Description

BSE announces additions and stage changes in the Enhanced Surveillance Measure (ESM) framework effective March 12, 2026, including 3 new securities shortlisted and 1 security moved to a higher ESM stage.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective March 12, 2026. Three new securities have been shortlisted under ESM, one security has been moved to a higher ESM stage, no securities have been moved to a lower stage, and no securities are exiting the ESM framework in this cycle.

Key Points

  • 3 new securities added to the ESM framework effective March 12, 2026: Amwill Health Care Ltd (544353), Inland Printers Ltd (530787), and Suraj Products Ltd (518075)
  • 1 security moved to a higher ESM stage: S&S Power Switchgear Ltd (517273), as per NSE
  • No securities moved to a lower ESM stage
  • No securities exiting the ESM framework
  • The consolidated ESM list now includes securities across Stage I and Stage II, covering a broad range of companies

Regulatory Changes

The ESM framework is a joint surveillance initiative by BSE and NSE to enhance market integrity for securities exhibiting abnormal price or volume movements. This circular updates the classification of securities within the framework, including new entrants and stage escalations.

Compliance Requirements

  • Trading members must ensure compliance with the applicable trading restrictions for all securities listed under ESM
  • Securities under ESM are subject to trade-to-trade settlement, price bands, and periodic call auction mechanisms depending on the ESM stage
  • Investors holding or trading in the listed securities should be aware of the enhanced surveillance conditions applicable from March 12, 2026
  • SME scrips (marked with #) and securities marked as per NSE (marked with *) are subject to the same ESM conditions

Important Dates

  • Effective Date: March 12, 2026 — all additions, stage upgrades, and framework changes take effect

Impact Assessment

Newly added securities (Stage I ESM):

  • Amwill Health Care Ltd (ISIN: INE0U2L01017, Scrip: 544353)
  • Inland Printers Ltd (ISIN: INE055O01033, Scrip: 530787)
  • Suraj Products Ltd (ISIN: INE069E01019, Scrip: 518075)

Stage escalation (moved to higher ESM stage):

  • S&S Power Switchgear Ltd (ISIN: INE902B01017, Scrip: 517273) — escalated as per NSE

Traders and investors in these securities face tightened trading conditions including potential trade-to-trade settlement and restricted price movement. The absence of any securities moving to a lower stage or exiting ESM this cycle indicates no relaxation in surveillance pressure for existing ESM-listed companies. The broader consolidated list highlights a large number of securities under Stage I and Stage II ESM, reflecting ongoing market surveillance activity.

Impact Justification

Directly affects trading in specific securities by placing them under enhanced surveillance; traders and investors in the named stocks face immediate trading restrictions and compliance obligations effective March 12, 2026.