NSE’s Surveillance Department (Circular Ref. No. 261/2026, Download Ref No: NSE/SURV/73704) announces changes under the Enhanced Surveillance Measure (ESM) framework. Four securities are newly included in ESM Stage I, two securities move from Stage I to Stage II, and at least two securities move from Stage II back to Stage I, all effective April 13–15, 2026.

Key Points

• 4 securities newly shortlisted under ESM Stage I: ESCONET, ONDOOR, SEL, STUDIOLSD
• 2 securities escalated from ESM Stage I to Stage II: KALANA, TIJARIA
• At least 2 securities downgraded from ESM Stage II to Stage I: ASCOM, KSR (and UNIVPHOTO, data truncated)
• Minimum 100% margin applicable on all open positions as on April 13, 2026, and new positions from April 15, 2026
• ESM Stage I securities shifted from Rolling Settlement (Series: EQ/SM) to Trade-for-Trade (Series: BE/ST) w.e.f. April 15, 2026
• ESM Stage II securities placed under Trade-for-Trade with 2% price band under Periodic Call Auction w.e.f. April 13, 2026
• ESM operates in conjunction with all other prevailing surveillance measures
• NSE emphasises ESM shortlisting is purely a surveillance action and not an adverse finding against the company

Regulatory Changes

• New ESM Stage I inclusions (w.e.f. April 15, 2026): Esconet Technologies Limited (ESCONET, INE0RQZ01017), On Door Concepts Limited (ONDOOR, INE00ER01015), Sungarner Energies Limited (SEL, INE0O3O01017), Studio LSD Limited (STUDIOLSD, INE17VO01028)
• Stage I → Stage II escalation (w.e.f. April 13, 2026): Kalana Ispat Limited (KALANA, INE0T0L01014), Tijaria Polypipes Limited (TIJARIA, INE440L01017)
• Stage II → Stage I downgrade (w.e.f. April 13, 2026): Ascom Leasing & Investments Limited (ASCOM, INE08KD01015), KSR Footwear Limited (KSR, INE1SPP01016), Universus Photo (UNIVPHOTO, partial data)
• Price band for securities exiting ESM will be reinstated to pre-ESM levels, unless another surveillance measure applies

Compliance Requirements

• Members/brokers must ensure 100% margin is collected on open positions in affected securities as on April 13, 2026, and on all new positions from April 15, 2026
• Trades in ESM Stage I securities must be executed in Trade-for-Trade (BE/ST) series from April 15, 2026; rolling settlement (EQ/SM) will no longer apply
• ESM Stage II trades must comply with Periodic Call Auction mechanism and 2% price band from April 13, 2026
• Members should refer to ESM FAQs at https://www.nseindia.com/regulations/enhanced-surveillance-measure-esm for detailed guidelines
• Queries to be directed to surveillance@nse.co.in

Important Dates

• April 10, 2026: Circular issued
• April 13, 2026: Stage II securities subject to Trade-for-Trade with 2% price band under Periodic Call Auction; open position margin of 100% applies
• April 15, 2026: New ESM Stage I securities shift to Trade-for-Trade (BE/ST) series; 100% margin applicable on new positions

Impact Assessment

The affected securities face materially restricted trading conditions. The mandatory shift to Trade-for-Trade eliminates netting benefits, increasing transaction costs and reducing liquidity. The 100% margin requirement significantly raises the capital burden for traders holding or initiating positions in these stocks. ESM Stage II securities under Periodic Call Auction with a 2% price band face severe intraday price movement restrictions. Collectively, these measures are likely to reduce speculative activity and liquidity in the listed securities, potentially causing sharp price adjustments around the effective dates.