Description

BSE announces additions, removals, and stage changes for securities under Enhanced Surveillance Measure (ESM) framework effective October 13, 2025.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) framework effective October 13, 2025. The circular identifies securities being newly added to ESM, those moving to higher or lower ESM stages, and those being removed from the framework entirely. The ESM framework is used to monitor securities with abnormal price movements or other surveillance concerns.

Key Points

  • 5 securities newly shortlisted for ESM framework (Escorp Asset Management, Mahamaya Steel Industries, Sabrimala Industries India, Tradewell Holdings, Visa Steel)
  • 1 security moving to higher ESM stage (Virat Industries)
  • 29 securities moving to lower ESM stages
  • 15 securities moving out of ESM framework completely (partial list visible: Active Clothing, AKI India, Alfa Ica India, Apt Packaging, Aten Papers & Foam, Bhagawati Oxygen, BNR Udyog, Brahmaputra Infrastructure, Cubex Tubings, Dev Labtech Venture, Digicontent, Digjam, Dreamfolks Services, Enbee Trade & Finance)
  • Changes apply to both regular and SME scrips
  • Some securities marked as per NSE coordination

Regulatory Changes

The ESM framework applies graded surveillance measures to securities based on risk assessment. Securities can move between stages based on ongoing monitoring. This circular represents routine periodic review and adjustment of securities under surveillance.

Compliance Requirements

  • Market participants must be aware of ESM status for affected securities
  • Trading in ESM securities may be subject to additional margins, price bands, or other restrictions
  • Investors should review ESM applicability before trading in listed securities
  • Brokers must ensure proper risk disclosures for ESM securities

Important Dates

  • Effective Date: October 13, 2025 - All ESM framework changes take effect

Impact Assessment

Market Impact: Medium - Affects liquidity and trading conditions for approximately 50 securities across new additions, stage movements, and removals.

Investor Impact: Securities moving into or up ESM stages face stricter surveillance including potential margin increases and reduced liquidity. Securities moving down or out of ESM see relaxed restrictions.

Operational Impact: Brokers and trading systems must update ESM status and applicable trading restrictions for all affected securities before October 13, 2025.

Impact Justification

Affects trading conditions for multiple securities through ESM framework changes. Important for investors and traders in these specific stocks but limited broader market impact.