Description

BSE updates Enhanced Surveillance Measure framework with new securities additions, stage movements, and consolidated list effective August 20, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) Framework effective August 20, 2025, with new securities additions, stage movements for existing securities, and a comprehensive consolidated list of all securities under ESM.

Key Points

  • 3 new securities added to ESM framework: Clinitech Laboratory Ltd, Ramchandra Leasing & Finance Ltd, and Retina Paints Ltd
  • 3 existing securities moved to higher ESM stages: Alan Scott Industries Ltd, Shree Pacetronix Ltd, and Vashu Bhagnani Industries Ltd
  • No securities moved to lower ESM stages
  • No securities removed from ESM framework
  • Consolidated list shows 29+ securities across different ESM stages

Regulatory Changes

  • Enhanced surveillance framework continues with stage-based monitoring
  • Securities can move between ESM stages based on performance and compliance
  • SME scrips specifically marked in the framework
  • Integration with other frameworks (SMP and IBC) for securities movement

Compliance Requirements

  • Trading members must comply with ESM requirements for listed securities
  • Enhanced monitoring and reporting obligations for securities in ESM
  • Stage-specific restrictions and requirements apply based on ESM level
  • Market participants must observe additional surveillance measures

Important Dates

  • Effective Date: August 20, 2025
  • All ESM framework changes become applicable from this date

Impact Assessment

Market Impact: Medium - affects specific securities under enhanced surveillance with potential trading restrictions and increased monitoring. The stage movements indicate ongoing regulatory oversight of underperforming or high-risk securities.

Operational Impact: Trading firms and investors holding these securities will face enhanced compliance requirements and potentially restricted trading conditions based on ESM stage classifications.

Impact Justification

Affects specific securities under enhanced surveillance with stage movements but limited broader market impact