Description

BSE updates Enhanced Surveillance Measure framework with new securities additions, stage movements, and consolidated listing effective September 4, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) framework effective September 4, 2025. The circular includes four new securities entering ESM, eight securities moving to higher ESM stages, and provides a comprehensive consolidated list of all securities currently under various ESM stages.

Key Points

  • 4 new securities added to ESM framework: Ambitious Plastomac Company Ltd, Kaushalya Infrastructure Development Corporation Ltd, Shankar Lal Rampal Dye-Chem Ltd, and Vaxfab Enterprises Ltd
  • 8 existing securities moved to higher ESM stages including Concord Drugs Ltd, Landmarc Leisure Corporation Ltd, and others
  • No securities moved to lower ESM stages or exited the framework
  • Consolidated list shows securities across different ESM stages (Stage I and Stage II)
  • Changes effective from September 4, 2025

Regulatory Changes

Enhanced Surveillance Measure framework continues to be applied with periodic reviews and adjustments. Securities are categorized into different stages based on surveillance criteria, with higher stages indicating increased monitoring and potential trading restrictions.

Compliance Requirements

  • Trading members must be aware of ESM classifications for affected securities
  • Enhanced due diligence required for securities under ESM framework
  • Compliance with any additional margin requirements or trading restrictions as applicable to ESM securities

Important Dates

  • September 4, 2025: Effective date for all ESM framework changes

Impact Assessment

The ESM framework changes will affect trading liquidity and investor access for the listed securities. Securities under higher ESM stages may face additional trading restrictions, increased margin requirements, and reduced institutional participation. Investors should exercise enhanced caution when trading in ESM securities and be aware of the associated risks and compliance requirements.

Impact Justification

Affects trading conditions for multiple securities under enhanced surveillance, impacting investor access and liquidity