Description
BSE announces movement of securities into Enhanced Surveillance Measure framework and stage transitions effective August 11, 2025.
Summary
BSE has announced updates to the Enhanced Surveillance Measure (ESM) framework effective August 11, 2025. The circular details movement of securities across different ESM stages, including new entries into the framework and transitions between higher and lower surveillance stages.
Key Points
- 3 new securities will be placed under Enhanced Surveillance Measure framework
- 4 existing ESM securities will be moved to higher surveillance stages
- 49 existing ESM securities will be moved to lower surveillance stages
- All changes become effective from August 11, 2025
- Framework applies additional monitoring and trading restrictions based on surveillance stage
Regulatory Changes
Implementation of stage-based Enhanced Surveillance Measure with different levels of monitoring intensity. Securities are categorized and moved between stages based on their compliance and trading patterns.
Compliance Requirements
- Listed companies under ESM framework must ensure enhanced compliance with disclosure requirements
- Trading members need to be aware of additional surveillance measures applicable to these securities
- Investors should note the enhanced monitoring and potential trading restrictions
Important Dates
- Effective Date: August 11, 2025 - All ESM framework changes come into effect
Impact Assessment
Market Impact: Medium - affects trading liquidity and investor participation for 56 securities across different market segments. Enhanced surveillance may lead to reduced trading volumes and increased price volatility for affected securities.
Operational Impact: Trading systems and risk management frameworks need to account for the enhanced surveillance requirements and stage-specific restrictions.
Impact Justification
Affects trading of multiple securities with enhanced surveillance measures impacting liquidity and investor participation