Description

BSE updates Enhanced Surveillance Measure framework with new securities additions and stage movements effective September 9, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) Framework effective September 9, 2025. The circular introduces 6 new securities into the ESM framework and moves 5 existing securities to higher ESM stages. No securities are being moved to lower stages or removed from the framework.

Key Points

  • 6 securities newly added to ESM Framework including Barak Valley Cements Ltd, CHPL Industries Ltd, and Cryogenic Ogs Ltd
  • 5 securities moved to higher ESM stages including Andhra Cements Ltd and Filtron Engineers Ltd
  • No securities moved to lower ESM stages
  • No securities removed from ESM Framework
  • Comprehensive consolidated list includes 25+ securities across different ESM stages
  • Framework includes both main board and SME scrips

Regulatory Changes

The Enhanced Surveillance Measure framework continues BSE’s risk management approach by:

  • Applying additional monitoring to securities showing unusual price/volume behavior
  • Implementing staged surveillance levels (Stage I, Stage II, etc.)
  • Coordinating with NSE for certain securities marked with asterisk (*)
  • Special designation for SME scrips marked with hash (#)

Compliance Requirements

  • Trading members must be aware of ESM classifications for affected securities
  • Enhanced due diligence required for transactions in ESM securities
  • Investors should understand additional surveillance implications
  • Market participants must comply with any additional margin or position limits

Important Dates

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

Impact Assessment

The ESM framework updates will:

  • Increase monitoring and potential trading restrictions on newly added securities
  • May result in higher volatility or reduced liquidity for affected stocks
  • Provide enhanced investor protection through additional oversight
  • Signal regulatory attention to price/volume anomalies in these securities
  • Require increased attention from traders and investors in affected scrips

Impact Justification

Regular surveillance measure updates affecting multiple securities with trading implications for investors