Enhanced Surveillance Measure (ESM) - Securities Update effective March 10, 2026

Description

BSE circular announcing changes to the Enhanced Surveillance Measure (ESM) framework, including securities moving to higher ESM stages and a consolidated list of all securities under ESM effective March 10, 2026.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective March 10, 2026. No new securities have been added to ESM, and no securities are exiting the framework. However, four securities have been moved to higher ESM stages, imposing stricter trading restrictions. A consolidated list of all securities currently under ESM is also provided.

Key Points

• No new securities shortlisted into ESM framework (Nil)
• Four securities moved to a higher ESM stage effective March 10, 2026
• No securities moved to a lower ESM stage (Nil)
• No securities moving out of ESM framework (Nil)
• Consolidated list includes securities across ESM Stage I and Stage II
• SME scrips and NSE-listed scrips are separately marked in the lists

Regulatory Changes

Four securities are being escalated to a higher ESM stage:

The consolidated ESM list includes a large number of securities across Stage I and Stage II, including SME scrips (#) and NSE-listed scrips (*).

Compliance Requirements

• Market participants must note the updated ESM stage classifications effective March 10, 2026
• Trading members must adhere to the trading restrictions applicable to the respective ESM stage for all listed securities
• Securities marked with * are as per NSE classification; securities marked with # are SME scrips

Important Dates

• Effective Date: March 10, 2026 — all ESM stage changes and framework updates come into force

Impact Assessment

The escalation of four securities (Beryl Securities Ltd, CDG Petchem Ltd, Citi Port Financial Services Ltd, IB Infotech Enterprises Ltd) to higher ESM stages will result in stricter trading restrictions including reduced price bands and/or trade-to-trade settlement requirements for these scrips. Investors holding these securities will face reduced liquidity and tighter trading conditions. The absence of any securities exiting the ESM framework indicates continued regulatory concern over surveillance-flagged stocks. The consolidated list confirms a large number of securities remain under active surveillance.

Impact Justification

ESM framework changes directly restrict trading in multiple securities by moving them to higher surveillance stages, significantly impacting liquidity and trading conditions for affected stocks effective March 10, 2026.