Description

BSE updates Enhanced Surveillance Measure framework with new securities additions and stage movements effective August 25, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) framework effective August 25, 2025, adding new securities and moving existing securities between different ESM stages. The ESM framework imposes additional trading restrictions and monitoring on securities that exhibit unusual price movements or volatility.

Key Points

  • 3 new securities added to ESM framework: Landmarc Leisure Corporation, Sadbhav Infrastructure Project, and Technichem Organics
  • 6 securities moved to higher ESM stages indicating increased surveillance
  • 47 securities moved to lower ESM stages indicating reduced surveillance requirements
  • Changes effective from August 25, 2025
  • Framework continues BSE’s risk management and investor protection measures

Regulatory Changes

The ESM framework applies graduated surveillance measures based on securities’ risk profiles. Securities in higher ESM stages face:

  • Reduced position limits
  • Additional margin requirements
  • Enhanced disclosure requirements
  • Potential trading restrictions

Compliance Requirements

  • Trading members must comply with revised position limits and margin requirements
  • Enhanced monitoring and reporting for affected securities
  • Investors should be aware of additional trading restrictions on ESM securities
  • Brokers must inform clients about ESM status of securities

Important Dates

  • August 25, 2025: Effective date for all ESM framework changes
  • Securities will be subject to new surveillance measures from market opening on this date

Impact Assessment

The ESM framework updates affect trading in 56 securities total. While this represents routine surveillance management, investors in affected securities should expect:

  • Potential impact on liquidity due to position limits
  • Higher margin requirements for trading
  • Increased volatility monitoring
  • Enhanced regulatory scrutiny of price movements

Impact Justification

Regular surveillance framework updates affecting multiple securities with trading restrictions