Description

BSE announces changes to Enhanced Surveillance Measure framework including 4 new securities and stage modifications for existing securities effective August 22, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) Framework effective August 22, 2025. Four new securities have been added to ESM Stage I, while seven existing securities will move to higher ESM stages. No securities are moving to lower stages or exiting the framework.

Key Points

  • 4 new securities added to ESM Framework (Stage I)
  • 7 securities moving to higher ESM stages
  • No securities moving to lower stages or exiting ESM
  • Changes effective from August 22, 2025
  • Framework includes both main board and SME securities

Securities Added to ESM Framework

New ESM Stage I Securities:

  • Arman Holdings Ltd (538556)
  • Davin Sons Retail Ltd (544331) - SME
  • Navigant Corporate Advisors Ltd (539521) - SME
  • Sharma East India Hospitals & Medical Research Ltd (524548)

Securities Moving to Higher ESM Stages

Moving to Higher Stages:

  • CWD Ltd (543378) - SME
  • India Steel Works Ltd (513361)
  • Kashyap Tele-Medicines Ltd (531960)
  • Kinetic Engineering Ltd (500240)
  • Meyer Apparel Ltd (531613)
  • SRM Energy Ltd (523222)
  • U. H. Zaveri Ltd (541338)

Regulatory Changes

The ESM Framework applies additional surveillance measures including:

  • Stricter monitoring of price movements
  • Enhanced disclosure requirements
  • Potential trading restrictions
  • Staged approach with increasing severity

Compliance Requirements

  • Listed companies must comply with enhanced disclosure norms
  • Investors should be aware of increased surveillance on these securities
  • Trading members must follow additional due diligence procedures

Important Dates

  • Effective Date: August 22, 2025
  • All changes take effect from market opening on this date

Impact Assessment

The ESM framework placement typically results in:

  • Reduced trading volumes due to additional compliance burden
  • Increased price volatility monitoring
  • Enhanced investor caution
  • Potential impact on liquidity for affected securities

Impact Justification

Affects trading conditions for multiple securities with surveillance measures that impact liquidity and investor behavior