Description
BSE updates Enhanced Surveillance Measure framework with securities being added, moved between stages, and consolidated listing effective September 05, 2025.
Summary
BSE has updated the Enhanced Surveillance Measure (ESM) framework effective September 05, 2025. The circular details securities being newly added to ESM, those moving to higher or lower ESM stages, and provides a consolidated list of all securities currently under the framework with their respective stages.
Key Points
- 3 new securities added to ESM framework: Aryaman Financial Services Ltd, Ekennis Software Service Ltd, and Sahara Maritime Ltd
- 5 securities moving to higher ESM stages including A2Z Infra Engineering Ltd and Indiabulls Enterprises Ltd
- No securities moving to lower ESM stages
- No securities exiting the ESM framework
- Comprehensive consolidated list provided showing current ESM stage for each security
Regulatory Changes
- Enhanced surveillance parameters will apply to newly added securities
- Securities moving to higher ESM stages will face stricter trading conditions
- Framework continues to monitor securities based on various risk parameters
Compliance Requirements
- Market participants must comply with enhanced surveillance conditions for affected securities
- Stricter position limits and margin requirements may apply
- Additional disclosure requirements for transactions in ESM securities
- Continuous monitoring of trading patterns required
Important Dates
- Effective Date: September 05, 2025 - All ESM changes become applicable
Impact Assessment
- Trading liquidity may be affected for securities in higher ESM stages
- Increased compliance burden for brokers and investors dealing in ESM securities
- Enhanced market surveillance aims to protect investor interests
- Securities in ESM framework face additional scrutiny and trading restrictions
Impact Justification
Affects trading conditions for multiple securities under enhanced surveillance with stage changes impacting liquidity and trading parameters