Description

BSE updates Enhanced Surveillance Measure framework with securities moving into, within, and out of different ESM stages effective August 19, 2025.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective August 19, 2025. The circular details securities being newly included in ESM, those moving to higher or lower ESM stages, and provides a consolidated list of all securities currently under ESM with their respective stages.

Key Points

  • 2 securities newly shortlisted for ESM Framework: Adcounty Media India Ltd and Tamilnadu Steel Tubes Ltd
  • 5 securities moving to higher ESM stages while continuing in the framework
  • No securities moving to lower ESM stages
  • No securities moving out of ESM Framework
  • Consolidated list shows 28+ securities across ESM Stage I and II
  • Multiple SME scrips included in the surveillance measures

Regulatory Changes

  • Enhanced surveillance measures will apply to newly included securities
  • Existing securities will face stricter surveillance conditions when moved to higher stages
  • Framework continues to monitor securities based on various risk parameters

Compliance Requirements

  • Trading members must comply with enhanced surveillance conditions for listed securities
  • Additional margin requirements and position limits may apply
  • Increased monitoring and reporting obligations for affected securities

Important Dates

  • Effective Date: August 19, 2025 - All ESM framework changes take effect

Impact Assessment

Market Impact: Medium - affects trading conditions for multiple securities across main board and SME segments. Enhanced surveillance typically results in reduced liquidity and increased trading costs for affected securities.

Operational Impact: Trading members need to adjust their risk management systems and processes for securities under enhanced surveillance measures.

Impact Justification

Regular ESM framework updates affecting trading conditions for multiple securities