Description
BSE updates Enhanced Surveillance Measure framework with new securities additions and stage movements effective August 14, 2025.
Summary
BSE has updated the Enhanced Surveillance Measure (ESM) framework effective August 14, 2025. The circular includes one new security being added to ESM, one security moving to a higher ESM stage, and provides a consolidated list of all securities currently under ESM framework across different stages.
Key Points
- Spice Islands Industries Ltd (526827) newly added to ESM framework
- Galaxy Cloud Kitchens Ltd (506186) moved to higher ESM stage
- No securities moved to lower ESM stages
- No securities removed from ESM framework
- Consolidated list shows 32+ securities across ESM Stage I and Stage II
Regulatory Changes
- Enhanced surveillance measures applied to new securities based on market behavior patterns
- Stage progression for existing ESM securities based on continued surveillance criteria
- Framework maintains different stages (Stage I and Stage II) with varying levels of surveillance
Compliance Requirements
- Trading members must comply with ESM framework requirements for affected securities
- Enhanced monitoring and reporting obligations for securities under ESM
- Adherence to specific trading conditions and restrictions as applicable to each ESM stage
Important Dates
- Effective Date: August 14, 2025 - All ESM changes become effective
Impact Assessment
- Limited market impact as only two securities affected by changes
- Enhanced surveillance may result in increased trading restrictions or margin requirements
- Investors and trading members need to adjust strategies for affected securities
- Continued monitoring framework helps maintain market integrity and investor protection
Impact Justification
Affects specific securities with enhanced surveillance measures impacting trading conditions