Enhanced Surveillance Measure (ESM) - New Additions and Consolidated List w.e.f. March 06, 2026

Description

BSE circular announcing 2 new securities shortlisted under the Enhanced Surveillance Measure (ESM) Framework effective March 06, 2026, with no securities moving out and a consolidated list of all ESM-listed securities.

Summary

BSE has issued this circular under the Enhanced Surveillance Measure (ESM) Framework, announcing 2 new securities to be placed under ESM effective March 06, 2026. No securities are being moved to higher or lower ESM stages, and no securities are exiting the ESM framework in this update. A consolidated list of all securities currently under ESM is also provided.

Key Points

• 2 new securities added to ESM Framework effective March 06, 2026
• No securities moved to a higher ESM stage
• No securities moved to a lower ESM stage
• No securities removed from the ESM Framework
• ESM subjects listed securities to Trade for Trade (T2T) settlement and periodic call auction mechanisms
• Consolidated ESM list includes securities across Stage I and Stage II

Regulatory Changes

The following securities are newly shortlisted under the ESM Framework w.e.f. March 06, 2026:

No securities have been moved to higher or lower ESM stages, and no securities are exiting the ESM framework in this update.

Compliance Requirements

• Trading members must ensure that trades in newly added ESM securities are executed under the Trade for Trade (T2T) settlement mechanism from March 06, 2026
• Investors and brokers should note the enhanced surveillance and restricted trading conditions applicable to all ESM-listed securities
• Entities holding or trading in ESM securities must comply with applicable margin and settlement requirements under the ESM framework
• Securities marked with * are as per NSE; securities marked with # are SME scrips

Important Dates

• Effective Date: March 06, 2026 — New ESM inclusions come into force
• Circular Date: March 05, 2026

Impact Assessment

The inclusion of Laddu Gopal Online Services Ltd (537707) and True Green Bio Energy Ltd (533407) in the ESM Framework will result in trading restrictions including Trade for Trade settlement and periodic call auction sessions, reducing liquidity and normal continuous trading for these scrips. Investors holding positions in these securities may face difficulty in exiting positions due to reduced liquidity and mandatory delivery-based settlement. The ESM framework is designed to protect retail investors from excessive speculation in potentially manipulated or high-risk small/mid-cap securities. The consolidated list confirms a significant number of securities remain under Stage I and Stage II ESM surveillance.

Impact Justification

ESM inclusion imposes significant trading restrictions (Trade for Trade settlement) on affected securities, directly impacting liquidity and trading activity for investors in those stocks.