Description

BSE updates Enhanced Surveillance Measure framework with new securities additions, stage movements, and exits effective February 01, 2026. Lists include 1 new entry, 2 upgrades to higher stages, 14 downgrades to lower stages, and 23 securities exiting ESM.

Summary

BSE has issued updated lists for the Enhanced Surveillance Measure (ESM) Framework effective February 01, 2026. The changes include:

  • 1 security newly shortlisted in ESM (Colinz Laboratories Ltd)
  • 2 securities moving to higher ESM stages (Gujarat Inject Kerala Ltd, Sarup Industries Ltd)
  • 14 securities moving to lower ESM stages
  • 23 securities exiting the ESM framework entirely

ESM is a risk management framework that places additional trading restrictions on securities exhibiting abnormal price movements or other risk indicators.

Key Points

  • New ESM Entry: Colinz Laboratories Ltd (531210, INE923C01011) enters ESM framework
  • Higher Stage Movements: 2 securities upgraded to stricter surveillance stages due to continued risk concerns
  • Lower Stage Movements: 14 securities downgraded to less restrictive ESM stages showing improvement
  • ESM Exits: 23 securities removed from ESM framework, returning to normal trading conditions
  • Effective Date: All changes take effect from February 01, 2026
  • SME Scrips: Several SME-listed securities included in these changes (marked with #)

Regulatory Changes

The ESM framework applies progressive surveillance stages with increasing restrictions:

  • Securities in higher ESM stages face stricter trading conditions (lower price bands, trade-to-trade settlement, additional margins)
  • Movement between stages based on continued risk assessment
  • Exit from ESM indicates normalization of trading behavior and risk profile

Compliance Requirements

  • Investors and Traders: Be aware of ESM status before trading; ESM securities have restricted trading conditions
  • Broker-Dealers: Ensure proper risk disclosures to clients trading ESM securities
  • Listed Companies: Monitor ESM status and address underlying concerns to facilitate exit from framework
  • Market Participants: Review positions in affected securities before February 01, 2026

Important Dates

  • Effective Date: February 01, 2026 - All ESM changes become applicable

Impact Assessment

Securities Entering/Moving Higher: Increased trading restrictions may reduce liquidity and require additional margins. Colinz Laboratories and 2 other securities face stricter surveillance.

Securities Moving Lower: 14 securities benefit from relaxed restrictions, potentially improving liquidity and trading activity.

Securities Exiting ESM: 23 securities return to normal trading framework, removing restrictions and improving market access. Notable exits include Essar Shipping, Systematix Securities, and several SME scrips.

Overall Market Impact: Medium - affects specific securities rather than broad market. Investors holding these stocks should review positions and adjust strategies based on new surveillance status.

Detailed Lists

Annexure I - Part A: New ESM Entries and Stage Movements

Newly Shortlisted in ESM (Effective February 01, 2026):

  1. Colinz Laboratories Ltd (531210, INE923C01011)

Moving to Higher ESM Stage:

  1. Gujarat Inject Kerala Ltd (524238, INE659F01014)
  2. Sarup Industries Ltd (514412, INE305D01019)

Moving to Lower ESM Stage:

  1. Alps Industries Ltd (530715, INE093B01015)
  2. Esha Media Research Ltd (531259, INE328F01016)
  3. GDL Leasing & Finance Ltd (530855, INE545E01018)
  4. Gujarat Investa Ltd (531341, INE373D01017)
  5. Hemo Organic Ltd (524590, INE422G01015)
  6. Mercury Trade Links Ltd (512415, INE319T01016)
  7. Mudunuru Ltd (538743, INE491C01027)
  8. Naturo Indiabull Ltd# (543579, INE0JNB01012)
  9. Nutricircle Ltd (530219, INE536C01029)
  10. Oxford Industries Ltd (514414, INE114D01015)
  11. RDB Real Estate Constructions Ltd (544346, INE0AK901016)
  12. Shree Krishna Paper Mills & Industries Ltd (500388, INE970C01012)
  13. SSPN Finance Ltd# (539026, INE820R01017)
  14. Triton Corp Ltd (523387, INE982C01033)

Annexure II - Part A: Securities Exiting ESM

Moving Out of ESM Framework (Effective February 01, 2026):

  1. Adcon Capital Services Ltd (539506, INE805Q01028)
  2. Ameenji Rubber Ltd# (544555, INE14QA01016)
  3. Arunjyoti Bio Ventures Ltd (530881, INE485K01022)
  4. Aztec Fluids & Machinery Ltd# (544177, INE0SCB01016)
  5. Cargotrans Maritime Ltd# (543618, INE0M4L01013)
  6. Envair Electrodyne Ltd (500246, INE601C01013)
  7. Essar Shipping Ltd (533704, INE122M01019)
  8. Groarc Industries India Ltd (532315, INE042B01012)
  9. Hi-Klass Trading and Investment Ltd (542332, INE302R01024)
  10. Hindustan Appliances Ltd (531918, INE02XD01011)
  11. MRC Agrotech Ltd (540809, INE333Y01017)
  12. Nivaka Fashions Ltd (542206, INE139E01028)
  13. Ontic Finserve Ltd (540386, INE989S01042)
  14. Prajay Engineers Syndicate Ltd (531746, INE505C01016)
  15. Prima Industries Ltd (531246, INE723N01012)
  16. Purple Agrotech Industries Ltd (540159, INE905R01016)
  17. Response Informatics Ltd (538273, INE401B01010)
  18. Shree Vatsaa Finance & leasing Ltd (532007, INE981C01019)
  19. Systematix Securities Ltd (531432, INE07P301011)
  20. Times Green Energy (India) Ltd# (543310, INE0B6101012)
  21. Unified Data Tech Solutions Ltd# (544406, INE1ABX01018)
  22. Wardwizard Foods and Beverages Ltd (539132, INE761D01021)
  23. Zelio E Mobility Ltd# (544563, INE1B3501014)

Note: Securities marked # are SME scrips. Some securities exiting ESM may be subject to other frameworks (SMP, IBC, or Trade for Trade as per separate circulars).

Impact Justification

Affects trading conditions for 40 securities across multiple surveillance stages. New ESM entries face stricter trading controls, while exits provide relief. Important for investors and traders in these specific scrips.