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, adding 4 new securities to ESM monitoring and moving 8 existing securities to higher ESM stages. The circular provides comprehensive listings of all securities 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 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)
  • Framework includes both regular securities and SME scrips

Regulatory Changes

  • Enhanced surveillance measures applied to securities showing unusual price movements or trading patterns
  • Staged approach with escalating surveillance levels based on continued irregular activity
  • Framework aligned with NSE for certain securities as indicated

Compliance Requirements

  • Securities under ESM face additional disclosure requirements
  • Enhanced monitoring of price movements and trading volumes
  • Increased scrutiny of corporate announcements and compliance
  • Trading members must ensure awareness of ESM status for affected securities

Important Dates

  • Effective Date: September 4, 2025 - All ESM framework changes become applicable

Impact Assessment

  • Affected securities may experience reduced liquidity due to enhanced surveillance
  • Investors should exercise additional caution when trading ESM securities
  • Companies under ESM framework face heightened regulatory oversight
  • Stage progression indicates continued concern about trading patterns
  • No relief provided as no securities moved to lower stages or exited framework

Impact Justification

Regular surveillance framework updates affecting trading conditions for multiple securities