to Stage I
• No securities are being excluded from the ESM framework this cycle
• Securities shifting to Stage II would be subject to Trade-for-Trade with 2% price band under Periodic Call Auction w.e.f. April 08, 2026 (not applicable this cycle)
• ESM framework operates in conjunction with all other prevailing surveillance measures
• Inclusion in ESM is purely a surveillance action and should not be construed as adverse action against the company

Regulatory Changes

This circular references and operates under the following prior NSE circulars establishing the ESM framework:

• 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)
• NSE/SURV/69315 (July 25, 2025)

No new regulatory framework changes are introduced; this is a periodic application of the existing ESM criteria.

Compliance Requirements

• NSE Members must ensure 100% margin is collected on all open positions in DCI and SETCO as on April 08, 2026
• Members must collect 100% margin on any new positions in these securities created from April 09, 2026 onwards
• Members must note that trading in DCI and SETCO will only be permitted in the BE/ST (Trade-for-Trade) series from April 09, 2026
• Members should inform their clients about the change in settlement type and margin requirements for these securities
• For queries, members may contact surveillance@nse.co.in

Important Dates

Impact Assessment

Affected Securities:

• DCI — Dc Infotech And Communication Limited (ISIN: INE0A1101019)
• SETCO — Setco Automotive Limited (ISIN: INE878E01021)

Trading Impact: Both securities will face significantly restricted trading conditions. The move to Trade-for-Trade settlement eliminates netting benefits and requires full upfront delivery, reducing speculative activity. The 100% margin requirement substantially increases the cost of holding positions.

Market Liquidity: Liquidity in both scrips is expected to decline materially following this action, as leveraged traders will be forced to exit or reduce positions.

Investor Implications: Retail and institutional investors holding these stocks should be aware of the increased margin requirements and settlement changes. Existing open positions will require 100% margin from April 08, 2026.

Consolidated ESM List: The full consolidated list of securities under ESM (Annexure III) includes multiple securities at Stage I and Stage II levels, reflecting ongoing broad surveillance activity across the market.