Description

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

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) framework effective August 12, 2025. The circular includes new securities being shortlisted for ESM, securities moving to higher ESM stages, and a consolidated list of all securities currently under ESM with their respective stages.

Key Points

  • 5 new securities added to ESM framework: Alfred Herbert India Ltd, Ganga Pharmaceuticals Ltd, Gayatri BioOrganics Ltd, HT Media Ltd, and Jay Bharat Maruti Ltd
  • 3 securities moving to higher ESM stages: Focus Business Solution Ltd, Kachchh Minerals Ltd, and Shree Rajasthan Syntex Ltd
  • No securities moving to lower ESM stages or exiting ESM framework
  • Consolidated list shows securities across ESM Stage I and Stage II
  • Multiple SME scrips included in the surveillance measures

Regulatory Changes

The ESM framework continues to monitor securities based on price movements, volatility, and other market parameters. Securities are classified into different stages (I and II) based on surveillance criteria, with higher stages indicating stricter monitoring.

Compliance Requirements

  • Trading members must comply with additional margin requirements for ESM securities
  • Enhanced reporting and monitoring obligations for transactions in listed securities
  • Specific disclosure requirements for ESM securities trading

Important Dates

  • Effective Date: August 12, 2025 - All ESM framework changes take effect

Impact Assessment

The addition of new securities to ESM framework will result in:

  • Increased margin requirements for trading in these securities
  • Enhanced monitoring and potential trading restrictions
  • Additional compliance burden for market participants
  • Possible impact on liquidity and trading volumes for affected securities

Securities moving to higher ESM stages face stricter surveillance measures, which may affect investor sentiment and trading activity.

Impact Justification

Affects trading conditions for multiple securities under enhanced surveillance framework