Description

BSE updates Enhanced Surveillance Measure framework with securities moving to different ESM stages effective August 25, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) framework effective August 25, 2025. The circular details securities being newly shortlisted for ESM, securities moving to higher ESM stages, and securities being moved to lower ESM stages. This affects trading parameters and monitoring requirements for the listed securities.

Key Points

  • 3 securities newly shortlisted for ESM framework
  • 6 securities moved to higher ESM stages for increased surveillance
  • 47 securities moved to lower ESM stages indicating improved compliance
  • Changes effective from August 25, 2025
  • Framework designed to monitor securities with unusual price movements or trading patterns

Regulatory Changes

  • Enhanced monitoring parameters applied to newly listed ESM securities
  • Stricter surveillance measures for securities moved to higher ESM stages
  • Relaxed monitoring for securities moved to lower ESM stages
  • Continued application of ESM framework protocols

Compliance Requirements

  • Securities under ESM subject to additional disclosure requirements
  • Enhanced monitoring of trading activities
  • Potential trading restrictions based on ESM stage
  • Investors advised to exercise caution when trading ESM securities

Important Dates

  • Effective Date: August 25, 2025 - All ESM stage changes come into effect

Impact Assessment

Market Impact: Medium - affects trading parameters for multiple securities Investor Impact: Medium - requires increased due diligence for affected securities Operational Impact: Enhanced monitoring and compliance procedures for listed entities

Securities moved to higher ESM stages may experience increased volatility monitoring and potential trading restrictions, while those moved to lower stages benefit from reduced surveillance measures.

Impact Justification

Affects multiple securities under surveillance with stage changes that impact trading parameters and investor monitoring