Description

BSE updates the Enhanced Surveillance Measure (ESM) framework with one security moving to a higher ESM stage and a consolidated list of securities under ESM as of 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 added to ESM. Shukra Bullions Ltd (Scrip Code: 531506, ISIN: INE561E01015) is being moved to a higher ESM stage. No securities are being moved to a lower stage or removed from the ESM framework. The consolidated list includes a large number of securities across ESM Stage I and Stage II.

Key Points

  • No new securities shortlisted into ESM framework w.e.f. March 13, 2026 (Nil)
  • Shukra Bullions Ltd (531506 / INE561E01015) moved to a higher ESM stage w.e.f. March 13, 2026
  • No securities moved to a lower ESM stage (Nil)
  • No securities moving out of ESM framework (Nil)
  • Consolidated list contains securities across ESM Stage I and Stage II
  • Annotations: * denotes securities as per NSE; # denotes SME scrips

Regulatory Changes

The ESM framework stage assignment for Shukra Bullions Ltd has been elevated to a higher stage, subjecting it to stricter surveillance and trading conditions. No securities have been delisted from ESM or added fresh to the framework in this update.

Compliance Requirements

  • Trading members and investors must note the revised ESM stage for Shukra Bullions Ltd (531506)
  • All securities in the consolidated ESM list remain subject to their respective ESM stage restrictions (trade-to-trade settlement, price bands, margin requirements, etc.)
  • Members should ensure compliance with applicable ESM stage conditions for all listed securities in Annexure III

Important Dates

  • Effective Date: March 13, 2026 — all changes to ESM stage assignments take effect

Impact Assessment

The impact is limited in scope, affecting primarily Shukra Bullions Ltd which faces tighter trading restrictions due to its elevation to a higher ESM stage. The broader market impact is low since no new securities are entering ESM and none are exiting. The consolidated list (Annexure III) confirms that a significant number of securities remain under ESM surveillance across Stage I and Stage II, indicating ongoing regulatory oversight of lower-liquidity and higher-risk scrips. Investors holding positions in any ESM-listed security should be aware of the associated settlement and margin conditions.

Impact Justification

Routine ESM update affecting a limited number of securities; one stock (Shukra Bullions Ltd) moves to a higher ESM stage, increasing trading restrictions on it, while no new securities are added and none are removed.