Description
BSE updates Enhanced Surveillance Measure framework with new securities additions and stage movements effective August 21, 2025.
Summary
BSE has updated its Enhanced Surveillance Measure (ESM) Framework effective August 21, 2025, adding new securities to enhanced monitoring and moving existing securities to different ESM stages. The framework applies stricter trading conditions to securities showing abnormal price movements or trading patterns.
Key Points
- 2 new securities added to ESM Framework: Achyut Healthcare Ltd and Aryaman Capital Markets Ltd
- 12 existing securities moved to higher ESM stages for increased monitoring
- No securities moved to lower ESM stages or removed from the framework
- Comprehensive consolidated list provided showing all securities under ESM with their respective stages
Regulatory Changes
- Enhanced surveillance measures implemented through staged approach (Stage I, II, etc.)
- Securities marked with # indicate SME (Small and Medium Enterprises) scrips
- Framework includes provisions for securities moving between different surveillance stages based on performance
Compliance Requirements
- Trading members must adhere to ESM conditions for listed securities
- Enhanced margin requirements and position limits may apply
- Stricter monitoring of trading activities in ESM securities
- Compliance with disclosure requirements for ESM framework securities
Important Dates
- Effective Date: August 21, 2025 - All ESM framework changes take effect
Impact Assessment
- Trading conditions become more restrictive for securities in ESM framework
- Investors may face higher margin requirements and position limits
- Enhanced monitoring may lead to improved market integrity for volatile securities
- SME securities particularly affected with multiple listings under enhanced surveillance
Impact Justification
Affects trading conditions for multiple securities through enhanced surveillance measures