Description

BSE announces changes to the Enhanced Surveillance Measure (ESM) framework effective February 23, 2026, including 2 new additions, 7 upgrades to higher ESM stages, 9 downgrades to lower ESM stages, and 18 securities exiting the framework.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) framework, effective February 23, 2026. The circular covers four categories of changes: 2 securities newly shortlisted into ESM, 7 securities moved to higher ESM stages, 9 securities moved to lower ESM stages, and 18 securities exiting the ESM framework entirely.

Key Points

  • 2 securities newly added to ESM framework: JITF Infralogistics Ltd (540311) and Vistar Amar Ltd (538565)
  • 7 securities escalated to higher ESM stages, indicating continued or worsening surveillance concerns
  • 9 securities downgraded to lower ESM stages, indicating partial improvement in surveillance parameters
  • 18 securities exiting ESM framework entirely, including 2 SME scrips (Asarfi Hospital Ltd, Retaggio Industries Ltd)
  • Securities marked with asterisk (*) were shortlisted as per NSE data
  • Securities marked with hash (#) are SME scrips
  • Some exiting securities may continue in Trade for Trade settlement as per circular 20251127-51 and 20260105-26

Regulatory Changes

The ESM framework applies enhanced trading restrictions to securities exhibiting abnormal price or volume behavior. Stage escalation increases restrictions while stage reduction signals improved compliance with surveillance parameters. Securities exiting ESM return to normal trading conditions, unless retained under other frameworks (SMP or IBC).

Newly Added to ESM (effective February 23, 2026):

  • JITF Infralogistics Ltd (Scrip Code: 540311, ISIN: INE863T01013) — as per NSE
  • Vistar Amar Ltd (Scrip Code: 538565, ISIN: INE878P01019)

Moved to Higher ESM Stage:

  • Hemo Organic Ltd (524590, INE422G01015)
  • Natura Hue Chem Ltd (531834, INE487B01019)
  • Norben Tea & Exports Ltd (519528, INE369C01017) — as per NSE
  • RGF Capital Markets Ltd (539669, INE684D01025)
  • Scintilla Commercial & Credit Ltd (538857, INE892C01018)
  • Shish Industries Ltd (540693, INE145Y01023)
  • Soma Textiles & Industries Ltd (521034, INE314C01013)

Moved to Lower ESM Stage:

  • Bizotic Commercial Ltd (543926, INE0OJ401014) — SME
  • Kinetic Trust Ltd (531274, INE674M01019)
  • Maruti Interior Products Ltd (543464, INE0JSJ01014) — SME
  • Nagpur Power & Industries Ltd (532362, INE099E01016)
  • PH Capital Ltd (500143, INE160F01013)
  • Seshachal Technologies Ltd (531794, INE331F01028)
  • Shikhar Consultants Ltd (526883, INE641B01011)
  • Trade Wings Ltd (509953, INE961E01017)
  • Vipul Ltd (511726, INE946H01037)

Exiting ESM Framework:

  • Asarfi Hospital Ltd (543943, INE0DN001027) — SME
  • Bansisons Tea Industries Ltd (519353, INE856E01019)
  • Bhagyanagar India Ltd (512296, INE458B01036)
  • Danube Industries Ltd (540361, INE575D01041)
  • Organic Coatings Ltd (531157, INE412E01011)
  • Oricon Enterprises Ltd (513121, INE730A01022)
  • Osiajee Texfab Ltd (540198, INE186R01013)
  • Retaggio Industries Ltd (544391, INE0KWJ01014) — SME
  • Sambhaav Media Ltd (511630, INE699B01027)
  • Shahi Shipping Ltd (526508, INE825D01016)
  • Shri Keshav Cements And Infra Ltd (530977, INE260E01014)
  • Sri Chakra Cement Ltd (518053, INE827D01020)
  • Suryo Foods & Industries Ltd (519604, INE565E01016)
  • Svarnim Trade Udyog Ltd (539911, INE730R01042)
  • Typhoon Financial Services Ltd (539468, INE761R01013)
  • U. Y. Fincorp Ltd (530579, INE152C01025)
  • VR Woodart Ltd (523888, INE317D01014)
  • Yuranus Infrastructure Ltd (536846, INE156M01017)

Compliance Requirements

  • Brokers and market participants must note revised ESM stage classifications for all affected securities effective February 23, 2026
  • Trading in ESM securities is subject to trade-for-trade settlement and applicable margin requirements per the relevant ESM stage
  • Securities exiting ESM that carry Trade for Trade designation (per circulars 20251127-51 and 20260105-26) will continue under those conditions
  • Participants should refer to the consolidated Annexure III list for the complete current ESM stage of all securities under the framework

Important Dates

  • Circular Date: February 20, 2026
  • Effective Date: February 23, 2026 (all ESM changes take effect)

Impact Assessment

This circular has high market impact as it affects 36 securities across BSE. Newly added and stage-escalated securities (9 total) will face tighter trading restrictions, reduced liquidity, and increased margin requirements, making them less accessible to retail investors. The 18 securities exiting ESM will see improved trading conditions and potential liquidity recovery. Stage downgrades for 9 securities signal gradual normalization. The inclusion of SME scrips highlights continued surveillance focus on smaller companies. Investors holding ESM-listed securities should review applicable trading restrictions and margin obligations before February 23, 2026.

Impact Justification

Affects trading conditions for 36 securities across multiple ESM stage changes; ESM framework imposes significant trading restrictions including trade-for-trade settlement, directly impacting liquidity and investor access for all listed securities.