NSE Surveillance department has issued Circular No. 289/2026 (Download Ref: NSE/SURV/73851) dated April 22, 2026, announcing the inclusion of 14 securities under the Enhanced Surveillance Measure (ESM) Stage I effective April 23, 2026. These securities will attract a minimum 100% margin from April 24, 2026, and 10 of the 14 securities (marked with *) will be shifted from the Rolling Settlement segment (Series: EQ/SM) to the Trade-for-Trade segment (Series: BE/ST) effective April 24, 2026.

Key Points

• 14 securities added to ESM Stage I effective April 23, 2026
• Minimum 100% margin applicable on all open positions as on April 23, 2026, and new positions created from April 24, 2026
• 10 securities (BRANDMAN, GLOBECIVIL, OSWALAGRO, PENINLAND, RUDRA, SADHNANIQ, SARVESHWAR, SPECTSTM, SUPREMEPWR, VAISHALI) to shift from EQ/SM to BE/ST series w.e.f. April 24, 2026
• No securities moving from ESM Stage I to Stage II in this circular
• Securities moving to Stage II would be placed under Trade for Trade with a 2% price band under Periodic Call Auction w.e.f. April 23, 2026
• ESM operates in conjunction with all other prevailing surveillance measures
• Shortlisting is based on market surveillance criteria and should not be construed as adverse action against the company

Securities Added to ESM Stage I

* EQ/SM to BE/ST w.e.f April 24, 2026

Regulatory Changes

This circular references and continues the ESM framework established via prior 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 measure shifts qualifying securities from normal Rolling Settlement to Trade-for-Trade and imposes heightened margin requirements to curb speculative activity.

Compliance Requirements

• Brokers/Members: Must ensure 100% margin collection on all open and new positions in the 14 listed securities from April 24, 2026
• Trading systems: Must reflect the segment migration of the 10 marked securities from EQ/SM to BE/ST effective April 24, 2026
• Investors holding positions: Should be aware that existing open positions as on April 23, 2026, will attract 100% margin from April 24, 2026
• For queries, contact: surveillance@nse.co.in

Important Dates

• April 22, 2026: Circular issuance date
• April 23, 2026: ESM Stage I inclusion effective date; Stage II securities (if any) shift to Periodic Call Auction with 2% price band
• April 24, 2026: 100% margin requirement effective; 10 securities shift from EQ/SM (Rolling Settlement) to BE/ST (Trade-for-Trade) segment

Impact Assessment

This circular has a high market impact for traders and investors in the 14 listed securities:

• Liquidity reduction: Trade-for-Trade settlement eliminates netting, requiring full delivery of shares and full payment, effectively curbing intraday and speculative trading
• Capital requirement spike: The 100% margin requirement will significantly increase capital needed to hold or take positions in these securities
• Segment migration: For the 10 asterisked securities, the shift from EQ/SM to BE/ST effectively restricts the trading mode and may reduce trading volumes
• Retail investors: Those with existing open positions in these stocks will face sudden margin calls from April 24, 2026
• Institutional impact: Fund managers and institutional investors may need to reassess exposure in these securities
• The ESM framework is a surveillance-driven measure; inclusion does not indicate any legal or regulatory proceeding against the companies themselves