Description

BSE updates Enhanced Surveillance Measure framework with new securities additions, stage movements, and consolidated list of all ESM securities.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective July 30, 2025. The circular includes one new security being added to ESM, five securities moving to higher ESM stages, and provides a comprehensive consolidated list of all securities currently under ESM framework across different stages.

Key Points

  • 1 new security added to ESM framework: Panth Infinity Ltd (539143)
  • 5 securities moved to higher ESM stages due to continued surveillance concerns
  • No securities moved to lower ESM stages or exited the framework
  • Consolidated list shows 29+ securities across ESM Stage I and Stage II
  • Framework includes both main board and SME securities

Regulatory Changes

  • Enhanced surveillance measures applied to securities showing price volatility or other market concerns
  • Securities subject to additional disclosure requirements and trading restrictions
  • Stage-based approach with escalating surveillance measures
  • Regular review and adjustment of securities list based on market behavior

Compliance Requirements

  • Trading members must ensure compliance with ESM framework requirements
  • Enhanced due diligence required for transactions in ESM securities
  • Additional margin requirements may apply
  • Clients must be informed about ESM status of securities

Important Dates

  • Effective Date: July 30, 2025 - All ESM changes become effective
  • Regular monitoring and review of securities performance continues

Impact Assessment

Market Impact: Medium - affects trading in specific securities with enhanced surveillance requirements. Operational Impact: Trading members need to update systems and processes for newly added/moved securities. Investor Impact: Increased costs and restrictions for trading in ESM securities, but provides additional market safety measures.

Impact Justification

Regular surveillance measure updates affecting specific securities with trading restrictions