The Bombay Stock Exchange has updated its Enhanced Surveillance Measure framework effective May 18, 2026, adding four securities to the ESM list, escalating four to a higher surveillance stage, moving twenty-one to a lower stage, and removing thirteen securities from the framework entirely.
New additions to ESM from May 18, 2026
Four securities have been freshly inducted into the BSE ESM framework: Kanoria Chemicals and Industries Limited (506525), Nakoda Group of Industries Limited (541418), Naksh Precious Metals Limited (539402), and Smartlink Holdings Limited (532419). Of these, Kanoria Chemicals, Nakoda Group, and Smartlink Holdings are being added in coordination with NSE and carry a star marking indicating their movement to trade-for-trade settlement as per the NSE circular. Naksh Precious Metals is a BSE-specific addition.
Escalated to higher ESM stage from May 18, 2026
Four stocks have been moved to a higher — more restrictive — surveillance stage: Gala Global Products Limited (539228), Ikoma Technologies Limited (531997), Natura Hue Chem Limited (531834), and True Green Bio Energy Limited (533407). Escalation to a higher ESM stage signals continued or worsening abnormalities in the trading pattern of these securities and results in additional price band restrictions and margin requirements.
Moved to lower ESM stage from May 18, 2026
Twenty-one securities have been moved from a higher to a lower surveillance stage, indicating partial improvement in their ESM parameters. These include Asia Capital Limited (538777), Bodhtree Consulting Limited (539122), Capital Trust Limited (511505), Indo Credit Capital Limited (526887), J.A. Finance Limited (543860), JITF Infralogistics Limited (540311), Kachchh Minerals Limited (531778), Krishna Ventures Limited (504392), Mangalam Drugs and Organics Limited (532637), Mukat Pipes Limited (523832), Refex Renewables and Infrastructure Limited (531260), Sadbhav Engineering Limited (532710), Sanchay Finvest Limited (511563), Sattrix Information Security Limited (544189 — SME scrip), Scintilla Commercial and Credit Limited (538857), Spright Agro Limited (531205), Starlineps Enterprises Limited (540492), Stratmont Industries Limited (530495), Swadeshi Industries and Leasing Limited (506863), Tijaria Polypipes Limited (533629), and Virat Leasing Limited (539167).
Removed from ESM framework from May 18, 2026
Thirteen securities have been excluded from the BSE ESM framework: Aerpace Industries Limited (534733), AJC Jewel Manufacturers Limited (544425 — SME scrip), B-Right Realestate Limited (543543 — SME scrip), Continental Controls Limited (531460), Coromandel Engineering Company Limited (533167), Garware Synthetics Limited (514400), Indian Link Chain Manufacturers Limited (504746), Jay Ambe Supermarkets Limited (544514 — SME scrip), Looks Health Services Limited (534422), Pajson Agro India Limited (544657 — SME scrip), Paras Petrofils Limited (521246), Silverline Technologies Limited (500389), and Vega Jewellers Limited (512026).
BSE noted that securities marked with a tilde (~) will continue in trade-for-trade settlement as per circular 20260219-30 dated February 19, 2026, even after their exclusion from the ESM framework.
What ESM means for investors
The BSE Enhanced Surveillance Measure framework is applied to securities exhibiting abnormal price or volume behaviour, low float, concentrated trading, or other indicators that warrant heightened regulatory oversight. Securities under ESM face trade-for-trade gross settlement — where intraday squaring off is not permitted and each buy requires upfront funds while each sell requires upfront delivery. Stage II carries additional restrictions beyond Stage I. Investors holding or planning to trade ESM-listed securities should verify the applicable settlement conditions on the BSE website before transacting, as normal intraday trading facilities are unavailable in these stocks.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions. ESM classification by BSE is a surveillance measure and does not constitute a finding of wrongdoing.