Description

BSE announces changes to the Enhanced Surveillance Measure (ESM) framework effective February 23, 2026, including 2 new securities added, 7 moved to higher stages, 9 moved to lower stages, and 18 securities removed from ESM.

Summary

BSE has announced changes to the Enhanced Surveillance Measure (ESM) framework effective February 23, 2026. The update covers four categories: 2 newly shortlisted securities, 7 securities moving to a higher ESM stage, 9 securities moving to a lower ESM stage, and 18 securities being removed from the ESM framework entirely.

Key Points

  • 2 securities newly added to ESM framework w.e.f. February 23, 2026: JITF Infralogistics Ltd (540311) and Vistar Amar Ltd (538565)
  • 7 securities escalated to a higher ESM stage due to continued surveillance concerns
  • 9 securities de-escalated to a lower ESM stage reflecting improved compliance or price behaviour
  • 18 securities exit the ESM framework entirely, including both mainboard and SME-listed companies
  • Securities marked with * are listed as per NSE; securities marked # are SME scrips
  • Certain securities exiting ESM may continue in Trade-for-Trade settlement as per earlier circulars (20251127-51, 20260105-26)
  • No securities in this batch are marked as moving to SMP or IBC frameworks

Regulatory Changes

The ESM framework is a surveillance mechanism applied by BSE to securities exhibiting abnormal price or volume behaviour. Securities placed under ESM are subject to trade-for-trade settlement and periodic review. This circular reflects the periodic review outcome, with securities reassigned across stages based on their surveillance indicators.

Newly Added to ESM (Part A - New Entries):

Scrip CodeISINScrip Name
540311INE863T01013JITF Infralogistics Ltd*
538565INE878P01019Vistar Amar Ltd

Moved to Higher ESM Stage:

Scrip CodeISINScrip Name
524590INE422G01015Hemo Organic Ltd
531834INE487B01019Natura Hue Chem Ltd
519528INE369C01017Norben Tea & Exports Ltd*
539669INE684D01025RGF Capital Markets Ltd
538857INE892C01018Scintilla Commercial & Credit Ltd
540693INE145Y01023Shish Industries Ltd
521034INE314C01013Soma Textiles & Industries Ltd

Moved to Lower ESM Stage:

Scrip CodeISINScrip Name
543926INE0OJ401014Bizotic Commercial Ltd#
531274INE674M01019Kinetic Trust Ltd
543464INE0JSJ01014Maruti Interior Products Ltd#
532362INE099E01016Nagpur Power & Industries Ltd
500143INE160F01013PH Capital Ltd
531794INE331F01028Seshachal Technologies Ltd
526883INE641B01011Shikhar Consultants Ltd
509953INE961E01017Trade Wings Ltd
511726INE946H01037Vipul Ltd

Removed from ESM Framework (Annexure II):

Scrip CodeISINScrip Name
543943INE0DN001027Asarfi Hospital Ltd#
519353INE856E01019Bansisons Tea Industries Ltd
512296INE458B01036Bhagyanagar India Ltd
540361INE575D01041Danube Industries Ltd
531157INE412E01011Organic Coatings Ltd
513121INE730A01022Oricon Enterprises Ltd
540198INE186R01013Osiajee Texfab Ltd
544391INE0KWJ01014Retaggio Industries Ltd#
511630INE699B01027Sambhaav Media Ltd
526508INE825D01016Shahi Shipping Ltd
530977INE260E01014Shri Keshav Cements And Infra Ltd
518053INE827D01020Sri Chakra Cement Ltd
519604INE565E01016Suryo Foods & Industries Ltd
539911INE730R01042Svarnim Trade Udyog Ltd
539468INE761R01013Typhoon Financial Services Ltd
530579INE152C01025U. Y. Fincorp Ltd
523888INE317D01014VR Woodart Ltd
536846INE156M01017Yuranus Infrastructure Ltd

Compliance Requirements

  • Trading members must note the revised ESM stage assignments for all affected securities effective February 23, 2026
  • Securities under ESM are subject to trade-for-trade (T+1) settlement; margin and trading restrictions apply as per the applicable ESM stage
  • Securities marked # are SME scrips and subject to SME-specific ESM provisions
  • Securities exiting ESM but continuing in Trade-for-Trade settlement (per circulars 20251127-51 and 20260105-26) must be treated accordingly

Important Dates

  • Effective Date: February 23, 2026 — all ESM additions, stage changes, and removals take effect
  • Circular Date: February 20, 2026

Impact Assessment

This is a routine periodic review of the ESM framework. The impact is limited to investors and traders in the 36 specifically named securities, predominantly small-cap and SME-listed companies. Securities newly added to ESM (JITF Infralogistics, Vistar Amar) will face trade-for-trade restrictions, reducing liquidity. The 7 securities escalated to higher ESM stages face tighter trading restrictions. The 9 securities moved to lower stages and 18 removed from ESM may see improved liquidity and investor sentiment. No systemic or broad market impact is expected.

Impact Justification

Routine ESM surveillance update affecting 36 securities across small-cap and SME segments; significant for directly affected companies and their investors but limited broader market impact.