Description

BSE announces changes to Enhanced Surveillance Measure framework with securities being added, moved between stages, and removed effective July 30, 2025.

Summary

BSE has announced updates to the Enhanced Surveillance Measure (ESM) framework effective July 30, 2025. The circular details securities being newly added to ESM, those moving to higher or lower ESM stages, and provides a consolidated list of all securities currently under the framework. One new security (Panth Infinity Ltd) is being added to ESM, while five securities are being moved to higher ESM stages.

Key Points

  • 1 new security added to ESM framework: Panth Infinity Ltd (539143)
  • 5 securities moved to higher ESM stages including Anka India Ltd, Ekansh Concepts Ltd, EMA India Ltd, Reliable Ventures India Ltd, and Samsrita Labs Ltd
  • No securities moved to lower ESM stages
  • No securities removed from ESM framework
  • Consolidated list shows 29+ securities currently under various ESM stages
  • Framework includes both main board and SME securities

Regulatory Changes

The ESM framework continues to operate with multiple stages (Stage I and Stage II identified), with securities being moved between stages based on surveillance criteria. The framework serves as a risk management tool to monitor securities with unusual price movements or trading patterns.

Compliance Requirements

  • Trading members must be aware of ESM classifications for affected securities
  • Enhanced due diligence and risk management measures apply to ESM securities
  • Investors should exercise additional caution when trading ESM securities
  • Regular monitoring of ESM status changes required

Important Dates

  • July 30, 2025: Effective date for all ESM framework changes
  • All additions, stage movements, and removals take effect from this date

Impact Assessment

The ESM framework changes will result in increased trading restrictions and surveillance for the affected securities. Investors in these securities may face additional margin requirements, price bands, or other trading limitations. The movement of securities to higher ESM stages indicates continued regulatory concerns about their trading patterns or corporate governance issues.

Impact Justification

Regular surveillance framework updates affecting multiple securities with trading restrictions