Enhanced Surveillance Measure (ESM) Updates
Official title
Enhanced Surveillance Measure (ESM)
Official record
Open source pageAI-prepared change brief
Check the official recordWhat changed
BSE has updated the list of securities under the Enhanced Surveillance Measure (ESM) framework. Certain securities have been added to the framework, requiring a minimum 100% margin on open and new positions effective August 7, 2026, and a shift to the Trade-for-Trade settlement segment. Other securities are moving to lower stages or exiting the framework entirely, effective August 6, 2026. Securities shifting to Stage II are subject to a 2% price band and periodic call auctions. These measures are part of ongoing market surveillance and operate alongside other existing surveillance protocols. Market participants are advised to review the annexures for specific security classifications and adjustments to price bands for those exiting the framework.
- Who is affected
- Market participants and trading members
- Required action
- Maintain a minimum 100% margin on all open positions as of August 6, 2026, and new positions created from August 7, 2026, for newly included securities.
- Transition trading of qualifying securities from Rolling Settlement to Trade-for-Trade segment effective August 7, 2026.
- Key dates
- Effective date for Stage II price bands, periodic call auctions, and securities moving out of or to lower stages of the ESM framework. — 05 Aug 2026
- Effective date for 100% margin requirements and shift to Trade-for-Trade settlement. — 06 Aug 2026
- Thresholds
- Securities shifting to Stage II are subject to a 2% price band.
- Consequences
- Securities exiting the framework will have their price bands reinstated to levels applicable prior to their inclusion, unless other surveillance measures apply.
Source details
- Source
- BSE Ltd (Bombay Stock Exchange)
- Type
- notice
- Published by source
- 04 Aug 2026
- Document number
- 20260805-31
- Issuing division
- DOSS
- Effective date
- 05 Aug 2026
- Coverage area
- securities
Document text
NOTICE
| Notice No. | 20260805-31 |
| Notice Date | 05 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 07, 2026 on all open positions as on August 06, 2026 and new positions created from August 07, 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 06, 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 07, 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 06, 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 06, 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
Research the source law
Find the provision behind this update.
No high-confidence provision match was found. Browse the law library, choose the affected provision and ask against the exact statutory text.
Browse source laws