Description
BSE announces 6 new securities shortlisted under Enhanced Surveillance Measure (ESM) framework and 4 securities moved to higher ESM stages, effective March 05, 2026. No securities are moving out of ESM.
Summary
BSE has issued an update to the Enhanced Surveillance Measure (ESM) framework effective March 05, 2026. Six securities have been newly shortlisted under ESM, four securities are being escalated to higher ESM stages, and no securities are moving to lower stages or exiting the framework. A consolidated list of all securities currently under ESM is also provided.
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
- 0 securities moved to lower ESM stages
- 0 securities exiting the ESM framework
- Shoora Designs Ltd (543970) is an SME scrip
- Akme Fintrade (India) Ltd and Vipul Ltd are flagged as per NSE
Regulatory Changes
Newly Added to ESM (Annexure I - Part A):
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 544200 | INE916Y01027 | Akme Fintrade (India) Ltd* |
| 2 | 511505 | INE707C01018 | Capital Trust Ltd |
| 3 | 526604 | INE845B01018 | Lippi Systems Ltd |
| 4 | 532637 | INE584F01014 | Mangalam Drugs & Organics Ltd |
| 5 | 543970 | INE0OJZ01019 | Shoora Designs Ltd# |
| 6 | 523722 | INE119B01018 | Svam Software Ltd |
Moved to Higher ESM Stage:
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 531794 | INE331F01028 | Seshachal Technologies Ltd |
| 2 | 526883 | INE641B01011 | Shikhar Consultants Ltd |
| 3 | 509953 | INE961E01017 | Trade Wings Ltd |
| 4 | 511726 | INE946H01037 | Vipul Ltd* |
Moved to Lower ESM Stage: Nil
Moving Out of ESM (Annexure II): Nil
* As per NSE | # SME Scrip
Compliance Requirements
- Trading members and investors must note that securities newly placed under ESM will be subject to trade-for-trade settlement and applicable price band restrictions
- Securities moved to higher ESM stages face more stringent trading conditions
- Brokers must ensure clients are informed of ESM status before executing trades in these securities
- Margin requirements and settlement norms as per the applicable ESM stage must be adhered to
Important Dates
- Effective Date: March 05, 2026 — All ESM additions, stage escalations, and stage reductions take effect
- Circular Date: March 04, 2026
Impact Assessment
The placement of 6 securities under ESM and escalation of 4 others to higher stages signals heightened regulatory scrutiny on these counters. ESM restrictions — including mandatory trade-for-trade settlement and tightened price bands — significantly reduce liquidity and may deter institutional and retail participation. The absence of any securities exiting ESM this cycle suggests the exchange is tightening its surveillance stance. The consolidated Annexure III list confirms a substantial number of scrips remain under various ESM stages, indicating continued broad-based market surveillance. Traders and investors holding positions in the newly added or escalated securities should review applicable margin and settlement obligations immediately.
Impact Justification
ESM placement imposes significant trading restrictions (trade-for-trade settlement, price bands) on affected securities. 6 new securities are being added and 4 are escalated to higher restrictive stages, directly impacting trading liquidity and investor access for those scrips.