Description

BSE updates Enhanced Surveillance Measure framework with 3 new securities entering ESM and 2 securities moving to higher stages effective July 31, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) framework effective July 31, 2025. Three securities are newly entering the ESM framework, while two existing securities are moving to higher ESM stages. The consolidated list shows 30+ securities currently under various ESM stages with different levels of trading restrictions.

Key Points

  • 3 new securities entering ESM framework: Ace Alpha Tech Ltd, Times Guaranty Ltd, and Valiant Organics Ltd
  • 2 securities moving to higher ESM stages: Vintage Securities Ltd and Yuranus Infrastructure Ltd
  • No securities are moving out of the ESM framework
  • No securities are moving to lower ESM stages
  • Consolidated list maintains over 30 securities under ESM with stages ranging from I to II

Regulatory Changes

  • Enhanced surveillance measures impose additional restrictions on securities exhibiting abnormal price movements or trading patterns
  • Securities under ESM face limitations including trade-for-trade settlement, price bands, and margin requirements
  • Movement between ESM stages depends on continued monitoring of trading behavior and compliance

Compliance Requirements

  • Trading members must ensure compliance with ESM restrictions for affected securities
  • Additional margin requirements and settlement obligations apply to ESM securities
  • Investors should be aware of trading limitations and enhanced scrutiny for these securities

Important Dates

  • July 31, 2025: Effective date for all ESM framework changes
  • New securities enter ESM and existing securities move to higher stages from this date

Impact Assessment

  • Trading Impact: Affected securities will face increased trading restrictions and margin requirements
  • Investor Impact: Limited liquidity and higher transaction costs for securities under ESM
  • Market Impact: Enhanced monitoring helps maintain market integrity by identifying and controlling volatile securities
  • Compliance Impact: Trading members must adjust systems and processes to handle ESM requirements for newly added securities

Impact Justification

Affects trading in specific securities under enhanced surveillance with restrictions on trading mechanisms