Description

BSE updates the list of securities under Enhanced Surveillance Measure (ESM) framework effective February 03, 2026, with 6 new inclusions and 1 security moving to higher stage ESM.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective February 03, 2026. Six securities have been newly shortlisted for inclusion in ESM, one security (Mukat Pipes Ltd) will move to a higher stage ESM, and no securities are being removed from the framework.

Key Points

  • 6 new securities added to ESM framework: Jet Solar Ltd, Manbro Industries Ltd, Paras Petrofils Ltd, Rekvina Laboratories Ltd, Sanchay Finvest Ltd, and Shree Krishna Infrastructure Ltd
  • Mukat Pipes Ltd (Scrip Code: 523832) moves to higher stage ESM
  • No securities moving to lower stage ESM
  • No securities exiting the ESM framework
  • Consolidated list includes 27+ securities across various ESM stages (Stage I and Stage II)
  • ESM framework includes both main board and SME scrips

Regulatory Changes

The Enhanced Surveillance Measure (ESM) framework continues as per established guidelines. Securities are classified into different stages based on surveillance parameters, with higher stages indicating increased scrutiny and trading restrictions.

Compliance Requirements

  • Market participants must note the ESM classification of affected securities
  • Trading in ESM securities is subject to specific restrictions including reduced price bands and additional margin requirements
  • Investors should exercise caution when trading in ESM securities
  • Brokers must ensure appropriate risk disclosures to clients trading in ESM securities

Important Dates

  • Effective Date: February 03, 2026 - Changes to ESM framework take effect

Impact Assessment

Trading Impact: Securities under ESM face trading restrictions including tighter price bands, higher margin requirements, and trade-for-trade settlement, reducing liquidity and increasing trading costs.

Investor Impact: Investors holding or trading these securities should be aware of enhanced surveillance status, which signals potential concerns regarding price volatility, corporate governance, or compliance issues.

Market Impact: Limited overall market impact as ESM applies to specific securities, primarily smaller companies. However, investors in affected stocks may experience reduced liquidity and increased volatility.

Impact Justification

Regular surveillance update affecting limited number of securities with trading restrictions, requiring investor awareness but not market-wide impact