Description

BSE updates Enhanced Surveillance Measure framework with new securities additions and stage movements effective August 21, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective August 21, 2025, adding new securities and moving existing ones to different ESM stages. The circular details securities being newly included in ESM, those moving to higher or lower stages, and provides a consolidated list of all securities under the framework.

Key Points

  • 2 new securities added to ESM framework: Achyut Healthcare Ltd and Aryaman Capital Markets Ltd
  • 12 securities moved to higher ESM stages due to continued surveillance concerns
  • No securities moved to lower ESM stages
  • No securities removed from ESM framework
  • Consolidated list shows securities across different ESM stages (Stage I and Stage II)
  • Framework includes both mainboard and SME securities

Regulatory Changes

  • Enhanced surveillance measures applied to securities showing unusual price movements or trading patterns
  • Securities under ESM face additional margin requirements and trading restrictions
  • Stage-wise classification determines the level of surveillance and restrictions
  • Higher stages indicate increased regulatory scrutiny and stricter trading conditions

Compliance Requirements

  • Trading members must comply with additional margin requirements for ESM securities
  • Enhanced reporting and monitoring obligations for transactions in listed securities
  • Investors should be aware of increased volatility and liquidity constraints
  • Regular review and assessment of securities for stage movement or removal

Important Dates

  • Effective Date: August 21, 2025 - All ESM changes become applicable
  • Regular monitoring and review of securities for potential stage changes or removal from framework

Impact Assessment

  • Trading Impact: Securities under ESM may experience reduced liquidity due to additional margins and restrictions
  • Investor Impact: Higher transaction costs and potential difficulty in executing large orders
  • Market Impact: Enhanced surveillance helps maintain market integrity by monitoring volatile securities
  • Compliance Impact: Trading members need to ensure adequate margin collection and risk management for ESM securities

Impact Justification

Affects trading conditions for multiple securities under enhanced surveillance with potential impact on liquidity and trading volumes