Description

BSE announces updates to Enhanced Surveillance Measure framework with new securities added and stage transitions effective August 21, 2025.

Summary

BSE has announced updates to the Enhanced Surveillance Measure (ESM) Framework effective August 21, 2025. The circular includes addition of 2 new securities to ESM Stage I, movement of 12 securities to higher ESM stages, and provides a consolidated list of all securities under ESM framework across different stages.

Key Points

  • 2 securities newly added to ESM Stage I: Achyut Healthcare Ltd and Aryaman Capital Markets Ltd
  • 12 securities moved to higher ESM stages including Aplab Ltd, Crimson Metal Engineering, and others
  • No securities moved to lower ESM stages or exited the framework
  • Consolidated list shows securities distributed across ESM Stage I and II
  • Multiple SME scrips included in the surveillance framework

Regulatory Changes

  • Enhanced surveillance measures applied to identify and monitor securities with abnormal price movements
  • Stage-wise progression system for securities based on continued surveillance triggers
  • Framework designed to protect investor interests through increased monitoring

Compliance Requirements

  • Trading members must comply with enhanced surveillance requirements for listed securities
  • Additional margin requirements and position limits may apply to ESM securities
  • Regular monitoring and reporting obligations for securities under surveillance

Important Dates

  • Effective Date: August 21, 2025
  • All ESM framework changes become applicable from market opening on this date

Impact Assessment

  • Trading restrictions and additional compliance burden for affected securities
  • Enhanced monitoring may lead to improved price discovery and reduced volatility manipulation
  • Investors should exercise caution when trading securities under ESM framework
  • Market participants need to adjust trading strategies for ESM securities considering additional surveillance measures

Impact Justification

Updates ESM framework affecting multiple securities with trading implications but routine surveillance measure adjustments