Description
BSE circular announcing 3 securities newly shortlisted under the Enhanced Surveillance Measure (ESM) framework effective March 11, 2026, with no securities moving out and a consolidated list of all ESM securities.
Summary
BSE has issued its periodic Enhanced Surveillance Measure (ESM) update effective March 11, 2026. Three securities have been newly shortlisted under the ESM framework. No securities have been moved to a higher or lower ESM stage, and no securities are exiting the framework in this cycle.
Key Points
- 3 securities newly added to ESM framework effective March 11, 2026
- Nil securities moved to a higher ESM stage
- Nil securities moved to a lower ESM stage
- Nil securities removed from the ESM framework
- A consolidated list of all securities currently under ESM (30+ scrips across Stage I and Stage II) is provided in Annexure III
- Two of the newly added securities are marked as per NSE (*) or SME scrips (#)
Newly Added Securities (Annexure I)
| Sr No | Scrip Code | ISIN | Scrip Name | Note |
|---|---|---|---|---|
| 1 | 544491 | INE06XZ01023 | Gem Aromatics Ltd | As per NSE |
| 2 | 539200 | INE203Q01026 | Noble Polymers Ltd | — |
| 3 | 542771 | INE08JY01013 | Novateor Research Laboratories Ltd | SME Scrip |
Securities Exiting ESM (Annexure II)
Nil — no securities are moving out of the ESM framework in this cycle.
Regulatory Changes
No structural changes to the ESM framework itself. This is a routine periodic review resulting in additions to the surveillance list based on BSE/NSE criteria such as price movement, volume anomalies, and financial health indicators.
Compliance Requirements
- Trading members must note the revised ESM list and apply applicable trading restrictions (e.g., trade-for-trade settlement, applicable price bands) for newly added securities from March 11, 2026
- Investors holding or intending to trade in ESM-listed securities should be aware of the enhanced scrutiny and associated trading restrictions
- Members should refer to the consolidated list (Annexure III) for the full current ESM universe and respective stages
Important Dates
- Effective Date: March 11, 2026 — new ESM classifications come into force
- Circular Date: March 10, 2026
Impact Assessment
High impact for holders and traders of the three newly listed securities (Gem Aromatics Ltd, Noble Polymers Ltd, Novateor Research Laboratories Ltd). ESM placement typically results in:
- Trade-for-trade (T+0/T+1) settlement obligations
- Applicable price band restrictions
- Increased margin requirements
- Reduced liquidity due to restricted trading conditions
The broader market impact is low, as these are small/mid-cap and SME scrips. However, retail investors in these stocks face significant constraints on exit. The consolidated list in Annexure III shows continued surveillance of 30+ securities across Stage I and Stage II, reflecting ongoing market integrity efforts by BSE.
Impact Justification
Three securities are newly placed under ESM restrictions effective March 11, 2026, directly impacting trading conditions (price bands, settlement) for those scrips and their investors. The consolidated list reflects ongoing heightened scrutiny of 30+ additional securities.