Description
BSE updates the Enhanced Surveillance Measure (ESM) framework effective February 25, 2026, adding Wanbury Ltd to ESM, moving four securities to higher ESM stages, and publishing a consolidated list of all securities under ESM.
Summary
BSE has updated the Enhanced Surveillance Measure (ESM) framework effective February 25, 2026. One new security (Wanbury Ltd) has been shortlisted for inclusion in ESM, four securities have been escalated to higher ESM stages, none have been moved to lower stages, and no securities are exiting the ESM framework. A consolidated list of all securities currently under ESM is also published.
Key Points
- Wanbury Ltd (Scrip Code: 524212, ISIN: INE107F01022) newly added to ESM w.e.f. February 25, 2026 (as per NSE)
- Four securities escalated to higher ESM stages w.e.f. February 25, 2026: Kalpa Commercial Ltd, Looks Health Services Ltd, Pro Clb Global Ltd, and Transchem Ltd
- No securities moved to lower ESM stages
- No securities exiting the ESM framework
- Consolidated ESM list (Annexure III) includes securities at Stage I and Stage II across a wide range of companies
Regulatory Changes
The ESM framework is updated periodically by BSE to reflect changes in surveillance classification. Securities in ESM are subject to trade-for-trade settlement, applicable price bands, and enhanced monitoring. Stage escalation (I → II or higher) implies stricter trading conditions for the four upgraded securities.
Compliance Requirements
- Brokers and trading members must ensure compliance with ESM trading restrictions for all listed securities effective February 25, 2026
- Investors holding or trading in ESM-listed securities must adhere to trade-for-trade settlement norms
- No intraday trading is permitted in ESM securities; delivery-based settlement is mandatory
- Securities marked with * are as per NSE; securities marked with # are SME scrips
Important Dates
- Effective Date: February 25, 2026 — all ESM additions, stage changes, and exits take effect
- Circular Date: February 24, 2026
Impact Assessment
Newly Added (ESM Entry):
| Scrip Code | ISIN | Company |
|---|---|---|
| 524212 | INE107F01022 | Wanbury Ltd* |
Escalated to Higher ESM Stage:
| Scrip Code | ISIN | Company |
|---|---|---|
| 539014 | INE059Q01014 | Kalpa Commercial Ltd |
| 534422 | INE204N01013 | Looks Health Services Ltd |
| 540703 | INE438C01010 | Pro Clb Global Ltd |
| 500422 | INE019B01010 | Transchem Ltd |
Moved to Lower ESM Stage: Nil
Exiting ESM Framework: Nil
The stage escalation for four securities signals continued or worsening surveillance concerns for those counters. Wanbury Ltd’s fresh inclusion restricts it to trade-for-trade settlement immediately. The broader consolidated list in Annexure III confirms a large number of small/mid-cap securities remain under heightened surveillance at either Stage I or Stage II.
Impact Justification
ESM placement and stage escalation directly restricts trading activity for affected securities, requiring trade-for-trade settlement and imposing price bands, significantly impacting liquidity and investor participation for the named companies.