Description

BSE updates the Enhanced Surveillance Measure (ESM) framework effective March 04, 2026, adding one new security, moving three to higher ESM stages, and removing one security due to IBC inclusion.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) framework effective March 04, 2026. One new security has been added to ESM, three securities have been moved to higher ESM stages, none have been moved to lower stages, and one security has been removed from ESM due to its inclusion in the IBC (Insolvency and Bankruptcy Code) framework.

Key Points

  • New ESM entrant (w.e.f. March 04, 2026): Jai Mata Glass Ltd (Scrip Code: 523467, ISIN: INE250C01027)
  • Moved to higher ESM stage (w.e.f. March 04, 2026):
    • Baba Arts Ltd (Scrip Code: 532380, ISIN: INE893A01036)
    • Ranjit Securities Ltd (Scrip Code: 531572, ISIN: INE863D01017)
    • Universus Photo Imagings Ltd (Scrip Code: 542933, ISIN: INE03V001013)
  • Moved to lower ESM stage: Nil
  • Removed from ESM (w.e.f. March 04, 2026): Galada Power & Telecommunication Ltd (Scrip Code: 504697, ISIN: INE255C01026) — moved out due to inclusion in IBC Framework
  • A consolidated list of all securities currently under ESM across various stages is provided in Annexure III

Regulatory Changes

The ESM framework is a surveillance mechanism by BSE to protect investors from excessive speculation in certain securities. Securities under ESM are subject to trade-to-trade settlement and may have restricted price bands. Movement between stages (I, II, etc.) reflects escalation or de-escalation of surveillance intensity based on market behaviour.

Compliance Requirements

  • Brokers and market participants must update their systems to reflect the new ESM classifications effective March 04, 2026
  • Trades in securities newly added or moved to higher ESM stages will be subject to trade-to-trade (T2T) settlement and applicable margin requirements
  • Participants should refer to Annexure III for the full consolidated list of ESM securities and their respective stages

Important Dates

  • Circular Date: March 02, 2026
  • Effective Date for all changes: March 04, 2026

Impact Assessment

Investors and traders holding positions in the affected securities — particularly Jai Mata Glass Ltd (new entrant) and Baba Arts Ltd, Ranjit Securities Ltd, and Universus Photo Imagings Ltd (higher stage) — will face increased trading restrictions including mandatory trade-to-trade settlement and potentially tighter price bands. Galada Power & Telecommunication Ltd investors should note the security is now under the IBC framework rather than ESM. The overall market impact is limited to these specific scrips; however, the higher ESM stage for three securities signals continued regulatory concern about price or volume anomalies in those counters.

Impact Justification

Routine ESM framework update affecting a small number of specific securities; important for traders and investors holding these stocks due to trading restrictions under ESM.