What does ESM Stage 1 mean?

A stock is placed under ESM Stage 1 (Enhanced Surveillance Measure Stage 1) due to high volatility or sharp price rises, and tighter trading rules apply to control speculation. Under Stage 1, trades are delivery-only (T2T) with a 100% margin requirement and a 5% price band (or 2% if already restricted) is applied. The stock must remain in this stage for at least 90 days.