Description

BSE updates the list of securities under Enhanced Surveillance Measure (ESM) framework with additions, stage changes, and consolidated list effective February 06, 2026.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective February 06, 2026. Nine securities are being newly added to the ESM framework, three securities will move to higher ESM stages, and no securities are exiting the framework. The circular provides a consolidated list of all securities currently under ESM with their respective stages.

Key Points

  • 9 securities newly shortlisted in ESM framework: B2B Software Technologies, DJ Mediaprint & Logistics, HRS Aluglaze, J.A. Finance, Murae Organisor, Sancode Technologies, Sheetal Cool Products, Taparia Tools, and Vivid Mercantile
  • 3 securities moving to higher ESM stages: Anirit Ventures, Continental Controls, and SVP Global Textiles
  • No securities moving to lower ESM stages or exiting the framework
  • Consolidated list includes at least 22 securities across ESM Stage I and Stage II
  • Several SME scrips included in the surveillance measures
  • Changes effective from February 06, 2026

Regulatory Changes

The ESM framework applies stricter surveillance measures on securities exhibiting abnormal price movements or other concerns. Securities under ESM face:

  • Trade-for-Trade (T2T) settlement with no intraday trading
  • Higher margin requirements
  • Additional disclosure obligations
  • Staged approach with escalating restrictions (Stage I to higher stages)

Compliance Requirements

  • Investors and brokers must note the updated ESM list effective February 06, 2026
  • All trades in ESM securities will be on a delivery basis only
  • Enhanced margin requirements must be maintained for positions in these securities
  • Market participants should review their positions in affected securities
  • Trading members must ensure compliance with T2T settlement requirements

Important Dates

  • Effective Date: February 06, 2026 - All ESM changes take effect
  • Circular Date: February 05, 2026

Impact Assessment

Market Impact: Moderate impact on liquidity and trading activity in the 9 newly added securities and 3 securities moving to higher stages. Investors will face restrictions on intraday trading and higher margin requirements.

Investor Impact: Existing holders of these securities should be aware of reduced liquidity and trading flexibility. New investors should exercise caution as ESM indicates regulatory concerns about price movements or other issues.

Operational Impact: Brokers and trading systems need to update their surveillance lists and margin calculation systems to reflect the new ESM categorizations from February 06, 2026.

Securities Details

Newly Added to ESM (Stage I):

  1. B2B Software Technologies Ltd (531268, INE151B01011)
  2. DJ Mediaprint & Logistics Ltd (543193, INE0B1K01014)
  3. HRS Aluglaze Ltd - SME (544656, INE1E1V01017)
  4. J.A. Finance Ltd (543860, INE825B01010)
  5. Murae Organisor Ltd (542724, INE060601031)
  6. Sancode Technologies Ltd - SME (543897, INE0P7001013)
  7. Sheetal Cool Products Ltd (540757, INE501Y01019)
  8. Taparia Tools Ltd (505685, INE614R01014)
  9. Vivid Mercantile Ltd (542046, INE647Z01025)

Moving to Higher ESM Stage (Stage II):

  1. Anirit Ventures Ltd (530705, INE161F01011)
  2. Continental Controls Ltd (531460, INE545B01022)
  3. SVP Global Textiles Ltd (505590, INE308E01029)

Impact Justification

Affects trading in multiple securities with enhanced surveillance measures including stricter margin requirements and Trade-for-Trade settlement. Important for investors holding or trading these stocks.