The National Stock Exchange has released its Enhanced Surveillance Measure list effective May 7, 2026, with eight securities shortlisted under ESM Stage I and one stock moving from Stage I to Stage II. Here is the complete official list.
What is ESM?
The Enhanced Surveillance Measure framework is a SEBI-mandated surveillance mechanism applied by stock exchanges to securities that exhibit unusual price movements, high volatility or other risk parameters. Stocks under ESM face additional trading restrictions — typically trade-to-trade settlement, where shares cannot be sold on the same day they are bought — to protect retail investors from speculative activity.
Stocks shortlisted under ESM Stage I — effective May 7, 2026
The following eight securities have been placed under ESM Stage I with effect from May 7, 2026. All eight will additionally move from EQ/SM segment to BE/ST segment effective May 8, 2026 — meaning they will shift to trade-to-trade settlement from the next trading day.
| Sr. No. | Symbol | Security Name | ISIN |
|---|---|---|---|
| 1 | ANLON | Anlon Technology Solutions Limited | INE0LR101013 |
| 2 | AVATAR | Avatar Industries Limited | INE617I01024 |
| 3 | DHRUV | Dhruv Consultancy Services Limited | INE506Z01015 |
| 4 | KRITI | Kriti Industries (India) Limited | INE479D01038 |
| 5 | KRMAYURVED | KRM Ayurveda Limited | INE1MTV01019 |
| 6 | MAWANASUG | Mawana Sugars Limited | INE636A01039 |
| 7 | OMAXAUTO | Omax Autos Limited | INE090B01011 |
| 8 | ROLLT | Rollatainers Limited | INE927A01040 |
Stock moving from ESM Stage I to Stage II — effective May 7, 2026
Inspire Films Limited (Symbol: INSPIRE, ISIN: INE0NDX01019) has been shortlisted to move from ESM Stage I to Stage II with effect from May 7, 2026. Stage II carries more stringent trading restrictions than Stage I.
Stock moving from ESM Stage II to Stage I — effective May 7, 2026
No securities have been shortlisted to move from ESM Stage II to Stage I in this revision — the list shows Nil for this category.
What this means for investors holding these stocks
Investors holding any of the eight newly added ESM Stage I stocks should note that from May 8, 2026, these securities will move to the BE/ST (trade-to-trade) segment, meaning delivery of shares will be compulsory for every transaction. Intraday trading and BTST trades will not be permitted. Additionally, ESM-listed stocks often face reduced liquidity as institutional investors typically avoid them, which can result in wider bid-ask spreads and difficulty in exiting positions.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making investment decisions.