Description
BSE updates Enhanced Surveillance Measure framework with new securities additions and stage movements effective September 11, 2025.
Summary
BSE has updated its Enhanced Surveillance Measure (ESM) Framework effective September 11, 2025. The circular includes new securities being added to ESM, existing securities moving to higher ESM stages, and a consolidated list of all securities currently under ESM framework.
Key Points
- 2 new securities added to ESM Framework: BCC Fuba India Ltd and PVP Ventures Ltd
- 3 securities moving to higher ESM stages: Fynx Capital Ltd, Refex Renewables & Infrastructure Ltd, and Sea TV Network Ltd
- No securities moving to lower ESM stages or exiting the framework
- Consolidated list shows 30+ securities across ESM Stage I and II
Regulatory Changes
Enhanced Surveillance Measure framework continues with staged approach (Stage I and II) based on security risk assessment. Securities can move between stages or be added/removed based on surveillance criteria.
Compliance Requirements
- Trading members must comply with ESM trading restrictions for listed securities
- Enhanced monitoring and reporting requirements for securities under ESM
- Adherence to specific trading conditions as per ESM stage requirements
Important Dates
- Effective Date: September 11, 2025 - All ESM framework changes become effective
Impact Assessment
The ESM framework affects trading liquidity and investor access for identified securities. New additions and stage movements indicate increased regulatory scrutiny. Investors should expect enhanced compliance requirements and potential trading restrictions for affected securities.
Impact Justification
Affects multiple securities with enhanced surveillance measures that impact trading conditions