Description

BSE circular updating the list of securities under Enhanced Surveillance Measure framework, including new additions, stage movements, and consolidated list of all securities under ESM.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective October 17, 2025. One security (Deep Diamond India Ltd) has been newly shortlisted under ESM. Five securities will move to higher ESM stages: Chandrima Mercantiles Ltd, Inter Globe Finance Ltd, Mirc Electronics Ltd, Titan Biotech Ltd, and Triton Corp Ltd. No securities are moving to lower stages or exiting the ESM framework. The circular includes a consolidated list of 26+ securities currently under various ESM stages.

Key Points

  • Deep Diamond India Ltd (Scrip Code: 539559, ISIN: INE005G01026) newly added to ESM framework
  • Five securities moving to higher ESM stages, indicating increased surveillance concerns
  • No securities moving to lower ESM stages or exiting the framework in this update
  • Changes effective from October 17, 2025
  • ESM framework applies additional monitoring and trading restrictions to securities exhibiting unusual price movements or trading patterns

Securities Moving to Higher ESM Stages

  1. Chandrima Mercantiles Ltd (Scrip Code: 540829, ISIN: INE371F01024)
  2. Inter Globe Finance Ltd (Scrip Code: 511391, ISIN: INE661M01016)
  3. Mirc Electronics Ltd (Scrip Code: 500279, ISIN: INE831A01028)
  4. Titan Biotech Ltd (Scrip Code: 524717, ISIN: INE150C01011)
  5. Triton Corp Ltd (Scrip Code: 523387, ISIN: INE982C01033)

Consolidated ESM List (Partial)

The circular provides a consolidated list of securities under ESM, including:

  • A2Z Infra Engineering Ltd (Stage I)
  • Aarey Drugs & Pharmaceuticals Ltd (Stage II)
  • Achyut Healthcare Ltd (Stage II)
  • Agio Paper & Industries Ltd (Stage II)
  • Multiple other securities across Stage I and Stage II classifications

Regulatory Framework

The Enhanced Surveillance Measure framework is designed to:

  • Alert investors about securities with abnormal price movements
  • Apply additional surveillance and monitoring mechanisms
  • Implement stricter margin requirements and position limits
  • Restrict trading to specific settlement types (often Trade-for-Trade)
  • Protect market integrity and investor interests

Important Dates

  • Circular Date: October 16, 2025
  • Effective Date: October 17, 2025

Impact Assessment

Trading Impact: Securities under ESM face additional trading restrictions including higher margin requirements, potential trade-for-trade settlement (no intraday trading), and increased scrutiny. Movement to higher ESM stages typically results in further restrictions.

Investor Impact: Investors holding or trading these securities should expect reduced liquidity, higher transaction costs, and more stringent position limits. The ESM designation serves as a caution signal about potential volatility or compliance concerns.

Market Impact: The addition and stage movements reflect BSE’s ongoing surveillance efforts to maintain market integrity and protect investors from securities exhibiting unusual trading patterns or fundamental concerns.

Impact Justification

Affects trading conditions for multiple securities under enhanced surveillance, with one new addition and five securities moving to higher ESM stages, impacting liquidity and trading costs.