Description
BSE announces additions, removals, and stage movements of securities under the Enhanced Surveillance Measure (ESM) framework effective October 20, 2025, affecting 52 securities across various categories.
Summary
BSE has announced comprehensive changes to the Enhanced Surveillance Measure (ESM) framework effective October 20, 2025. The circular details four categories of changes: 4 securities newly added to ESM, 28 securities moving out of ESM, 3 securities moving to higher ESM stages, and 14 securities moving to lower ESM stages. The ESM framework is a surveillance mechanism designed to alert investors about securities with unusual price movements or trading patterns.
Key Points
- 4 new securities added to ESM: Chartered Capital & Investment Ltd, Evoq Remedies Ltd, Jeevan Scientific Technology Ltd, and Organic Coatings Ltd
- 28 securities removed from ESM framework including AGS Transact Technologies, Bihar Sponge Iron, Parsvnath Developers, and 25 others
- 3 securities escalated to higher ESM stages: Anka India Ltd, Elango Industries Ltd, and Milestone Furniture Ltd
- 14 securities downgraded to lower ESM stages including Agio Paper & Industries, Anand Rayons, and Refex Renewables & Infrastructure
- Changes effective from October 20, 2025
- Framework includes both mainboard and SME scrips
Regulatory Changes
The Enhanced Surveillance Measure (ESM) framework continues to be applied as a graduated surveillance mechanism. Securities are placed under ESM based on criteria such as high-low price variation, client concentration, and market capitalization concerns. The framework operates in multiple stages with progressively stringent surveillance measures. Movement between stages occurs based on ongoing assessment of trading patterns and compliance parameters.
Compliance Requirements
- Trading members must note the revised ESM classification for all affected securities
- Enhanced margin requirements and trading restrictions apply to securities under ESM
- Investors trading in ESM securities should be aware of additional surveillance measures
- Market participants must comply with stage-specific requirements for securities remaining in ESM but moving to different stages
- SME scrips are marked with # symbol for identification
- Securities marked with ~ indicate specific NSE classification
Important Dates
- Effective Date: October 20, 2025 - All ESM changes become applicable
- Circular Date: October 17, 2025
Impact Assessment
Market Impact: The removal of 28 securities from ESM will improve liquidity and reduce trading restrictions for these stocks, potentially benefiting existing investors. Conversely, 4 new additions will face enhanced surveillance with potential trading limitations.
Trading Impact: Securities moved to higher ESM stages (3 stocks) will face stricter surveillance measures including higher margins and additional disclosure requirements, which may reduce trading activity. The 14 securities downgraded to lower ESM stages will experience relaxed restrictions.
Investor Impact: Investors holding securities newly added to or upgraded within ESM should expect increased volatility monitoring, potential margin calls, and trading restrictions. Those holding securities exiting ESM will benefit from normalized trading conditions.
Risk Mitigation: The ESM framework serves as an early warning system for investors about securities with abnormal trading patterns, helping reduce market manipulation risks and protecting retail investors from excessive speculation.
Annexure I - Securities Under ESM
New Additions to ESM (Effective Oct 20, 2025)
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 511696 | INE953B01010 | Chartered Capital & Investment Ltd |
| 2 | 543500 | INE0JVD01011 | Evoq Remedies Ltd# |
| 3 | 538837 | INE237B01018 | Jeevan Scientific Technology Ltd |
| 4 | 531157 | INE412E01011 | Organic Coatings Ltd |
Securities Moving to Higher ESM Stage (Effective Oct 20, 2025)
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 531673 | INE067C01025 | Anka India Ltd |
| 2 | 513452 | INE594D01018 | Elango Industries Ltd |
| 3 | 541337 | INE424Z01011 | Milestone Furniture Ltd# |
Securities Moving to Lower ESM Stage (Effective Oct 20, 2025)
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 516020 | INE112C01011 | Agio Paper & Industries Ltd |
| 2 | 542721 | INE02GA01012 | Anand Rayons Ltd |
| 3 | 542679 | INE413F01016 | Dhanashree Electronics Ltd |
| 4 | 540267 | INE318U01016 | Flora Corporation Ltd |
| 5 | 524624 | INE076D01016 | Gagan Gases Ltd |
| 6 | 505504 | INE809Q01020 | GHV Infra Projects Ltd |
| 7 | 519528 | INE369C01017 | Norben Tea & Exports Ltd |
| 8 | 531583 | INE483D01014 | Rap Corp Ltd |
| 9 | 531260 | INE332F01018 | Refex Renewables & Infrastructure Ltd |
| 10 | 533268 | INE351L01016 | Sea TV Network Ltd |
| 11 | 527005 | INE847D01010 | Shree Pacetronix Ltd |
| 12 | 531616 | INE347I01010 | Starcom Information Technology Ltd |
| 13 | 523425 | INE459D01014 | Sunraj Diamond Exports Ltd |
| 14 | 543745 | INE0MID01012 | SVS Ventures Ltd# |
Annexure II - Securities Exiting ESM
Securities Removed from ESM Framework (Effective Oct 20, 2025)
Total of 28 securities moving out of Enhanced Surveillance Measure, including:
- AGS Transact Technologies Ltd (543451)
- Bemco Hydraulics Ltd (522650)
- Bihar Sponge Iron Ltd (500058)
- Containerway International Ltd (540597)
- Parsvnath Developers Ltd (532780)
- And 23 other securities
Complete detailed list available in Annexure II of the circular.
Impact Justification
Affects 52 securities with significant trading restrictions under ESM framework, including 4 new additions, 28 removals, 3 upgrades to higher surveillance, and 14 downgrades, directly impacting investor trading activity and market liquidity