Description

BSE announces changes to the Enhanced Surveillance Measure (ESM) framework effective March 09, 2026, including new additions, stage movements, and securities exiting the framework.

Summary

BSE has announced updates to the Enhanced Surveillance Measure (ESM) framework effective March 09, 2026. The circular covers three categories: securities newly shortlisted into ESM, securities moving to higher or lower ESM stages, and securities exiting the ESM framework entirely.

Key Points

  • 2 securities newly added to the ESM framework (Global Longlife Hospital and Research Ltd, Zelio E Mobility Ltd)
  • 2 securities moved to a higher ESM stage (KSR Footwear Ltd, PFL Infotech Ltd)
  • 19 securities moved to a lower ESM stage
  • 19 securities removed from the ESM framework effective March 09, 2026
  • SME scrips are marked with #; NSE-flagged scrips are marked with *

Regulatory Changes

The ESM framework is a surveillance tool used by BSE to monitor and regulate securities exhibiting unusual price or volume movements. Stage changes (higher or lower) reflect reassessment of risk levels associated with individual securities. Securities in ESM are subject to additional trading restrictions including trade-to-trade settlement and periodic call auctions.

Compliance Requirements

  • Trading Members must note the updated ESM list and apply applicable trading restrictions for affected securities from March 09, 2026
  • Investors holding or intending to trade in ESM-listed securities should be aware of settlement mode changes and restricted trading conditions
  • Members should refer to BSE’s ESM framework guidelines for stage-specific obligations

Important Dates

  • Effective Date: March 09, 2026 — all additions, stage movements, and exits from ESM come into force

Impact Assessment

Newly added securities (entering ESM): Trading in Global Longlife Hospital and Research Ltd (543520) and Zelio E Mobility Ltd (544563) will be subject to enhanced surveillance restrictions, likely impacting liquidity and price discovery.

Securities moving to higher ESM stage: KSR Footwear Ltd (544615) and PFL Infotech Ltd (531769) face increased trading restrictions, signalling continued regulatory concern over their price/volume behaviour.

Securities moving to lower ESM stage (19 stocks): These securities have shown improvement relative to ESM criteria and face reduced restrictions, potentially improving liquidity.

Securities exiting ESM (19 stocks): Stocks including TVS Electronics Ltd (532513), Venus Remedies Ltd (526953), and Jet Freight Logistics Ltd (543420) are removed from the framework, restoring normal trading conditions. Some exits may be due to inclusion in the Short-term Measure Programme (SMP) or IBC Framework as indicated by $ and @ markers.

Impact Justification

This circular directly affects trading conditions for over 40 securities across BSE. Securities entering ESM face trading restrictions; investors and market participants must be aware of stage changes and additions/exits effective March 09, 2026.