Description

BSE updates Enhanced Surveillance Measure framework with 6 new securities added, 9 securities moving to higher stages, and consolidated list of securities under ESM effective October 09, 2025.

Summary

BSE has updated its Enhanced Surveillance Measure (ESM) framework effective October 09, 2025. Six new securities have been shortlisted for inclusion in ESM, nine securities will move to higher ESM stages, and no securities are moving to lower stages or exiting the framework. The circular provides a consolidated list of all securities currently under ESM surveillance across different stages.

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 including Alan Scott Enterprises Ltd, Ambitious Plastomac Company Ltd, India Steel Works Ltd, and others
  • No securities moving to lower ESM stages
  • No securities exiting the ESM framework
  • Consolidated list includes at least 20 securities under various ESM stages (Stage I and Stage II)
  • Changes effective from October 09, 2025

Regulatory Changes

The Enhanced Surveillance Measure framework continues BSE’s ongoing market surveillance efforts. Securities under ESM are subject to additional monitoring and trading restrictions based on their stage classification. Movement to higher stages indicates increased surveillance concerns, while new additions represent securities newly identified as requiring enhanced oversight.

Compliance Requirements

  • Market participants must be aware of ESM classification for affected securities
  • Trading in ESM securities may be subject to additional margin requirements, price bands, or other restrictions depending on the stage
  • Investors should exercise increased caution when trading in securities under ESM framework
  • Listed companies under ESM should ensure compliance with enhanced disclosure and corporate governance requirements

Important Dates

  • Effective Date: October 09, 2025 - All changes to ESM framework take effect

Impact Assessment

Market Impact: Securities newly added to or moved to higher stages in ESM framework typically experience reduced liquidity and may face trading restrictions. The inclusion of 6 new securities and upward movement of 9 securities indicates ongoing concerns about trading patterns, price volatility, or corporate governance issues.

Investor Impact: Investors holding positions in affected securities should be aware of potential liquidity constraints and additional trading requirements. ESM classification serves as a cautionary signal requiring enhanced due diligence.

Operational Impact: Brokers and trading members need to update their systems to reflect the new ESM classifications and ensure appropriate risk management controls are applied to trades in these securities.

Impact Justification

Regular surveillance framework update affecting multiple securities with trading restrictions. Important for traders and investors in affected stocks but part of routine market surveillance mechanism.