Description
BSE announces stage changes under Enhanced Surveillance Measure (ESM) framework effective October 14, 2025, with 3 new securities added and 5 moved to higher stages.
Summary
BSE has announced changes to securities under the Enhanced Surveillance Measure (ESM) framework effective October 14, 2025. Three new securities have been shortlisted for ESM, five securities will be moved to higher ESM stages, and no securities are being moved to lower stages or removed from the framework.
Key Points
- 3 new securities added to ESM framework: Century Extrusions Ltd, Nagreeka Capital & Infrastructure Ltd, and Take Solutions Ltd
- 5 securities moving to higher ESM stages: Arunjyoti Bio Ventures Ltd, Gujarat Investa Ltd, Rajasthan Petro Synthetics Ltd, Rotographics (India) Ltd, and Vashu Bhagnani Industries Ltd
- No securities moving to lower ESM stages or exiting the framework
- Changes effective from October 14, 2025
- Consolidated list includes at least 24 securities under various ESM stages (partial list provided)
Regulatory Changes
The ESM framework continues to be applied as a surveillance mechanism for securities exhibiting abnormal price movements or other concerns. Securities in ESM are subject to additional trading restrictions and monitoring based on their stage (Stage I, Stage II, etc.). Movement to higher stages typically involves stricter surveillance measures.
Compliance Requirements
- Trading members must be aware of ESM status of securities
- Securities under ESM may have additional margin requirements
- Enhanced due diligence required for transactions in ESM securities
- Clients should be informed about ESM status and associated restrictions
Important Dates
- Effective Date: October 14, 2025 - All ESM stage changes take effect
Impact Assessment
New Additions: Century Extrusions Ltd, Nagreeka Capital & Infrastructure Ltd, and Take Solutions Ltd will face enhanced surveillance and potentially higher margin requirements, which may impact liquidity and trading volumes.
Stage Escalations: The five securities moving to higher ESM stages will face stricter trading conditions, potentially including higher margins, reduced position limits, or additional disclosures. This typically results in reduced liquidity and trading activity.
Market Impact: Limited to specific securities and their investors. The ESM framework is designed to protect investor interests by identifying and monitoring securities with abnormal characteristics while allowing continued trading under enhanced supervision.
Impact Justification
Affects trading conditions for 8 securities through ESM stage changes; important for investors in these stocks but limited broader market impact