Description

BSE updates Enhanced Surveillance Measure framework with securities additions, stage movements, and consolidated list effective July 31, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective July 31, 2025. The circular includes three new securities entering ESM, two securities moving to higher ESM stages, and a consolidated list of all securities currently under ESM framework with their respective stages.

Key Points

  • 3 securities newly added to ESM framework: Ace Alpha Tech Ltd, Times Guaranty Ltd, and Valiant Organics Ltd
  • 2 securities moved to higher ESM stages: Vintage Securities Ltd and Yuranus Infrastructure Ltd
  • No securities moved to lower ESM stages or exited the framework
  • Consolidated list shows 30+ securities across ESM Stage I and Stage II
  • Framework includes both main board and SME scrips

Regulatory Changes

The ESM framework continues with stage-based surveillance measures. Securities are classified into different ESM stages based on their risk profile and market behavior. The framework allows for movement between stages and exit based on improved compliance and market performance.

Compliance Requirements

  • Trading members must adhere to ESM restrictions for listed securities
  • Enhanced monitoring and reporting requirements apply to ESM securities
  • Investors should be aware of additional surveillance measures when trading these securities
  • SME scrips marked with # symbol have specific compliance considerations

Important Dates

  • Effective Date: July 31, 2025 - All ESM framework changes take effect
  • Implementation: Changes to security classifications and stage movements become operational

Impact Assessment

The ESM framework updates will result in enhanced surveillance and potential trading restrictions for the affected securities. New additions to ESM may experience reduced liquidity and increased compliance requirements. Securities moving to higher ESM stages face stricter monitoring. The framework serves as a protective measure for investors while allowing market forces to operate within controlled parameters.

Impact Justification

Routine ESM framework updates affecting specific securities with trading restrictions