Description

BSE announces changes to Enhanced Surveillance Measure framework with securities moving in, out, and between stages effective September 9, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) framework effective September 9, 2025. The circular details securities being newly included in ESM, those moving between different ESM stages, and provides a consolidated list of all securities currently under the framework. Six securities are being newly added to ESM Stage I, while five securities are moving to higher ESM stages.

Key Points

  • 6 securities newly shortlisted for Enhanced Surveillance Measure (ESM) framework
  • 5 securities moving to higher ESM stages due to continued surveillance concerns
  • No securities moving to lower ESM stages or exiting the framework
  • Consolidated list shows 25+ securities across ESM Stage I and II
  • Changes effective from September 9, 2025

Regulatory Changes

New ESM Inclusions (Stage I):

  • Barak Valley Cements Ltd (532916)
  • CHPL Industries Ltd (539335)
  • Cryogenic Ogs Ltd (544440) - SME scrip
  • GDL Leasing & Finance Ltd (530855)
  • Kemistar Corporation Ltd (531163)
  • Oxford Industries Ltd (514414)

Moving to Higher ESM Stages:

  • Andhra Cements Ltd (532141)
  • Filtron Engineers Ltd (531191)
  • Omni AXs Software Ltd (532340)
  • Panther Industrial Products Ltd (524055)
  • Spice Islands Industries Ltd (526827)

Compliance Requirements

  • Securities under ESM framework face enhanced surveillance and monitoring
  • Trading restrictions may apply including price bands and position limits
  • Companies must comply with enhanced disclosure requirements
  • Investors should exercise increased caution when trading these securities

Important Dates

  • Effective Date: September 9, 2025
  • All ESM framework changes become applicable from market opening on this date

Impact Assessment

The ESM framework is designed to protect investors by identifying securities with unusual price movements or trading patterns. Securities under ESM face:

  • Enhanced monitoring by exchange
  • Potential trading restrictions
  • Additional disclosure requirements
  • Investor advisories for increased caution

The addition of new securities and stage upgrades indicates continued market surveillance concerns for these companies. Investors should be aware of the associated risks when trading in ESM securities.

Impact Justification

Regular surveillance framework update affecting multiple securities with trading restrictions