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Enhanced Surveillance Measure (ESM) Updates
- Deadline
- 06 Aug 2026 · 89 days ago · Effective date for 100% margin requirements and shift to Trade-for-Trade segment.
- Who
- Trading members of the Exchange
- Action
- Apply a minimum 100% margin on all open positions as of August 5, 2026, and new positions created from August 6, 2026, for securities included in the ESM framework.
What changed
BSE has updated the list of securities under the Enhanced Surveillance Measure (ESM) framework. Specific securities have been added to the framework, moved to lower stages, or removed entirely. Securities newly included in the ESM framework are subject to a minimum 100% margin requirement on all open and new positions starting August 6, 2026, and will shift to the Trade-for-Trade settlement segment. Securities moving to Stage II are subject to a 2% price band and periodic call auctions effective August 5, 2026. Securities exiting the framework will have their previous price bands reinstated, provided they are not subject to other surveillance measures. These actions are part of routine market surveillance and do not reflect adverse actions against the entities.
What you must do
- Apply a minimum 100% margin on all open positions as of August 5, 2026, and new positions created from August 6, 2026, for securities included in the ESM framework.
Document text
NOTICE
| Notice No. | 20260804-35 |
| Notice Date | 04 Aug 2026 |
| Category | Trading |
| Segment | Equity |
| Department | DOSS |
| Subject | Enhanced Surveillance Measure (ESM) |
| Attachments | Annexure_ESM |
This is with reference to the Exchange notice no. 20230602-44 dated June 02, 2023, notice no. 20230718-46 dated July 18, 2023, notice no. 20240809-42 dated August 09, 2024, notice no. 20240920-63 dated September 20,2024, notice no. 20241004-65 dated October 04, 2024 and notice no. 20250725-61 dated July 25, 2025 in respect of Enhanced Surveillance Measures (ESM).
Members are hereby requested to note the following:
The securities as per attached Annexure I have satisfied the criteria for inclusion under aforesaid measure and shall attract minimum 100% margin w.e.f. August 06, 2026 on all open positions as on August 05, 2026 and new positions created from August 06, 2026.
List of securities which shall continue in Enhanced Surveillance Measure (ESM) framework but shall be moved to lower Stage i.e. Stage I under ESM Framework w.e.f. August 05, 2026 included in Annexure I.
A consolidated list of securities under the framework is given in Annexure III.
Securities qualifying under ESM shall be shifted from Rolling Settlement segment to Trade-for-Trade segment w.e.f. August 06, 2026.
Additionally, securities shifting to Stage II shall be under Trade for Trade with price band of 2% and with Periodic Call Auction w.e.f. August 05, 2026.
Securities which are placed under the above-mentioned Framework would be reviewed on periodical basis. The list of securities which are moving out from ESM Framework, w.e.f. August 05, 2026 is given in Annexure II.
Market participants may note that ESM framework shall be in conjunction with all other prevailing surveillance measures being imposed by the Exchanges from time to time.
Further, it may also be noted that the shortlisting of securities under ESM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company / entity.
The Price Band of a scrip moving out of the framework shall be reinstated to the Price Band applicable to that scrip before it got shortlisted under the respective framework. This will be subject to the scrip not being shortlisted or part of any other Surveillance measure, in which case, the price band of the relevant surveillance framework will prevail.
In case of any clarifications, members may write to us at bse.surv@bseindia.com
For & On behalf of BSE Ltd.
Sanjay Jain Deputy Vice President Surveillance
Arpita Joshi Manager Surveillance
Source details
- Official title
- Enhanced Surveillance Measure (ESM)
- Source
- BSE Ltd (Bombay Stock Exchange)
- Type
- notice
- Published by source
- 04 Aug 2026
- Document number
- 20260804-35
- Issuing division
- DOSS
- Effective date
- 05 Aug 2026
- Coverage area
- securities