Description

BSE circular announcing additions, movements, and removals of securities under the Enhanced Surveillance Measure (ESM) framework effective October 9, 2025.

Summary

BSE has updated the list of securities under the Enhanced Surveillance Measure (ESM) framework effective October 9, 2025. Six securities are being newly added to ESM, nine securities will move to higher ESM stages, and no securities are moving to lower stages or exiting the framework.

Key Points

  • 6 new securities 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 moving to higher ESM stages due to continued surveillance concerns
  • No securities moving to lower ESM stages or exiting the framework
  • ESM framework applies additional trading restrictions and surveillance to securities showing abnormal price movements or other risk indicators
  • Consolidated list shows 20+ securities across different ESM stages (Stage I and Stage II)

Regulatory Changes

Securities under ESM framework are subject to:

  • Enhanced monitoring of price movements and trading volumes
  • Potential additional margin requirements
  • Possible trading restrictions including price bands
  • Increased reporting and disclosure obligations

Compliance Requirements

  • Trading members must ensure compliance with ESM framework requirements for affected securities
  • Investors should be aware of additional surveillance measures and potential trading restrictions
  • Brokers must inform clients about securities under ESM and associated risks

Important Dates

  • Effective Date: October 9, 2025 - All ESM changes take effect

Impact Assessment

Market Impact: Medium - Affects liquidity and trading conditions for listed securities. Securities under ESM may experience reduced trading activity due to additional restrictions and margin requirements.

Investor Impact: Investors holding these securities should be aware of enhanced surveillance measures, which may include stricter price bands, higher margins, and potential difficulty in executing trades. Movement to higher ESM stages indicates persistent regulatory concerns about these securities.

Impact Justification

Affects trading conditions for specific securities under enhanced surveillance, impacting investors holding these stocks but limited to select companies