The National Stock Exchange of India has updated its Enhanced Surveillance Measure framework effective May 8, 2026, adding five securities to Stage I, escalating three stocks from Stage I to the stricter Stage II, and retaining a total of 231 securities across both stages in the consolidated ESM list.
Which stocks were newly added to NSE ESM Stage I on May 8?
Five securities have been freshly inducted into ESM Stage I with effect from May 8, 2026. These are California Software Company Limited (CALSOFT), Gurunanak Agriculture India Limited (GURUNANAK), Innocmet Advanced Materials Limited (INNOMET), Munish Forge Limited (MUNISH), and Plaza Wires Limited (PLAZACABLE). All five stocks will also move from the EQ or SM segment to the BE or ST trade-to-trade segment with effect from May 11, 2026, meaning buyers and sellers will be required to settle each transaction on a gross basis with no netting benefit.
Which stocks were escalated to ESM Stage II?
Three stocks have been moved from Stage I to the more restrictive Stage II of the ESM framework effective May 8. These are Nahar Spinning Mills Limited (NAHARSPINNG), Sadhana Nitrochem Limited (SADHANIQ), and Swastik Pipe Limited (SWASTIK). Stage II imposes additional trading restrictions and circuit filter tightening compared to Stage I.
No stock has been moved from Stage II back to Stage I, and no security has been excluded from the ESM framework in this update.
What is the NSE Enhanced Surveillance Measure framework?
The ESM framework is a market surveillance mechanism introduced by NSE and BSE in coordination with SEBI to identify stocks exhibiting abnormal price or volume behaviour. Securities flagged under ESM face tighter price bands, mandatory trade-to-trade settlement in some cases, and enhanced disclosure requirements, with the objective of protecting retail investors from potential manipulation or excessive speculation. Stage II represents a higher level of concern than Stage I, with correspondingly stricter trading curbs.
As of May 8, 2026, the consolidated ESM list covers 231 securities — 27 in Stage II and 204 in Stage I.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult a registered financial advisor before making any investment decisions. Business Upturn does not hold any position in the securities mentioned.