Description
BSE announces changes to Enhanced Surveillance Measure framework with new securities additions, stage movements, and consolidated list effective August 19, 2025.
Summary
BSE has announced updates to the Enhanced Surveillance Measure (ESM) framework effective August 19, 2025. The circular includes new securities being added to ESM, existing securities moving to higher ESM stages, and a consolidated list of all securities currently under ESM with their respective stages.
Key Points
- 2 new securities added to ESM framework: Adcounty Media India Ltd and Tamilnadu Steel Tubes Ltd
- 5 securities moving to higher ESM stages due to continued surveillance concerns
- No securities moving to lower ESM stages
- No securities exiting ESM framework in this update
- Consolidated list shows 28+ securities across ESM stages I and II
Regulatory Changes
- Enhanced Surveillance Measure framework continues to monitor securities with unusual price movements or trading patterns
- Securities under ESM face additional trading restrictions and margin requirements
- Stage progression indicates escalating surveillance concerns
Compliance Requirements
- Trading members must ensure compliance with ESM-specific margin and trading requirements
- Enhanced due diligence required for transactions in ESM securities
- Investors should be aware of additional risks associated with ESM securities
Important Dates
- Effective Date: August 19, 2025 - All ESM changes become applicable
Impact Assessment
- Securities newly added to ESM will face trading restrictions and higher margins
- Securities moving to higher ESM stages will face increased scrutiny and potentially stricter trading conditions
- Market participants trading in listed securities should monitor ESM status for risk management
- SME securities marked with # indicator face additional considerations due to their listing segment
Impact Justification
Regular surveillance measure updates affecting specific securities with trading restrictions