Description
BSE announces updated list of securities under Enhanced Surveillance Measure (ESM) framework, including newly shortlisted securities, stage movements, and securities moving out of ESM, effective March 09, 2026.
Summary
BSE has updated the Enhanced Surveillance Measure (ESM) framework with a revised list of securities effective March 09, 2026. The update includes 2 newly shortlisted securities, 2 securities moving to higher ESM stages, 19 securities moving to lower ESM stages, and 19 securities exiting the ESM framework entirely.
Key Points
- 2 securities newly added to ESM framework (Part A, Annexure I), including 2 SME scrips
- 2 securities moved to higher ESM stage w.e.f. March 09, 2026 (KSR Footwear Ltd, PFL Infotech Ltd)
- 19 securities moved to lower ESM stage w.e.f. March 09, 2026
- 19 securities exiting ESM framework w.e.f. March 09, 2026 (Annexure II)
- Scrips marked
#are SME scrips - Scrips marked
*are as per NSE - Some securities exiting ESM are due to inclusion in SMP Framework (
$) or IBC Framework (@)
Regulatory Changes
Under the ESM framework, BSE periodically reviews and revises the list of securities subject to enhanced surveillance. This circular implements the latest revision:
Newly shortlisted (Annexure I, Part A):
- Global Longlife Hospital and Research Ltd (543520, INE0J2K01014) — SME
- Zelio E Mobility Ltd (544563, INE1B3501014) — SME
Moving to higher ESM stage:
- KSR Footwear Ltd (544615, INE1SPP01016)
- PFL Infotech Ltd (531769, INE600F01018)
Moving to lower ESM stage (19 securities): Including Adinath Textiles Ltd, Aptus Pharma Ltd, Arunis Abode Ltd, Chambal Breweries & Distilleries Ltd, CHPL Industries Ltd, Crimson Metal Engineering Company Ltd, Cura Technologies Ltd, Emergent Industrial Solutions Ltd, Hiliks Technologies Ltd, Mukat Pipes Ltd, Ramgopal Polytex Ltd, Rotographics (India) Ltd, Saptak Chem And Business Ltd, Sarup Industries Ltd, Simandhar Impex Ltd, Sizemasters Technology Ltd, Thrive Future Habitats Ltd, Vaghani Techno Build Ltd, Vision Cinemas Ltd
Exiting ESM framework (Annexure II, 19 securities): Including Arigato Universe Ltd, Bandaram Pharma Packtech Ltd, Coastal Corporation Ltd, Gilada Finance & Investments Ltd, GV Films Ltd, Jet Freight Logistics Ltd, M P K Steels (I) Ltd, Manomay Tex India Ltd, Olatech Solutions Ltd, One Global Service Provider Ltd, Parmeshwar Metal Ltd, Pro Fin Capital Services Ltd, Regal Entertainment & Consultants Ltd, Rita Finance and Leasing Ltd, South West Pinnacle Exploration Ltd, Trejhara Solutions Ltd, TVS Electronics Ltd, Venus Remedies Ltd, Zinema Media And Entertainment Ltd
Compliance Requirements
- Trading members and investors must note the revised ESM status of all listed securities
- Securities under ESM are subject to trade-to-trade settlement and applicable price bands as per their ESM stage
- Members should update their systems and inform clients holding positions in the affected scrips prior to the effective date
Important Dates
- Effective Date: March 09, 2026 — All ESM changes (new additions, stage upgrades, stage downgrades, and exits) come into effect
Impact Assessment
This circular has a high market impact on retail and institutional investors holding any of the 40+ affected securities. Securities newly added to or moved to higher ESM stages will face more restrictive trading conditions (trade-to-trade, tighter price bands), reducing liquidity. Securities moving to lower ESM stages or exiting ESM will see eased trading restrictions, potentially increasing liquidity and investor interest. SME scrips are specifically flagged, warranting additional caution for investors in that segment.
Impact Justification
This circular directly affects trading conditions for a large number of securities (40+ companies) by placing them under enhanced surveillance, changing their ESM stage, or removing them from ESM. Investors and traders holding these scrips face altered trading rules effective March 09, 2026.