NSE’s Surveillance department has issued Circular No. 302/2026 (Ref: NSE/SURV/73918) dated April 27, 2026, placing five securities under the Enhanced Surveillance Measure (ESM) Stage I effective April 28, 2026. These securities will attract a minimum 100% margin from April 29, 2026, and will be migrated from Rolling Settlement (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST). No securities are moving between ESM stages or being excluded from the framework in this update.

Key Points

• Five securities added to ESM Stage I: FILATFASH, KHAITANLTD, OMFURN, RITEZONE, and ZODIAC
• Minimum 100% margin applicable w.e.f. April 29, 2026 on all open positions as on April 28, 2026, and new positions from April 29, 2026
• Securities to shift from Rolling Settlement (EQ/SM) to Trade-for-Trade (BE/ST) w.e.f. April 29, 2026
• No securities are moving from Stage I to Stage II, or Stage II to Stage I
• No securities are being excluded from the ESM framework
• ESM framework operates alongside 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 is issued under the ESM framework established via earlier 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 five newly included securities will be subject to Trade-for-Trade settlement with applicable price bands. Securities shifting to Stage II (none in this circular) would additionally face a 2% price band under Periodic Call Auction.

Compliance Requirements

• Members/Brokers: Ensure clients maintain minimum 100% margin on all open positions in the five listed securities as on April 28, 2026, and for new positions created from April 29, 2026
• Members/Brokers: Note the segment migration from EQ/SM to BE/ST effective April 29, 2026, and update trading systems accordingly
• Market Participants: Trade these securities only in Trade-for-Trade mode post migration; intraday square-off will not be permitted
• For queries, contact surveillance@nse.co.in

Important Dates

Impact Assessment

Affected Securities (ESM Stage I, effective April 28, 2026):

Trading Impact: Migration to Trade-for-Trade (BE/ST) eliminates intraday netting; all trades must result in delivery. This significantly reduces liquidity and speculative activity in these scrips.

Margin Impact: The 100% margin requirement substantially increases the capital needed to hold or create positions, effectively discouraging leveraged exposure.

Investor Caution: Retail and institutional investors holding or planning positions in these securities should reassess their exposure given the heightened surveillance status, increased margin costs, and restricted settlement mechanism.