When does a stock exit ESM?

At a weekly review, once it has spent at least 90 calendar days in the ESM framework and no longer meets the Stage 1 shortlisting tests. A Stage 2 stock must first move back to Stage 1; the exit comes from a later Stage 1 review. The exchanges decide every exit.

What is the ESM exit date of a stock?

The exit date is the first trading session after the exchange removes the stock from ESM. Exits are announced after market hours: on BSE the exit takes effect on the next trading day after the notice, and on NSE the stock's first session outside ESM is the one after it leaves the ESM column of the daily regulatory-indicator file.

How is the earliest ESM exit date calculated?

SurveillanceLab adds the 90 calendar days to the stock's ESM entry date, applies the Stage 2 step-down rule where it applies, and takes the first weekly review on or after both, with the exit applying from the next session. It assumes the last closing price is held flat. It is a calculation, not a forecast of the exchange's decision.

Can a stock exit ESM directly from Stage 2?

No. A Stage 2 stock stays at least one month in Stage 2, then a weekly review can move it to Stage 1 if its close-to-close gain over the month is under 15%. Only a later Stage 1 review can take it out of ESM.

Where can I see the stocks exiting ESM this week?

The ESM stocks this week tab of the ESM stocks list shows the listings that entered ESM this week and those that left it, from the exchanges' published lists, updated on weekday nights. It is paused during market hours on trading days.

ESM exit rules: the 90-day minimum and the weekly review

Last reviewed 13 October 2026 · by Rachid Asen

No stock stays on ESM for ever, but none leaves quickly either. The exchanges review the list every week, and a stock can only leave once it has spent 90 calendar days in the framework.

The exit rules

From NSE's FAQ on ESM v1.1 (25 July 2025, circular NSE/SURV/69315), section 2.3:

Weekly review. ESM stocks are reviewed once a week.
90 calendar days. A stock must spend at least 90 calendar days in the ESM framework before it can exit.
Stage 2 first steps down. A Stage 2 stock stays at least one month in Stage 2. A weekly review can then move it to Stage 1 if its close-to-close gain over the month is under 15%.
Exit is stage-wise. The exit is a later Stage 1 review, not the Stage 2 step-down.

The exchanges decide every exit. A stock that still meets the Stage 1 shortlisting tests at a review can stay on ESM after its 90 days.

When an exit takes effect

Exits are announced after market hours. On BSE an exit takes effect on the next trading day after the notice. On NSE the stock disappears from the ESM column of the daily regulatory-indicator file, and its first session outside ESM is the next one. SurveillanceLab treats the weekly review as the last trading session on or before Friday, with the exit applying from the next session.

How this site estimates exit-eligibility dates

For each stock on the live list, SurveillanceLab calculates rule-based dates (shown in the research view):

Earliest exit: the earliest date the stock could become eligible to leave ESM under the rules above, assuming its last closing price is held flat so the rolling price windows cool down.
Days left: calendar days until that date.
Stage 2 → 1 from: for Stage 2 stocks, the earliest review that could move it back to Stage 1.

These are calculations, not forecasts of the exchange's decision. Stocks that left ESM stay on the site's Exits list for 30 days after their exit date.

Hypothetical example. A Stage 1 stock entered ESM on 2 June. Its 90 calendar days end on 31 August, so the earliest review it could exit at is the first weekly review on or after 31 August, with the exit applying from the next trading session. If it still meets the shortlisting tests then, it stays.

Frequently asked questions

When does a stock exit ESM?: At a weekly review, once it has spent at least 90 calendar days in the ESM framework and no longer meets the Stage 1 shortlisting tests. A Stage 2 stock must first move back to Stage 1; the exit comes from a later Stage 1 review. The exchanges decide every exit.
What is the ESM exit date of a stock?: The exit date is the first trading session after the exchange removes the stock from ESM. Exits are announced after market hours: on BSE the exit takes effect on the next trading day after the notice, and on NSE the stock's first session outside ESM is the one after it leaves the ESM column of the daily regulatory-indicator file.
How is the earliest ESM exit date calculated?: SurveillanceLab adds the 90 calendar days to the stock's ESM entry date, applies the Stage 2 step-down rule where it applies, and takes the first weekly review on or after both, with the exit applying from the next session. It assumes the last closing price is held flat. It is a calculation, not a forecast of the exchange's decision.
Can a stock exit ESM directly from Stage 2?: No. A Stage 2 stock stays at least one month in Stage 2, then a weekly review can move it to Stage 1 if its close-to-close gain over the month is under 15%. Only a later Stage 1 review can take it out of ESM.
Where can I see the stocks exiting ESM this week?: The ESM stocks this week tab of the ESM stocks list shows the listings that entered ESM this week and those that left it, from the exchanges' published lists, updated on weekday nights. It is paused during market hours on trading days.

Sources

NSE: FAQs – Enhanced Surveillance Measure (ESM), version 1.1, 25 July 2025 (circular NSE/SURV/69315): eligibility, Stage 1 and Stage 2 criteria, review and exit.
NSE's daily regulatory-indicator file (REG_IND), whose ESM column is 1 (Stage 1), 2 (Stage 2) or 100 (not in ESM).
BSE's daily “Enhanced Surveillance Measure (ESM)” notices (Annexure I: entries and stage moves; Annexure II: exits) and the REG_IND file in BSE's scrip archive.

Exchange circulars change. Where this page and the current circular differ, the circular applies.

More ESM and ASM guides

What is ESM?Who can be put under ESM on NSE and BSE, what changes for the stock, and who decides.
ESM Stage 1The price-variation tests that put a stock in Stage 1 and the trading limits that follow.
ESM Stage 2When a Stage 1 stock moves to the stricter Stage 2, and when it can move back.
What is ASM?What ASM is, its long-term and short-term frameworks, the typical measures and who decides.
Long-term ASM (LT-ASM)The four long-term stages, what each one changes, and the 90-day stage-wise exit.
Short-term ASM (ST-ASM)The two short-term stages, their margins and the 5 or 15 trading-day review.
ASM vs ESM vs GSMWhat triggers each measure, its stages and typical limits, side by side.

Not investment advice. This page explains the exchanges' published rules for education only. It does not recommend buying, selling or holding any security. Inclusion, stage changes and exit are decided solely by NSE and BSE.