Description

BSE updates the list of securities under Enhanced Surveillance Measure (ESM) framework, including new additions, stage movements, and consolidated list of all securities under ESM effective January 21, 2026.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) framework effective January 21, 2026. Two securities (AuSom Enterprise Ltd and Best Agrolife Ltd) have been newly shortlisted into ESM. One security (Bits Ltd) will be moved to a higher ESM stage. No securities are moving to lower ESM stages or exiting the framework. The circular includes a consolidated list of at least 30 securities currently under various ESM stages.

Key Points

  • 2 securities newly added to ESM framework: AuSom Enterprise Ltd (509009) and Best Agrolife Ltd (539660)
  • 1 security moving to higher ESM stage: Bits Ltd (526709)
  • No securities moving to lower ESM stages
  • No securities exiting the ESM framework
  • Consolidated list includes securities in ESM Stage I and Stage II
  • Changes effective from January 21, 2026
  • ESM framework involves enhanced monitoring and surveillance of securities

Regulatory Changes

The Enhanced Surveillance Measure (ESM) is a surveillance framework applied by BSE to securities that exhibit abnormal price movements or trading patterns. Securities under ESM are subject to:

  • Trade-for-trade settlement (no intraday trading)
  • 100% upfront margin requirements
  • Progressive stages (Stage I, II, etc.) with increasing restrictions
  • Regular review for movement between stages or exit from framework

Compliance Requirements

  • Trading members must ensure 100% upfront margins for all trades in ESM securities
  • All trades in ESM securities will be settled on a trade-for-trade basis
  • No intraday trading or squaring off positions allowed
  • Investors should be aware of enhanced surveillance and restrictions on these securities

Important Dates

  • Effective Date: January 21, 2026 - All ESM changes become applicable

Impact Assessment

Market Impact: Medium - The addition of 2 new securities and upgrade of 1 security to higher ESM stage indicates continued surveillance concerns. Traders in these securities will face restricted trading conditions.

Liquidity Impact: Securities under ESM typically experience reduced liquidity due to trade-for-trade requirements and margin obligations, making them less attractive for short-term trading.

Investor Impact: Existing and potential investors in the 30+ listed ESM securities should exercise caution and conduct thorough due diligence. The ESM classification indicates potential concerns regarding price volatility, corporate governance, or compliance issues.

Detailed Securities Lists

Annexure I - New Additions to ESM (Stage I)

  1. AuSom Enterprise Ltd (Scrip Code: 509009, ISIN: INE218C01016)
  2. Best Agrolife Ltd (Scrip Code: 539660, ISIN: INE052T01021)

Moving to Higher ESM Stage

  1. Bits Ltd (Scrip Code: 526709, ISIN: INE839A01021)

Consolidated ESM List (Partial - First 30 Securities)

Includes securities in Stage I and Stage II such as Aadi Industries Ltd, Aayush Wellness Ltd, ABM Knowledgeware Ltd, Adcon Capital Services Ltd, Alps Industries Ltd (Stage II), Anirit Ventures Ltd (Stage II), Ashnisha Industries Ltd (Stage II), and others.

Impact Justification

Affects trading conditions for multiple securities through ESM framework changes. Medium impact as it involves enhanced surveillance rather than trading suspension, but traders and investors in these securities need to be aware of increased monitoring and potential trade-for-trade requirements.