Description

BSE updates Enhanced Surveillance Measure framework with new securities additions and stage movements effective September 1, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) framework effective September 1, 2025. The circular lists securities being newly added to ESM, moved to higher ESM stages, and moved to lower ESM stages. ESM is a regulatory framework that places additional monitoring and trading restrictions on securities to protect investor interests.

Key Points

  • 4 new securities added to ESM framework
  • 1 security moved to higher ESM stage
  • 51 securities moved to lower ESM stages
  • All changes effective from September 1, 2025
  • ESM framework includes various stages with increasing levels of surveillance

Regulatory Changes

New ESM Additions:

  • Gujarat Apollo Industries Ltd (522217)
  • Lotus Eye Hospital And Institute Ltd (532998)
  • Pecos Hotels and Pubs Ltd (539273)
  • Prospect Consumer Products Ltd (543814)

Higher Stage Movement:

  • Elango Industries Ltd (513452) moved to higher ESM stage

Lower Stage Movement:

  • 51 securities moved to respective lower ESM stages including AA Plus Tradelink Ltd, Amalgamated Electricity Company Ltd, Binani Industries Ltd, and others

Compliance Requirements

  • Enhanced disclosure requirements for listed companies under ESM
  • Increased monitoring of trading activities
  • Additional compliance checks for brokers dealing in ESM securities
  • Mandatory risk warnings for investors trading ESM securities

Important Dates

  • Effective Date: September 1, 2025
  • All ESM changes become applicable from market opening on this date

Impact Assessment

The ESM framework changes will impact:

  • Liquidity: Securities under ESM may experience reduced trading volumes
  • Investor Access: Additional safeguards and warnings for retail investors
  • Market Operations: Enhanced monitoring by exchange and regulatory authorities
  • Broker Operations: Additional compliance requirements for intermediaries
  • Company Operations: Enhanced disclosure obligations for affected companies

Impact Justification

Affects trading of multiple securities with enhanced surveillance measures impacting liquidity and investor access