Description
BSE updates Enhanced Surveillance Measure framework with new securities additions, stage movements, and removals effective August 4, 2025.
Summary
BSE has updated the Enhanced Surveillance Measure (ESM) framework with changes to securities lists effective August 4, 2025. The update includes 4 new securities entering ESM, 2 securities moving to higher ESM stages, 37 securities moving to lower ESM stages, and 5 securities exiting the ESM framework entirely.
Key Points
- 4 new securities added to ESM framework: Alan Scott Industries, Auto Pins (India), Esha Media Research, and India Steel Works
- 2 securities moved to higher ESM stages: Desh Rakshak Aushdhalaya and Vikram Aroma
- 37 securities moved to lower ESM stages including multiple SME scrips
- 5 securities completely removed from ESM framework
- Changes effective from August 4, 2025
Regulatory Changes
The ESM framework applies enhanced monitoring and trading restrictions to securities that exhibit unusual price movements or trading patterns. Securities can move between different ESM stages based on their trading behavior and compliance with surveillance criteria.
Compliance Requirements
- Trading members must ensure compliance with ESM restrictions for listed securities
- Enhanced reporting and monitoring requirements apply to securities under ESM
- Different ESM stages have varying levels of trading restrictions and margin requirements
Important Dates
- Effective Date: August 4, 2025 - All ESM framework changes become applicable
Impact Assessment
The ESM framework changes will affect trading liquidity and investor participation in the listed securities. Securities entering or moving to higher ESM stages may experience reduced trading volumes due to enhanced restrictions, while those moving to lower stages or exiting ESM may see improved liquidity. Market participants should adjust their trading strategies accordingly for affected securities.
Impact Justification
Affects trading conditions for multiple securities under surveillance framework