Description

Updates to Enhanced Surveillance Measure framework with securities moving in, out, and between stages effective September 5, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) Framework effective September 5, 2025. The circular provides details of securities being added to ESM, securities moving between ESM stages, and a consolidated list of all securities currently under the framework. Three new securities are being added to ESM Stage I, while five securities are moving to higher ESM stages.

Key Points

  • 3 new securities added to Enhanced Surveillance Measure (ESM) Framework
  • 5 securities moving to higher ESM stages
  • No securities moving to lower ESM stages
  • No securities moving out of ESM framework
  • Consolidated list includes 28+ securities across different ESM stages
  • Changes effective from September 5, 2025

New Securities Added to ESM

Stage I ESM (New Additions):

  • Aryaman Financial Services Ltd (530245)
  • Ekennis Software Service Ltd (543475) - SME
  • Sahara Maritime Ltd (544056) - SME

Securities Moving to Higher ESM Stages

Moving to Stage II:

  • A2Z Infra Engineering Ltd (533292)
  • Indiabulls Enterprises Ltd (543715)
  • Indokem Ltd (504092)
  • SVS Ventures Ltd (543745) - SME
  • Umiya Tubes Ltd (539798)

Compliance Requirements

  • Enhanced surveillance measures apply to all listed securities
  • Securities under ESM framework subject to additional monitoring
  • Trading restrictions and surveillance parameters as per ESM guidelines
  • Periodic review of securities for stage movements

Important Dates

  • Effective Date: September 5, 2025
  • All ESM framework changes become applicable from this date

Impact Assessment

The ESM framework updates affect trading conditions for the identified securities through enhanced monitoring and potential trading restrictions. Investors and market participants should be aware of the surveillance measures applicable to these securities. The framework aims to maintain market integrity by closely monitoring securities that exhibit unusual price movements or trading patterns.

Impact Justification

Affects trading conditions for multiple securities through enhanced surveillance measures