Description

BSE circular detailing securities being moved to higher ESM stages and the consolidated list of securities under the Enhanced Surveillance Measure framework effective March 13, 2026.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) framework effective March 13, 2026. No new securities are being shortlisted into ESM, and no securities are exiting the framework. One security, Shukra Bullions Ltd (Scrip Code: 531506, ISIN: INE561E01015), is being moved to a higher ESM stage. A consolidated list of securities currently under ESM is provided.

Key Points

  • No securities are newly shortlisted under ESM w.e.f. March 13, 2026 (Nil under Part A, Annexure I).
  • Shukra Bullions Ltd (531506 / INE561E01015) is being moved to a higher ESM stage w.e.f. March 13, 2026.
  • No securities are being moved to a lower ESM stage.
  • No securities are exiting the ESM framework (Nil under Annexure II).
  • The consolidated ESM list (Annexure III) includes a large number of securities across ESM Stage I and Stage II.
  • Securities marked with * are per NSE; securities marked with # are SME scrips.

Regulatory Changes

The ESM framework stage assignment for Shukra Bullions Ltd has been escalated to a higher stage, indicating increased surveillance intensity for this scrip. No other stage changes are reported in this circular.

Compliance Requirements

  • Trading members and investors should note the updated ESM stage for Shukra Bullions Ltd and comply with applicable trading restrictions under the higher ESM stage.
  • All securities listed in the consolidated Annexure III remain subject to ESM framework trading conditions.
  • Securities marked as SME scrips (#) and NSE-designated scrips (*) are subject to respective exchange conditions.

Important Dates

  • Effective Date: March 13, 2026 — Stage change for Shukra Bullions Ltd takes effect.

Impact Assessment

The impact of this circular is limited in scope. The ESM framework enforces heightened surveillance and trading restrictions (such as trade-to-trade settlement, price bands, and periodic call auctions) on listed securities deemed to have abnormal price/volume behaviour. The escalation of Shukra Bullions Ltd to a higher ESM stage will subject it to stricter trading conditions, reducing liquidity and speculative activity in the scrip. The broader consolidated list confirms ongoing surveillance across numerous small and mid-cap securities, primarily in ESM Stage I and Stage II, with implications for retail investors and trading members dealing in these scrips.

Impact Justification

Routine ESM update with no new securities added to ESM and none removed; only one security (Shukra Bullions Ltd) moved to a higher ESM stage, limiting broad market impact.