Description

BSE updates the list of securities under Enhanced Surveillance Measure (ESM) framework, adding 3 new securities and moving 1 security to higher 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 Stage I: 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 moving to lower stages or exiting the ESM framework.

Key Points

  • 3 new securities added to ESM Stage I framework
  • 1 security (Maruti Interior Products Ltd) moved to higher ESM stage
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework
  • Changes effective from January 14, 2026
  • Consolidated list contains 29+ securities across ESM stages

Regulatory Changes

Securities under ESM framework are subject to additional surveillance measures including:

  • Trade-for-trade settlement (no intraday trading)
  • 100% upfront margin requirements
  • Enhanced disclosure obligations
  • Price bands and other trading restrictions
  • Progressive tightening of measures across ESM stages (I, II, III, etc.)

Compliance Requirements

  • Trading members must ensure compliance with ESM framework requirements
  • All trades in ESM securities must be on delivery basis
  • 100% upfront margin collection mandatory from clients
  • No facility for carry forward or squared off positions
  • Enhanced monitoring of client activities in these securities

Important Dates

  • Effective Date: January 14, 2026 - ESM framework changes come into effect

Impact Assessment

Newly Added Securities (ESM Stage I):

  1. Bhakti Gems and Jewellery Ltd (Scrip Code: 540545, ISIN: INE986W01016)
  2. Pro Clb Global Ltd (Scrip Code: 540703, ISIN: INE438C01010)
  3. Samtel India Ltd (Scrip Code: 500371, ISIN: INE538C01017)

Moved to Higher Stage:

  1. Maruti Interior Products Ltd (Scrip Code: 543464, ISIN: INE0JSJ01014) - SME scrip

Trading Impact:

  • Significant reduction in liquidity for affected securities
  • Increased margin requirements may deter speculative trading
  • Investors must take delivery of shares, increasing settlement obligations
  • Higher ESM stages impose progressively stricter restrictions

Investor Considerations:

  • Securities in ESM framework indicate heightened regulatory concerns
  • May relate to price volatility, low liquidity, corporate governance issues, or other risk factors
  • Investors should exercise enhanced due diligence before trading
  • Exit from positions may be challenging due to trade-for-trade restrictions

The consolidated list shows securities across multiple ESM stages (Stage I and Stage II), with Stage I being the initial level of enhanced surveillance. The framework is designed to protect investor interests by imposing restrictions on securities exhibiting unusual price movements or other concerning characteristics.

Impact Justification

Routine surveillance measure update affecting 4 securities with trading restrictions. Impacts liquidity and trading flexibility for affected stocks.