Description
BSE announces changes to Enhanced Surveillance Measure framework with new securities added and existing securities moved between stages effective September 10, 2025.
Summary
BSE has updated its Enhanced Surveillance Measure (ESM) Framework effective September 10, 2025. Three new securities have been added to ESM, five existing securities will move to higher ESM stages, and no securities are moving to lower stages or exiting the framework.
Key Points
- 3 new securities added to ESM framework: Apis India Ltd, Regency Fincorp Ltd, and S.A.L. Steel Ltd
- 5 securities moving to higher ESM stages including Bizotic Commercial Ltd (SME), Gagan Gases Ltd, Nutricircle Ltd, Oswal Overseas Ltd, and Starcom Information Technology Ltd
- No securities moving to lower ESM stages
- No securities exiting ESM framework
- Consolidated list shows 28+ securities currently under various ESM stages
Regulatory Changes
The ESM framework continues to operate with multiple stages (Stage I, Stage II) with securities being moved between stages based on surveillance criteria. Securities marked with special indicators include NSE alignment (*) and SME classification (#).
Compliance Requirements
- Market participants must be aware of ESM classification changes for affected securities
- Trading in ESM securities subject to enhanced surveillance measures
- Investors should consider additional risk factors when trading ESM securities
Important Dates
- Effective Date: September 10, 2025 - ESM framework changes take effect
Impact Assessment
The addition of new securities and movement of existing ones to higher surveillance stages indicates continued regulatory focus on market stability and investor protection. Trading volumes and liquidity may be affected for securities under ESM framework due to enhanced monitoring and potential additional margin requirements.
Impact Justification
Affects trading conditions for multiple securities under surveillance framework