Description

BSE announces changes to Enhanced Surveillance Measure framework including new additions, stage movements, and consolidated list of securities under ESM effective October 14, 2025.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective October 14, 2025. The circular identifies securities being newly shortlisted into ESM, securities moving to higher ESM stages, and provides a consolidated list of all securities currently under ESM framework. Three new securities are being added to ESM, while five existing securities are being moved to higher surveillance stages.

Key Points

  • 3 securities newly shortlisted in 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
  • No securities moving out of ESM framework
  • Consolidated list includes 24+ securities across various ESM stages
  • Changes effective from October 14, 2025

Regulatory Changes

The ESM framework continues to apply enhanced monitoring and trading restrictions on securities that exhibit abnormal price movements or other market behavior warranting closer surveillance. Securities are categorized into different stages (Stage I, Stage II, etc.) with progressively stricter surveillance measures. Movement between stages occurs based on continued monitoring of trading patterns and compliance with market regulations.

Compliance Requirements

  • Trading members must take note of securities under ESM framework
  • Enhanced margin requirements and trading restrictions apply to ESM securities
  • Investors should exercise caution when trading in securities under ESM
  • Brokers must ensure clients are aware of ESM status of securities
  • Securities marked with asterisk (*) indicate alignment with NSE measures
  • Securities marked with (#) indicate SME scrips

Important Dates

  • Effective Date: October 14, 2025 - All ESM changes become applicable

Impact Assessment

Market Impact: The addition of new securities and stage升级ments indicates continued regulatory vigilance over securities exhibiting concerning trading patterns. Securities under ESM face additional trading restrictions including higher margin requirements and potential trade-to-trade settlement.

Investor Impact: Investors holding or planning to trade in the affected securities should be aware of enhanced surveillance measures, which may include reduced liquidity, higher transaction costs, and stricter position limits. The ESM framework serves as an early warning system for potentially risky securities.

Operational Impact: Trading members must update their systems to reflect new ESM classifications and ensure appropriate risk controls are in place for these securities. The consolidated list provides clarity on all securities currently under surveillance across different stages.

Impact Justification

Affects specific securities with enhanced surveillance requirements; impacts trading conditions and investor awareness for listed securities