Description
BSE announces updates to the Enhanced Surveillance Measure (ESM) framework effective March 05, 2026, including 6 new securities shortlisted, 4 securities moved to higher ESM stages, and none moving out.
Summary
BSE has updated the Enhanced Surveillance Measure (ESM) framework effective March 05, 2026. Six securities have been newly shortlisted under ESM, four securities have been escalated to higher ESM stages, none have been moved to lower stages, and none have been removed from the ESM framework. The consolidated ESM list continues to include a large number of securities across Stage I and Stage II.
Key Points
- 6 new securities added to ESM framework w.e.f. March 05, 2026
- 4 securities moved to higher ESM stages w.e.f. March 05, 2026
- Nil securities moved to lower ESM stages
- Nil securities moving out of ESM framework
- Securities marked
*are flagged as per NSE; securities marked#are SME scrips
Regulatory Changes
The ESM framework is a joint surveillance mechanism by BSE and NSE designed to protect investors in securities exhibiting abnormal price/volume behavior. Securities placed under ESM are subject to trade-for-trade settlement and applicable price bands depending on their ESM stage (Stage I or Stage II).
This circular updates the ESM list in line with the ongoing surveillance review cycle.
Compliance Requirements
- Brokers and trading members must ensure clients are informed of ESM restrictions on the affected scrips
- Investors holding or intending to trade ESM-listed securities must note that trades will be settled on a trade-for-trade (T+1 gross) basis
- Companies newly placed under ESM should be aware of the reputational and liquidity implications and may wish to engage with regulators regarding their compliance status
Important Dates
- Effective Date: March 05, 2026 — all additions, stage changes, and removals take effect
- Circular Date: March 04, 2026
Impact Assessment
Newly Added to ESM (Stage I unless noted):
| Scrip Code | ISIN | Scrip Name |
|---|---|---|
| 544200 | INE916Y01027 | Akme Fintrade (India) Ltd* |
| 511505 | INE707C01018 | Capital Trust Ltd |
| 526604 | INE845B01018 | Lippi Systems Ltd |
| 532637 | INE584F01014 | Mangalam Drugs & Organics Ltd |
| 543970 | INE0OJZ01019 | Shoora Designs Ltd# |
| 523722 | INE119B01018 | Svam Software Ltd |
Moved to Higher ESM Stage:
| Scrip Code | ISIN | Scrip Name |
|---|---|---|
| 531794 | INE331F01028 | Seshachal Technologies Ltd |
| 526883 | INE641B01011 | Shikhar Consultants Ltd |
| 509953 | INE961E01017 | Trade Wings Ltd |
| 511726 | INE946H01037 | Vipul Ltd* |
Moved to Lower ESM Stage: Nil
Removed from ESM: Nil
The absence of any securities exiting ESM this cycle indicates continued regulatory scrutiny. Investors in newly added scrips will face immediate liquidity constraints due to trade-for-trade settlement. Stage escalations for the four scrips increase restrictions further, signaling persistent surveillance concerns for those companies.
Impact Justification
ESM placement imposes significant trading restrictions (trade-for-trade settlement, price bands) on affected securities, directly impacting liquidity and investor ability to trade these stocks. 6 new additions and 4 stage escalations affect a broad set of investors.