Description
BSE updates the list of securities under Enhanced Surveillance Measure (ESM) framework, adding 6 new securities, moving 9 securities to higher ESM stages, and providing consolidated list of all ESM securities with their respective stages.
Summary
BSE has updated the Enhanced Surveillance Measure (ESM) framework effective October 9, 2025. Six securities are being newly shortlisted under ESM, while nine securities already under ESM will be moved to higher surveillance stages. No securities are being moved to lower ESM stages or exiting the framework. The circular includes a consolidated list of all securities currently under ESM with their respective stage classifications.
Key Points
- 6 securities newly added to ESM framework: Dhanvantri Jeevan Rekha Ltd, Hiliks Technologies Ltd, Narmada Agrobase Ltd, PVV Infra Ltd, Sahara Housingfina Corporation Ltd, and Shree Refrigerations Ltd
- 9 securities escalated to higher ESM stages: Alan Scott Enterprises Ltd, Ambitious Plastomac Company Ltd, India Steel Works Ltd, Jayabharat Credit Ltd, Kashyap Tele-Medicines Ltd, SRM Energy Ltd, Triliance Polymers Ltd, U. H. Zaveri Ltd, and Universal Office Automation Ltd
- No securities moved to lower ESM stages or exited the framework during this update
- ESM framework imposes additional surveillance measures on securities showing abnormal price movements or other risk indicators
- Consolidated list shows securities classified across Stage I and Stage II ESM levels
- Changes take effect from market opening on October 9, 2025
Regulatory Changes
The Enhanced Surveillance Measure (ESM) is a graded surveillance framework where securities exhibiting abnormal trading patterns are subject to progressively stringent trading restrictions. Securities in ESM face:
- Trade-for-trade settlement (no intraday trading)
- 100% upfront margin requirements
- Additional disclosure requirements
- Periodic review for stage escalation or de-escalation
Higher ESM stages indicate increased regulatory concern and may involve additional restrictions beyond the base ESM framework.
Compliance Requirements
- Investors: Must comply with 100% upfront margin requirements for trading in ESM securities; no intraday squaring off permitted
- Brokers: Must collect full margins before order placement; ensure client awareness of ESM status
- Listed Companies: Securities under ESM may need to provide additional disclosures or explanations for unusual price movements
- Market Participants: Must be aware of trade-for-trade settlement mechanism for all ESM securities
Important Dates
- Effective Date: October 9, 2025 - All ESM changes come into effect from market opening
- Circular Date: October 8, 2025
Impact Assessment
Market Impact:
- Liquidity in affected securities will be constrained due to trade-for-trade settlement and margin requirements
- Price discovery may be affected as intraday trading is not permitted
- Retail investor participation may decrease due to higher capital requirements
Investor Impact:
- Existing investors in newly added ESM securities face immediate trading restrictions
- Higher capital requirements (100% upfront margins) increase the cost of trading
- Stage escalation for 9 securities signals heightened regulatory concern
Operational Impact:
- Brokers must update systems to enforce ESM restrictions on affected securities
- Increased monitoring and compliance burden for market infrastructure institutions
- Potential reputational impact on listed companies whose securities are under enhanced surveillance
Annexure Details
Annexure I - Part A: Securities Newly Shortlisted in ESM
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 531043 | INE239F01015 | Dhanvantri Jeevan Rekha Ltd |
| 2 | 539697 | INE966Q01010 | Hiliks Technologies Ltd |
| 3 | 543643 | INE117Z01011 | Narmada Agrobase Ltd* |
| 4 | 536659 | INE428B01021 | PVV Infra Ltd |
| 5 | 511533 | INE135C01012 | Sahara Housingfina Corporation Ltd |
| 6 | 544458 | INE0FMZ01045 | Shree Refrigerations Ltd# |
*As per NSE | #SME Scrip
Securities Moving to Higher ESM Stages
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 539115 | INE273F01022 | Alan Scott Enterprises Ltd |
| 2 | 526439 | INE267C01013 | Ambitious Plastomac Company Ltd |
| 3 | 513361 | INE072A01029 | India Steel Works Ltd |
| 4 | 501311 | INE998D01011 | Jayabharat Credit Ltd |
| 5 | 531960 | INE108B01029 | Kashyap Tele-Medicines Ltd |
| 6 | 523222 | INE173J01018 | SRM Energy Ltd |
| 7 | 509046 | INE778N01016 | Triliance Polymers Ltd |
| 8 | 541338 | INE556Z01010 | U. H. Zaveri Ltd |
| 9 | 523519 | INE951C01012 | Universal Office Automation Ltd |
Annexure II - Securities Moving Out of ESM
NIL - No securities are exiting the ESM framework in this update.
Annexure III - Consolidated ESM List (Sample)
The circular provides a comprehensive consolidated list of all securities under ESM surveillance with their current stage classifications (Stage I or Stage II). The full list contains over 20 securities including A2Z Infra Engineering Ltd, Aarey Drugs & Pharmaceuticals Ltd, Aarvee Denims & Exports Ltd, and others.
Impact Justification
Affects trading conditions for 15 securities (6 new additions, 9 stage escalations) under enhanced surveillance framework. Indicates heightened regulatory scrutiny due to price volatility or other concerns. Investors in these securities face stricter trading conditions.