Description

BSE updates the list of securities under Enhanced Surveillance Measure (ESM) framework with additions, stage changes, and consolidated listing effective February 02, 2026.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework listing effective February 02, 2026. One new security (Alphalogic Industries Ltd) has been added to ESM Stage I. Two securities (Shantai Industries Ltd and Simandhar Impex Ltd) will move to higher ESM stages, while no securities are moving to lower stages or exiting the framework. The circular includes a consolidated list of 30+ securities currently under various ESM stages.

Key Points

  • Alphalogic Industries Ltd (Scrip Code: 543937, ISIN: INE0NZF01019) newly shortlisted under ESM Stage I
  • Shantai Industries Ltd (512297) and Simandhar Impex Ltd (544662) moving to higher ESM stages
  • No securities moving to lower ESM stages or exiting ESM framework this cycle
  • Consolidated list includes securities in ESM Stage I and Stage II
  • ESM framework applies Trade for Trade basis with additional surveillance measures

Regulatory Changes

No changes to the ESM framework structure itself. This circular represents routine periodic updates to the securities list based on surveillance criteria such as price movement patterns, volume variations, and other market behavior indicators.

Compliance Requirements

  • Securities under ESM can only be traded on Trade for Trade basis (no intraday trading)
  • 100% upfront margin required from buyers
  • Price bands and other surveillance measures apply as per respective ESM stages
  • Market participants must ensure compliance with enhanced margin and settlement requirements
  • Brokers should inform clients about ESM status of securities before trading

Important Dates

  • Effective Date: February 02, 2026
  • All ESM stage changes and new additions come into effect from market opening on this date

Impact Assessment

Trading Impact: Securities under ESM face trading restrictions including no intraday trading, 100% margin requirements, and increased scrutiny. This typically reduces liquidity and trading volumes in affected securities.

Investor Impact: Investors holding or trading these securities need to adjust their strategies due to Trade for Trade settlement and higher margin requirements. ESM designation signals higher volatility or unusual price movements.

Market Impact: Limited broader market impact as ESM typically covers smaller-cap and SME securities. The consolidated list shows approximately 30 securities under various ESM stages, representing a small fraction of total listed securities.

Securities Details

Newly Added to ESM (Stage I)

  • Alphalogic Industries Ltd# (543937, INE0NZF01019)

Moving to Higher ESM Stages

  • Shantai Industries Ltd (512297, INE408F01024)
  • Simandhar Impex Ltd (544662, INE0VI201010)

Notable Securities in Consolidated List

The consolidated list includes 30+ securities across ESM Stage I and Stage II, including Aadi Industries Ltd, Aayush Wellness Ltd, ABM Knowledgeware Ltd, Adinath Textiles Ltd, and others. Several SME scrips are marked with (#) indicator.

Impact Justification

Routine surveillance update affecting specific securities with trading restrictions. Important for investors in listed securities but limited broader market impact.