Description

BSE circular announcing securities being added to, moved within, and maintained in the Enhanced Surveillance Measure (ESM) framework effective March 12, 2026. Three new securities shortlisted and one security moved to a higher ESM stage.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework list effective March 12, 2026. Three securities have been newly shortlisted under ESM, one security has been moved to a higher ESM stage (per NSE), none have been moved to a lower stage, and none have been removed from the framework. A consolidated list of all securities currently under ESM with their respective stages is also provided.

Key Points

  • 3 new securities added to ESM framework effective March 12, 2026: Amwill Health Care Ltd (544353), Inland Printers Ltd (530787), Suraj Products Ltd (518075)
  • 1 security moved to higher ESM stage: S&S Power Switchgear Ltd (517273) — as per NSE
  • 0 securities moved to a lower ESM stage
  • 0 securities removed from ESM framework
  • The consolidated list (Annexure III) contains over 30 securities across ESM Stage I and Stage II
  • Notable Stage II securities include: Anirit Ventures Ltd (530705), Arcee Industries Ltd (520121), Baba Arts Ltd (532380), Beryl Securities Ltd (531582)

Regulatory Changes

The ESM framework list is being updated as part of BSE’s ongoing surveillance mechanism. Securities placed under ESM are subject to enhanced monitoring and trading restrictions, including periodic call auction mechanisms and margin requirements, aimed at protecting investors from potential price manipulation or abnormal price movements.

Compliance Requirements

  • Brokers and trading members must note the revised ESM list effective March 12, 2026
  • Applicable trading restrictions and margin requirements corresponding to each ESM stage must be enforced for all listed securities
  • Securities marked with * indicate co-listing on NSE with NSE-driven ESM action
  • Securities marked with # are SME scrip and subject to SME segment rules

Important Dates

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

Impact Assessment

Investors holding or trading in the three newly added securities (Amwill Health Care Ltd, Inland Printers Ltd, Suraj Products Ltd) will face enhanced surveillance conditions from March 12, 2026, including potential restrictions on trade frequency, mandatory margins, and periodic call auctions. S&S Power Switchgear Ltd faces tighter restrictions due to its move to a higher ESM stage. The absence of any securities being removed from ESM or moved to lower stages indicates continued regulatory concern across the broader list. Market participants should review their positions in all ESM-listed securities ahead of the effective date.

Impact Justification

ESM placements impose significant trading restrictions on affected securities, directly impacting investors and market participants. Three new stocks added and one moved to a higher stage, effective immediately from next trading day.