Description

BSE announces changes to the Enhanced Surveillance Measure (ESM) framework effective February 25, 2026, including one new security added, four securities moved to higher ESM stages, and a consolidated list of all securities currently under ESM.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective February 25, 2026. One new security — Wanbury Ltd — has been shortlisted under ESM (as per NSE). Four securities have been escalated to higher ESM stages. No securities are moving to lower stages, and no securities are exiting the ESM framework in this revision. A consolidated list of all securities currently under ESM across stages is also provided.

Key Points

  • 1 new security added to ESM framework w.e.f. February 25, 2026: Wanbury Ltd (Scrip Code: 524212, ISIN: INE107F01022) — as per NSE.
  • 4 securities escalated to higher ESM stage w.e.f. February 25, 2026:
    • Kalpa Commercial Ltd (Scrip Code: 539014, ISIN: INE059Q01014)
    • Looks Health Services Ltd (Scrip Code: 534422, ISIN: INE204N01013)
    • Pro Clb Global Ltd (Scrip Code: 540703, ISIN: INE438C01010)
    • Transchem Ltd (Scrip Code: 500422, ISIN: INE019B01010)
  • No securities are being moved to a lower ESM stage.
  • No securities are exiting the ESM framework.
  • Consolidated list (Annexure III) contains securities at ESM Stage I and Stage II across multiple companies.

Regulatory Changes

The ESM framework is updated periodically by BSE to shortlist securities exhibiting abnormal price/volume behavior for heightened surveillance. Securities under ESM are subject to trade-for-trade settlement and may face restrictions on margin trading. Stage escalation implies stricter trading conditions.

Compliance Requirements

  • Trading members must note that securities newly added or escalated under ESM are subject to trade-for-trade settlement with applicable ESM-stage margin requirements effective February 25, 2026.
  • Investors holding or trading in the affected scrips should review the applicable ESM stage conditions before executing trades.
  • Securities marked with * are flagged as per NSE; securities marked with # are SME scrips.

Important Dates

  • Effective Date: February 25, 2026 — all additions, stage changes, and exits take effect.

Impact Assessment

The impact is limited to the specific securities listed. Wanbury Ltd faces new trading restrictions under ESM. The four securities moving to higher ESM stages face stricter settlement conditions, which may reduce liquidity and increase trading costs for those scrips. The absence of any downgrade or exit from ESM suggests no relaxation in surveillance posture for any currently listed securities. Investors and trading members dealing in SME scrips or scrips flagged under IBC/SMP frameworks should cross-reference with relevant circulars.

Impact Justification

Routine ESM framework update affecting a limited number of specific securities; one new entrant and four stage escalations signal increased scrutiny but no systemic market-wide impact.