Description

BSE circular detailing securities moving to higher ESM stages and consolidated list of all securities under Enhanced Surveillance Measure framework.

Summary

BSE has issued an update on 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 moving out or being downgraded to lower stages. The circular includes a consolidated list of 31+ securities currently under various ESM stages.

Key Points

  • Two securities moving to higher ESM stages effective January 30, 2026
  • Aptus Pharma Ltd (Scrip Code: 544529, ISIN: INE15XJ01010) moving to Stage II
  • Rotographics (India) Ltd (Scrip Code: 539922, ISIN: INE364S01014) moving to higher stage
  • No new securities being added to ESM framework
  • No securities exiting ESM framework
  • No securities being downgraded to lower ESM stages
  • Consolidated list includes securities in Stage I and Stage II ESM

Regulatory Changes

The Enhanced Surveillance Measure framework continues to apply with stage progressions for non-compliant securities. Securities under ESM face additional trading restrictions and surveillance based on their stage classification. Movement to higher stages indicates deteriorating compliance or market behavior patterns requiring increased regulatory oversight.

Compliance Requirements

  • Trading members must note the ESM stage classifications for affected securities
  • Enhanced monitoring and surveillance applies to all listed securities in the framework
  • Securities marked with (#) are SME scrips requiring special attention
  • Securities marked with (*) have NSE-specific classifications
  • Market participants should review the consolidated list for all securities under ESM stages I and II

Important Dates

  • Effective Date: January 30, 2026 - ESM stage changes become applicable
  • Circular Date: January 29, 2026

Impact Assessment

The movement of two securities to higher ESM stages indicates deteriorating market quality parameters for these stocks. This results in stricter trading conditions including potential additional margins, restricted trading mechanisms, or trade-for-trade settlement. Market participants holding or trading these securities should expect reduced liquidity and increased scrutiny. The overall ESM framework continues to protect market integrity by identifying and monitoring securities exhibiting unusual price movements or poor corporate governance.

Impact Justification

Affects trading conditions for specific securities under enhanced surveillance, with two securities moving to higher ESM stages indicating increased monitoring requirements.