NSE · Surveillance · Medium
NSE adds 3 stocks to ESM Stage I, moves 1 to Stage II, eases 5
Three stocks shift to trade-for-trade with 100% margin; VIJIFIN gets a 2% price band. Five others ease from Stage II to Stage I.
What changed
- BHARATGEAR, ONMOBILE, SAMAY added to ESM Stage I from July 7, moving to trade-for-trade with 100% margin.
- VIJIFIN moved from Stage I to Stage II, attracting 2% price band under Periodic Call Auction from July 6.
- GAUDIUMIVF, GSTL, KECL, MERCURYEV, SETCO downgraded from Stage II to Stage I, easing restrictions.
The read
NSE's periodic ESM review reshuffles surveillance tiers for 9 stocks. New entrants BHARATGEAR, ONMOBILE, SAMAY face trade-for-trade settlement and a 100% margin, squeezing liquidity. VIJIFIN escalates to Stage II, tightening to a 2% price band. Conversely, five stocks (GAUDIUMIVF, GSTL, KECL, MERCURYEV, SETCO) move from the harsher Stage II back to Stage I, a modest relief but still under enhanced watch. The shifts take effect July 6-7, 2026. For traders, margin costs and price bands are the immediate bite.
BHARATGEARONMOBILESAMAYVIJIFIN
Primary source: official circular (PDF)