Description

BSE announces movement of securities in and out of Enhanced Surveillance Measure (ESM) framework with stage changes effective January 23, 2026.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective January 23, 2026. Two new securities have been shortlisted into ESM Stage I, two securities will move to higher ESM stages, and no securities are exiting the framework. The consolidated list includes 29+ securities across different ESM stages (Stage I and Stage II).

Key Points

  • 2 new securities added to ESM Framework (Stage I): Glittek Granites Ltd and Mukat Pipes Ltd
  • 2 securities moving to higher ESM stages: Starlineps Enterprises Ltd and Switching Technologies Gunther Ltd
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework this cycle
  • Consolidated list shows securities in ESM Stage I and Stage II
  • Changes effective from January 23, 2026

Regulatory Changes

The Enhanced Surveillance Measure (ESM) framework continues to operate as designed, with securities being added, moved between stages, or removed based on surveillance criteria. Securities in ESM framework are subject to additional surveillance and typically trade in Trade-to-Trade (T2T) segment with stricter monitoring.

Compliance Requirements

  • Trading members must note the securities under ESM framework
  • Securities in ESM are subject to additional margin requirements
  • Trades in ESM securities settle on T2T basis with delivery obligations
  • Members must monitor client positions in ESM securities closely
  • Enhanced due diligence required for transactions in these securities

Important Dates

  • Effective Date: January 23, 2026 - All ESM changes become effective

Impact Assessment

Trading Impact: Securities newly added to or moving to higher ESM stages face increased trading restrictions and surveillance, which typically reduces liquidity and increases price volatility. The T2T settlement requirement limits intraday trading activity.

Investor Impact: Investors holding or trading these securities should be aware of enhanced surveillance measures, potential reduced liquidity, and stricter settlement requirements. Higher ESM stages indicate elevated surveillance concerns.

Market Impact: Limited with only 2 new securities added. The continuing presence of 29+ securities in the consolidated ESM list indicates ongoing market surveillance activities by BSE.

Securities Added to ESM (Stage I)

  1. Glittek Granites Ltd (Scrip Code: 513528, ISIN: INE741B01027)
  2. Mukat Pipes Ltd (Scrip Code: 523832, ISIN: INE862C01029)

Securities Moving to Higher ESM Stages

  1. Starlineps Enterprises Ltd (Scrip Code: 540492, ISIN: INE594W01042)
  2. Switching Technologies Gunther Ltd (Scrip Code: 517201, ISIN: INE311D01017)

Consolidated ESM List Highlights

The consolidated list includes securities such as:

  • Aadi Industries Ltd (Stage II)
  • Aayush Wellness Ltd (Stage I)
  • ABM Knowledgeware Ltd (Stage II)
  • Alps Industries Ltd (Stage II)
  • And 25+ other securities across various ESM stages

Complete consolidated list available in Annexure III of the circular

Impact Justification

Regular surveillance update affecting specific securities with trading restrictions. Limited number of securities newly added (2) and moved to higher stages (2), with no securities exiting ESM framework.