Description
BSE announces changes to Enhanced Surveillance Measure framework including addition of new securities, movement across ESM stages, and removal of 23 securities effective February 01, 2026.
Summary
BSE has announced periodic updates to its Enhanced Surveillance Measure (ESM) Framework effective February 01, 2026. The circular identifies securities being newly included in ESM, those moving to higher or lower ESM stages, and those exiting the framework. One security (Colinz Laboratories Ltd) is being newly shortlisted, 2 securities are moving to higher ESM stages, 14 securities are moving to lower ESM stages, and 23 securities are exiting the ESM framework entirely.
Key Points
- 1 security newly shortlisted in ESM Framework: Colinz Laboratories Ltd (Scrip Code: 531210, ISIN: INE923C01011)
- 2 securities moving to higher ESM stages: Gujarat Inject Kerala Ltd and Sarup Industries Ltd
- 14 securities moving to lower ESM stages including Alps Industries Ltd, Esha Media Research Ltd, GDL Leasing & Finance Ltd, and others
- 23 securities moving out of ESM Framework including Adcon Capital Services Ltd, Essar Shipping Ltd, Systematix Securities Ltd, and others
- Several SME scrips are affected across all categories
- Changes effective from February 01, 2026
Regulatory Changes
The Enhanced Surveillance Measure (ESM) Framework is a graded surveillance mechanism designed to alert investors about securities displaying abnormal price movements or other risk factors. Securities can move through different ESM stages based on market behavior:
- New ESM Inclusion: 1 security added to framework surveillance
- Stage Escalation: 2 securities moved to higher (stricter) ESM stages due to continued surveillance concerns
- Stage De-escalation: 14 securities moved to lower (less strict) ESM stages showing improved market behavior
- ESM Exit: 23 securities removed from ESM framework either due to improved compliance or migration to other frameworks (SMP or IBC)
Compliance Requirements
- Trading members must ensure awareness of securities under ESM framework
- Enhanced margin requirements and trading restrictions may apply to securities in ESM stages
- Investors should be informed about the surveillance status of these securities
- Securities marked with ($) are moving to Surveillance Measure for Price (SMP) Framework
- Securities marked with (@) are moving to Insolvency and Bankruptcy Code (IBC) Framework
- One security marked with (~) will continue in Trade for Trade as per circular dated January 05, 2026
Important Dates
- Effective Date: February 01, 2026 - All ESM framework changes become applicable
- Circular Date: January 30, 2026
Impact Assessment
Market Impact: Medium - The changes affect 40 securities across different categories, though most are smaller capitalization stocks with limited trading volumes. The ESM framework serves as an investor protection mechanism.
Trading Impact: Securities moving to higher ESM stages will face stricter trading conditions including higher margins and potential additional restrictions. Securities exiting ESM will see relaxation of surveillance measures, potentially improving liquidity.
Investor Impact: Investors holding or trading these securities should note the changed surveillance status. Higher ESM stages typically indicate elevated risk and may require additional margins. Exit from ESM is generally positive, indicating improved market behavior.
Operational Impact: Brokers and trading members need to update their systems and risk management frameworks to reflect the new ESM classifications effective February 01, 2026.
Annexure Details
Annexure I - Part A: ESM Changes
New ESM Securities (Effective Feb 01, 2026)
- Colinz Laboratories Ltd (531210, INE923C01011)
Moving to Higher ESM Stages
- Gujarat Inject Kerala Ltd (524238, INE659F01014)
- Sarup Industries Ltd (514412, INE305D01019)
Moving to Lower ESM Stages
- Alps Industries Ltd (530715, INE093B01015)
- Esha Media Research Ltd (531259, INE328F01016)
- GDL Leasing & Finance Ltd (530855, INE545E01018)
- Gujarat Investa Ltd (531341, INE373D01017)
- Hemo Organic Ltd (524590, INE422G01015)
- Mercury Trade Links Ltd (512415, INE319T01016)
- Mudunuru Ltd (538743, INE491C01027)
- Naturo Indiabull Ltd# (543579, INE0JNB01012)
- Nutricircle Ltd (530219, INE536C01029)
- Oxford Industries Ltd (514414, INE114D01015)
- RDB Real Estate Constructions Ltd (544346, INE0AK901016)
- Shree Krishna Paper Mills & Industries Ltd (500388, INE970C01012)
- SSPN Finance Ltd# (539026, INE820R01017)
- Triton Corp Ltd (523387, INE982C01033)
Annexure II - Part A: Securities Exiting ESM
23 securities moving out of ESM Framework effective February 01, 2026:
- Adcon Capital Services Ltd (539506, INE805Q01028)
- Ameenji Rubber Ltd# (544555, INE14QA01016)
- Arunjyoti Bio Ventures Ltd (530881, INE485K01022)
- Aztec Fluids & Machinery Ltd# (544177, INE0SCB01016)
- Cargotrans Maritime Ltd# (543618, INE0M4L01013)
- Envair Electrodyne Ltd (500246, INE601C01013)
- Essar Shipping Ltd (533704, INE122M01019)
- Groarc Industries India Ltd (532315, INE042B01012)
- Hi-Klass Trading and Investment Ltd (542332, INE302R01024)
- Hindustan Appliances Ltd (531918, INE02XD01011)
- MRC Agrotech Ltd (540809, INE333Y01017)
- Nivaka Fashions Ltd (542206, INE139E01028)
- Ontic Finserve Ltd (540386, INE989S01042)
- Prajay Engineers Syndicate Ltd (531746, INE505C01016)
- Prima Industries Ltd (531246, INE723N01012)
- Purple Agrotech Industries Ltd (540159, INE905R01016)
- Response Informatics Ltd (538273, INE401B01010)
- Shree Vatsaa Finance & leasing Ltd (532007, INE981C01019)
- Systematix Securities Ltd (531432, INE07P301011)
- Times Green Energy (India) Ltd# (543310, INE0B6101012)
- Unified Data Tech Solutions Ltd# (544406, INE1ABX01018)
- Wardwizard Foods and Beverages Ltd (539132, INE761D01021)
- Zelio E Mobility Ltd# (544563, INE1B3501014)
Note: (#) denotes SME Scrip
Impact Justification
Affects multiple securities with changes in surveillance stages impacting trading conditions for 40+ stocks, though these are mostly smaller companies with limited market capitalization.