Description

BSE updates on securities moving to higher ESM stages, with Aptus Pharma Ltd and Rotographics (India) Ltd being escalated effective January 30, 2026.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective January 30, 2026. Two securities - Aptus Pharma Ltd and Rotographics (India) Ltd - will be moved to higher ESM stages. No new securities are being added to the ESM framework, and no securities are exiting the framework. The circular includes a consolidated list of all securities currently under ESM with their respective stages.

Key Points

  • No new securities shortlisted for ESM framework
  • 2 securities moving to higher ESM stages: Aptus Pharma Ltd (Scrip Code: 544529, ISIN: INE15XJ01010) and Rotographics (India) Ltd (Scrip Code: 539922, ISIN: INE364S01014)
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework
  • Consolidated list contains 31+ securities across ESM Stage I and Stage II
  • Changes effective from January 30, 2026

Regulatory Changes

No new regulatory changes to the ESM framework itself. This is a routine update on securities classification within the existing framework.

Compliance Requirements

  • Trading members and investors should note the higher surveillance stage for Aptus Pharma Ltd and Rotographics (India) Ltd
  • Securities in higher ESM stages typically face additional trading restrictions and enhanced monitoring
  • Market participants should review their positions in affected securities

Important Dates

  • Effective Date: January 30, 2026 - ESM stage changes come into effect

Impact Assessment

Market Impact: Limited direct market impact as only 2 securities are being moved to higher surveillance stages. The ESM framework continues to monitor securities with abnormal price movements or market behavior.

Trading Impact: Securities moving to higher ESM stages may face increased restrictions such as reduced price bands, 100% upfront margin requirements, or trade-for-trade settlement.

Investor Impact: Investors holding Aptus Pharma Ltd and Rotographics (India) Ltd should be aware of enhanced surveillance and potential trading restrictions that come with higher ESM stages.

Consolidated ESM List Highlights

The circular provides a comprehensive list of securities under ESM surveillance, including:

  • Stage I: Majority of listed securities (e.g., Aayush Wellness Ltd, Adcon Capital Services Ltd, Adinath Textiles Ltd)
  • Stage II: Securities under stricter surveillance (e.g., Aptus Pharma Ltd, Alps Industries Ltd, Arcee Industries Ltd)

Securities marked with special indicators:

  • (#) SME scrips
  • (*) As per NSE coordination

Impact Justification

Routine ESM framework update affecting 2 securities moving to higher surveillance stages; consolidated list shows 31+ securities under various ESM stages