Description

BSE announces additions and stage changes for securities under Enhanced Surveillance Measure (ESM) framework effective January 8, 2026, including 2 new additions and 4 securities moving to higher stages.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) framework effective January 8, 2026. Two new securities have been added to ESM Stage I, and four existing securities will be moved to higher ESM stages. No securities are being moved to lower stages or removed from the ESM framework at this time. The consolidated list shows 27+ securities currently under various ESM stages.

Key Points

  • 2 new securities added to ESM framework: Gujarat Inject Kerala Ltd (524238) and Hardwyn India Ltd (541276)
  • 4 securities moving to higher ESM stages: Checkpoint Trends Ltd, Deccan Bearings Ltd, Onix Solar Energy Ltd, and Ramchandra Leasing & Finance Ltd
  • No securities moving to lower ESM stages
  • No securities being removed from ESM framework
  • Changes effective from January 8, 2026
  • Consolidated list includes securities across ESM Stage I and Stage II

Regulatory Changes

ESM framework applies additional surveillance measures to securities based on predefined objective criteria. Securities under ESM are subject to:

  • Trade-to-Trade (T2T) settlement
  • Additional Surveillance Deposit (ASD) requirements
  • 100% margin requirements
  • Progressive restrictions based on ESM stage (Stage I being lower, with potential escalation to higher stages)

Compliance Requirements

  • Trading members must ensure compliance with enhanced margin requirements for ESM securities
  • Investors trading in ESM securities must be aware of T2T settlement obligations
  • Additional Surveillance Deposit must be collected as per framework requirements
  • Market participants should monitor ESM stage changes as higher stages impose stricter restrictions

Important Dates

  • Effective Date: January 8, 2026 - All ESM changes become applicable
  • Announcement Date: January 7, 2026

Impact Assessment

New Additions (Stage I):

  • Gujarat Inject Kerala Ltd (Scrip Code: 524238, ISIN: INE659F01014)
  • Hardwyn India Ltd (Scrip Code: 541276, ISIN: INE626Z01029) - marked as per NSE

Moving to Higher Stages:

  • Checkpoint Trends Ltd (Scrip Code: 531099, ISIN: INE396H01019)
  • Deccan Bearings Ltd (Scrip Code: 505703, ISIN: INE498D01012)
  • Onix Solar Energy Ltd (Scrip Code: 513119, ISIN: INE173M01012)
  • Ramchandra Leasing & Finance Ltd (Scrip Code: 538540, ISIN: INE516P01015)

Investors holding these securities will face increased trading restrictions, higher margin requirements, and mandatory delivery-based settlement. Securities moving to higher ESM stages indicate continued surveillance concerns and may face further restrictions if issues persist. The ESM framework aims to protect investor interests by flagging securities with unusual price movements or other surveillance concerns.

Impact Justification

Affects specific securities with trading restrictions under ESM framework; impacts investors holding or trading these stocks with potential additional margin requirements and T2T settlement