Description

BSE updates Enhanced Surveillance Measure framework with 4 new securities entering ESM, 1 security moving to higher stage, and consolidated list of all securities under ESM stages.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective January 16, 2026. Four new securities are being added to ESM Stage I, including three SME scrips. One security (PH Capital Ltd) is being moved to a higher ESM stage. No securities are moving out of the ESM framework or being moved to lower stages in this update.

Key Points

  • 4 new securities shortlisted for Enhanced Surveillance Measure (ESM) Framework
  • 1 security moving to higher ESM stage (PH Capital Ltd)
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework
  • Changes effective from January 16, 2026
  • Consolidated list includes 28+ securities across ESM Stage I and Stage II

Securities Entering ESM Framework (Stage I)

New Additions effective January 16, 2026:

  1. Global Ocean Logistics India Ltd (Scrip Code: 544665, ISIN: INE1ITY01011) - SME Scrip
  2. HCKK Ventures Ltd (Scrip Code: 539224, ISIN: INE345Q01017)
  3. Mangalam Industrial Finance Ltd (Scrip Code: 537800, ISIN: INE717C01025)
  4. Rukmani Devi Garg Agro Impex Ltd (Scrip Code: 544552, ISIN: INE0S5T01017) - SME Scrip

Securities Moving to Higher ESM Stage

Moving to Higher Stage effective January 16, 2026:

  • PH Capital Ltd (Scrip Code: 500143, ISIN: INE160F01013) - Moving to higher ESM stage

Consolidated ESM List (Partial)

The circular provides a consolidated list of securities under ESM framework with their respective stages. Notable securities include:

ESM Stage II:

  • Aadi Industries Ltd (530027)
  • ABM Knowledgeware Ltd (531161)
  • Alps Industries Ltd (530715)
  • Anirit Ventures Ltd (530705)
  • Arunjyoti Bio Ventures Ltd (530881)

ESM Stage I:

  • Aayush Wellness Ltd, Adcon Capital Services Ltd, Adinath Textiles Ltd, Ador Multiproducts Ltd, Aerpace Industries Ltd, and 20+ other securities

Regulatory Framework

The Enhanced Surveillance Measure (ESM) is a surveillance framework applied to securities that:

  • Exhibit unusual price movements
  • Show abnormal trading volumes
  • Have concerns regarding corporate governance
  • Require enhanced monitoring for investor protection

Securities under ESM are subject to:

  • Trade-for-trade settlement (no intraday trading)
  • 100% upfront margin requirements
  • Additional disclosure requirements
  • Progressive restrictions as they move to higher stages

Compliance Requirements

For Listed Companies:

  • Companies whose securities are placed under ESM must ensure timely disclosures
  • Enhanced compliance with corporate governance norms
  • Regular communication with exchange regarding remedial measures

For Trading Members:

  • Collect 100% upfront margins from clients
  • Implement trade-for-trade settlement procedures
  • Ensure clients are aware of ESM restrictions on securities

For Investors:

  • No intraday trading permitted in ESM securities
  • Full payment required before purchase
  • Delivery-based settlement only
  • Higher risk profile warrants caution

Important Dates

  • Circular Issue Date: January 14, 2026
  • Effective Date: January 16, 2026
  • All ESM changes become applicable from market opening on January 16, 2026

Impact Assessment

Market Impact:

  • Liquidity constraints for affected securities due to trade-for-trade requirements
  • Reduced trading volumes expected in newly added securities
  • Potential price volatility during transition period

Investor Impact:

  • Higher margin requirements (100% upfront)
  • No leverage or intraday trading opportunities
  • Enhanced risk disclosure for retail investors
  • Limited accessibility for short-term traders

Operational Impact:

  • Brokers must update surveillance lists and margin systems
  • Risk management systems require reconfiguration
  • Client communication regarding trading restrictions necessary
  • Settlement cycle adjustments for affected securities

Notes

  • Securities marked with (#) are SME scrips
  • Securities marked with (*) indicate NSE classification
  • Securities may move between ESM stages based on ongoing surveillance
  • Some securities may exit ESM if moved to SMP Framework ($) or IBC Framework (@)
  • Certain securities may continue in Trade-for-Trade even after ESM exit as per separate circulars

Impact Justification

Affects trading conditions for multiple securities under enhanced surveillance, including stage movements that impact trading restrictions and investor accessibility