Description
BSE announces changes to the Enhanced Surveillance Measure (ESM) framework effective March 02, 2026, including 4 new securities added, 5 moved to lower ESM stage, and 11 securities exiting the ESM framework.
Summary
BSE has issued an update to the Enhanced Surveillance Measure (ESM) framework effective March 02, 2026. Four securities are newly shortlisted under ESM, five securities are moved to a lower ESM stage, none are moved to a higher stage, and eleven securities are removed from the ESM framework entirely.
Key Points
- 4 securities newly added to ESM framework w.e.f. March 02, 2026
- No securities moved to a higher ESM stage
- 5 securities moved to a lower ESM stage w.e.f. March 02, 2026
- 11 securities exiting the ESM framework w.e.f. March 02, 2026
- Vardhman Polytex Ltd (514175) added as per NSE designation
- Two SME scrips (Earkart Ltd, Gautam Exim Ltd) are exiting ESM
- A consolidated list of all securities currently in ESM across all stages is provided in Annexure III
Regulatory Changes
Securities newly added to ESM (Annexure I - Part A):
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 540150 | INE957U01011 | Mewar Hi-Tech Engineering Ltd |
| 2 | 543598 | INE0LU301014 | Shantidoot Infra Services Ltd |
| 3 | 544392 | INE10XX01012 | Spinaroo Commercial Ltd |
| 4 | 514175 | INE835A01029 | Vardhman Polytex Ltd* |
Securities moved to lower ESM stage:
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 541702 | INE694W01024 | Ashnisha Industries Ltd |
| 2 | 526709 | INE839A01021 | Bits Ltd |
| 3 | 542627 | INE01GZ01011 | Chandni Machines Ltd |
| 4 | 539384 | INE897B01019 | Krishna Capital and Securities Ltd |
| 5 | 517201 | INE311D01017 | Switching Technologies Gunther Ltd |
Securities exiting ESM framework (Annexure II - Part A):
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 531161 | INE850B01026 | ABM Knowledgeware Ltd |
| 2 | 538476 | INE172D01021 | Capital Trade Links Ltd |
| 3 | 531099 | INE396H01019 | Checkpoint Trends Ltd |
| 4 | 532217 | INE027F01014 | CMX Holdings Ltd |
| 5 | 544549 | INE1A8F01035 | Earkart Ltd# |
| 6 | 540613 | INE721X01015 | Gautam Exim Ltd# |
| 7 | 538837 | INE237B01018 | Jeevan Scientific Technology Ltd |
| 8 | 513554 | INE451L01014 | Mahamaya Steel Industries Ltd |
| 9 | 544207 | INE375Y01018 | Reliable Data Services Ltd |
| 10 | 512161 | INE650K01021 | Securekloud Technologies Ltd |
| 11 | 524156 | INE034F01010 | TCM Ltd |
Note: Securities marked ($) are moving out due to inclusion in SMP Framework. Securities marked (@) are moving out due to inclusion in IBC Framework. (#) denotes SME Scrip. () As per NSE.*
Compliance Requirements
- Trading members must apply trade-for-trade settlement restrictions for securities newly added to the ESM framework
- Applicable margin and surveillance requirements per ESM stage must be enforced from March 02, 2026
- Clients holding positions in affected securities should be informed of the change in surveillance status
- Securities moving out of ESM revert to standard settlement unless otherwise classified (e.g., SMP or IBC frameworks)
Important Dates
- Circular Date: February 27, 2026
- Effective Date for all ESM changes: March 02, 2026
Impact Assessment
This circular has a high market impact for retail and institutional investors holding positions in the 20 affected securities. Newly added ESM securities face enhanced scrutiny and trade-for-trade settlement, which significantly restricts intraday trading and may reduce liquidity. The 11 securities exiting ESM may see improved sentiment and liquidity as surveillance restrictions are lifted. The 5 securities moving to a lower ESM stage will benefit from reduced restrictions. Traders and investors in these scrips should review their positions ahead of the March 02, 2026 effective date.
Impact Justification
This circular directly affects trading conditions for 20 securities across addition, stage changes, and removal from ESM, imposing trade-for-trade settlement restrictions on newly added scrips and affecting investor liquidity.