NOTICE
Notice No.
20260522-36
Notice Date
22 May 2026
Category
Trading
Segment
Equity
Department
DOSS
Subject
Enhanced Surveillance Measure (ESM)
Attachments
Annexure_ESM
Content
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. May 26, 2026 on all open positions as on May 25, 2026 and new
positions created from May 26, 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. May 25, 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. May 26, 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. May 25, 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. May 25, 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
Arpita Joshi
Deputy Vice President
Manager
Surveillance
Surveillance
