Description

BSE announces securities shortlisted under the Enhanced Surveillance Measure (ESM) framework effective March 06, 2026, including 2 new additions and a consolidated list of securities across ESM Stage I and Stage II.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) framework effective March 06, 2026. Two new securities — Laddu Gopal Online Services Ltd (Scrip Code: 537707) and True Green Bio Energy Ltd (Scrip Code: 533407) — have been shortlisted for inclusion in the ESM framework. No securities are being moved to higher or lower ESM stages, and no securities are exiting the framework in this update. A consolidated list of all securities currently under ESM (across Stage I and Stage II) is also provided.

Key Points

  • 2 new securities added to ESM framework w.e.f. March 06, 2026: Laddu Gopal Online Services Ltd (537707, INE546I01025) and True Green Bio Energy Ltd (533407, INE672K01025)
  • No securities moved to higher ESM stage
  • No securities moved to lower ESM stage
  • No securities exiting the ESM framework
  • Consolidated list includes securities in both ESM Stage I and Stage II
  • Several securities in the consolidated list are marked as NSE-sourced (*) or SME scrips (#)
  • Securities previously covered under circular 20251127-51 and 20260105-26 will continue in Trade for Trade settlement

Regulatory Changes

The ESM framework is a surveillance mechanism applied by BSE to securities exhibiting abnormal price/volume behavior or other risk indicators. Securities placed under ESM are subject to trade-for-trade settlement (no netting of trades), which requires full upfront margin/funds and limits speculative activity. Movement between ESM stages (I and II) reflects the escalation or de-escalation of surveillance intensity based on ongoing market behavior.

Compliance Requirements

  • Brokers and trading members must ensure clients trading in ESM-listed securities are aware of trade-for-trade settlement obligations
  • Full funds or securities must be available upfront for transactions in ESM securities
  • Market participants should review the consolidated ESM list (Annexure III) to identify all currently restricted securities
  • No intraday trading is permitted in securities under ESM trade-for-trade settlement

Important Dates

  • Effective Date: March 06, 2026 — new ESM inclusions and any stage movements take effect

Impact Assessment

The addition of 2 securities to the ESM framework will restrict trading flexibility in those scrips, reducing liquidity and limiting intraday activity. Investors holding these securities should be aware of the increased settlement obligations. The consolidated list in Annexure III encompasses a broad range of small and mid-cap scrips (including several SME segment securities), indicating continued regulatory focus on market integrity for smaller listed companies. The absence of any exits from ESM in this update suggests no easing of restrictions for currently monitored securities.

Impact Justification

This circular directly affects trading conditions for multiple listed securities placed under enhanced surveillance, imposing trade-for-trade settlement and other restrictions, which significantly impacts liquidity and investor activity in those stocks.