Description

BSE updates Enhanced Surveillance Measure framework with new securities additions, stage movements, and consolidated list effective August 12, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) Framework with changes effective August 12, 2025. The circular includes new securities being added to ESM, existing securities moving to higher ESM stages, and a comprehensive consolidated list of all securities under various ESM stages.

Key Points

  • 5 new securities added to Enhanced Surveillance Measure framework
  • 3 securities moved to higher ESM stages
  • No securities moved to lower ESM stages
  • No securities moved out of ESM framework
  • Consolidated list shows securities across ESM Stage I and Stage II
  • Both main market and SME securities included in updates

Securities Added to ESM Framework

New ESM Securities (effective August 12, 2025):

  • Alfred Herbert India Ltd (505216)
  • Ganga Pharmaceuticals Ltd (539680) - SME
  • Gayatri BioOrganics Ltd (524564)
  • HT Media Ltd (532662) - as per NSE
  • Jay Bharat Maruti Ltd (520066) - as per NSE

Securities Moving to Higher ESM Stage:

  • Focus Business Solution Ltd (543312) - SME
  • Kachchh Minerals Ltd (531778)
  • Shree Rajasthan Syntex Ltd (503837)

Regulatory Changes

  • Enhanced surveillance measures impose additional restrictions on trading
  • Securities under ESM framework subject to stricter monitoring
  • Stage progression indicates increased surveillance intensity
  • Framework applies to both main board and SME securities

Compliance Requirements

  • Market participants must adhere to enhanced surveillance conditions
  • Trading members need to ensure compliance with ESM framework requirements
  • Investors should be aware of additional surveillance measures affecting these securities

Important Dates

  • Effective Date: August 12, 2025
  • All changes to ESM framework become applicable from this date

Impact Assessment

Market Impact: Medium - affects trading liquidity and investor sentiment for listed securities Operational Impact: Enhanced monitoring requirements for exchanges and trading members Investor Impact: Potential impact on trading volumes and price discovery for affected securities Risk Management: Framework aims to protect investor interests through increased surveillance

Impact Justification

Affects multiple securities with enhanced surveillance requirements impacting trading patterns and investor behavior