NSE adds 7 stocks to ESM Stage-I, shifts 2 to Stage-II from July 8
Seven stocks go trade-for-trade with 100% margin; ACCORD and SHIVAMAUTO move to Stage-II with 2% band and call auction.
What changed
- 7 stocks added to ESM Stage-I: BTTL, GINNIFILA, IVP, KAUSHALYA, MADHUSUDAN, MAZDA, SRIVASAVI.
- ACCORD and SHIVAMAUTO moved from Stage-I to Stage-II.
- No securities excluded or moved back from Stage-II to Stage-I.
The read
NSE's routine ESM reshuffle tightens surveillance on nine names. 7 micro-caps (BTTL, GINNIFILA, IVP, KAUSHALYA, MADHUSUDAN, MAZDA, SRIVASAVI) enter Stage-I, forcing trade-for-trade settlement starting July 9 and a 100% margin on all positions from July 8. 2 others, ACCORD and SHIVAMAUTO, are demoted to Stage-II, adding a 2% price band and periodic call auction. No stocks exited the framework in this cycle. The move will curb liquidity and raise costs for these scrips, exactly as intended. This is surveillance, not enforcement, but the message is clear: the exchange is watching thin names more closely.
Primary source: official circular (PDF)