Enhanced Surveillance Measure
Official title
Enhanced Surveillance Measure (ESM)
Official record
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BSE has updated the list of securities under the Enhanced Surveillance Measure (ESM) framework. Certain securities have been added to the framework, while others have been moved to lower stages or removed entirely. Securities qualifying for ESM will shift from Rolling Settlement to Trade-for-Trade segment effective July 31, 2026, and will attract a minimum 100% margin on all open and new positions. Securities moving to Stage II are subject to a 2% price band and Periodic Call Auction effective July 30, 2026. Securities exiting the framework will have their previous price bands reinstated, provided they are not subject to other surveillance measures. This action is part of routine market surveillance and does not constitute adverse action against the affected entities.
- Who is affected
- Market participants and trading members of the BSE.
- Required action
- Apply a minimum 100% margin on all open positions as of July 30, 2026, and on new positions created from July 31, 2026, for securities qualifying under the ESM.
- Transition qualifying securities from Rolling Settlement segment to Trade-for-Trade segment effective July 31, 2026.
- Key dates
- Effective date for Stage II price band, Periodic Call Auction, and removal of certain securities from ESM. — 29 Jul 2026
- Effective date for 100% margin requirements and shift to Trade-for-Trade segment. — 30 Jul 2026
- Thresholds
- Securities shifting to Stage II are subject to a 2% price band and Periodic Call Auction.
- Consequences
- Securities exiting the ESM framework will have their price bands reinstated to the levels applicable prior to their inclusion, unless other surveillance measures apply.
Source details
- Source
- BSE Ltd (Bombay Stock Exchange)
- Type
- notice
- Published by source
- 28 Jul 2026
- Document number
- 20260729-27
- Issuing division
- DOSS
- Effective date
- 29 Jul 2026
- Coverage area
- securities
Document text
NOTICE
| Notice No. | 20260729-27 |
| Notice Date | 29 Jul 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. July 31, 2026 on all open positions as on July 30, 2026 and new positions created from July 31, 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. July 30, 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. July 31, 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. July 30, 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. July 30, 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
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