Description

BSE updates the list of securities under Enhanced Surveillance Measure framework, adding 3 new securities and moving 1 security to higher ESM stage effective January 14, 2026.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective January 14, 2026. Three securities are being newly added to ESM: Bhakti Gems and Jewellery Ltd, Pro Clb Global Ltd, and Samtel India Ltd. Additionally, Maruti Interior Products Ltd (SME scrip) will be moved to a higher ESM stage. No securities are exiting the ESM framework or moving to lower stages. The circular also provides a consolidated list of all securities currently under ESM across different stages.

Key Points

  • 3 new securities added to Enhanced Surveillance Measure framework
  • Bhakti Gems and Jewellery Ltd (Scrip Code: 540545, ISIN: INE986W01016)
  • Pro Clb Global Ltd (Scrip Code: 540703, ISIN: INE438C01010)
  • Samtel India Ltd (Scrip Code: 500371, ISIN: INE538C01017)
  • Maruti Interior Products Ltd (Scrip Code: 543464, ISIN: INE0JSJ01014) moved to higher ESM stage
  • No securities moving out of ESM framework
  • No securities moving to lower ESM stages
  • Consolidated list includes securities across ESM Stage I and Stage II

Regulatory Changes

The ESM framework applies additional surveillance measures to securities exhibiting abnormal price movements or other concerns. Securities under ESM are subject to:

  • Trade-for-trade settlement (no intraday trading)
  • 100% upfront margin requirements
  • Additional disclosure requirements
  • Price bands and other trading restrictions depending on ESM stage

Higher ESM stages impose progressively stricter trading restrictions.

Compliance Requirements

  • Trading members must ensure compliance with ESM framework restrictions for affected securities
  • Clients trading in ESM securities must provide full upfront margins
  • Only delivery-based trading permitted (no intraday squaring off)
  • Members must monitor and report any suspicious trading patterns
  • Enhanced due diligence required for client orders in ESM securities

Important Dates

  • Effective Date: January 14, 2026
  • Changes to ESM framework including new additions and stage movements become effective from market opening on this date

Impact Assessment

Market Impact: The addition of securities to ESM framework typically results in reduced liquidity and trading volumes for affected stocks due to stricter trading conditions. The trade-for-trade mechanism and 100% margin requirements discourage speculative trading.

Investor Impact: Investors holding or trading these securities will face:

  • Mandatory delivery-based trading only
  • Higher capital requirements (100% upfront margin)
  • Potential difficulty in exiting positions due to reduced liquidity
  • Increased price volatility due to lower trading volumes

Operational Impact: Brokers and trading members need to:

  • Update their risk management systems
  • Communicate restrictions to clients
  • Ensure proper margin collection before order placement
  • Monitor compliance with ESM framework rules

The consolidated list provided helps market participants identify all securities currently under enhanced surveillance across different stages, enabling better risk assessment and trading decisions.

Impact Justification

Affects trading conditions for 4 securities; ESM framework indicates increased surveillance due to price volatility or other concerns, requiring trader awareness but not market-wide impact