Description

BSE updates the list of securities under Enhanced Surveillance Measure (ESM) framework, adding 8 new securities, moving 12 securities to higher ESM stages, and maintaining consolidated surveillance list.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective October 24, 2025. Eight securities are newly shortlisted for ESM, while twelve securities will move to higher ESM stages. No securities are moving to lower stages or exiting the framework at this time. The consolidated list includes securities across multiple ESM stages subject to enhanced monitoring and trading restrictions.

Key Points

  • 8 securities newly added to ESM framework (Stage I)
  • 12 securities being moved to higher ESM stages
  • No securities moving to lower stages or exiting ESM framework
  • Changes effective from October 24, 2025
  • Includes both main board and SME scrips
  • ESM framework aims to alert investors about securities with abnormal price movements

Newly Added Securities to ESM (Stage I)

  1. ABM Knowledgeware Ltd (531161)
  2. Ghushine Fintrrade Ocean Ltd# (539864)
  3. Krishna Capital and Securities Ltd (539384)
  4. Sejal Glass Ltd* (532993)
  5. Sodhani Capital Ltd# (544560)
  6. Sujala Trading & Holdings Ltd (539117)
  7. Venlon Enterprises Ltd (524038)
  8. Xelpmoc Design and Tech Ltd* (542367)

Securities Moving to Higher ESM Stages

  1. Aplab Ltd (517096)
  2. KMF Builders & Developers Ltd (531578)
  3. Landmarc Leisure Corporation Ltd (532275)
  4. Mcleod Russel India Ltd (532654)
  5. Oswal Yarns Ltd (514460)
  6. S.A.L. Steel Ltd (532604)
  7. Sahara Housingfina Corporation Ltd (511533)
  8. Sarthak Global Ltd (530993)
  9. Spice Islands Industries Ltd (526827)
  10. Vaghani Techno Build Ltd (531676)
  11. VJTF Eduservices Ltd (509026)
  12. Yash Trading & Finance Ltd (512345)

Regulatory Changes

The Enhanced Surveillance Measure (ESM) framework is a proactive surveillance mechanism to enhance market integrity and safeguard investor interest. Securities under ESM are subject to:

  • Enhanced monitoring by the exchange
  • Potential additional margin requirements
  • Staged approach with progressive restrictions based on continued concerns
  • Regular review for upgrade, downgrade, or removal from framework

Compliance Requirements

  • Trading members must ensure compliance with ESM provisions for listed securities
  • Investors should be aware of enhanced surveillance status when trading these securities
  • Additional due diligence recommended for securities under ESM framework
  • Margin requirements and trading restrictions may apply as per ESM stage

Important Dates

  • Effective Date: October 24, 2025
  • Circular Date: October 23, 2025

Impact Assessment

Market Impact: Medium - Affects liquidity and trading activity in the listed securities. Securities under ESM typically experience reduced trading volumes due to heightened investor caution and potential additional margin requirements.

Investor Impact: Investors holding or trading these securities should exercise increased caution. ESM placement indicates exchange concerns about price movements, volatility, or other market integrity issues. Additional margins may be required for trading.

Operational Impact: Trading members need to update their systems to reflect ESM status and ensure appropriate risk management measures are in place for these securities.

Notes

  • (*) Indicates securities also under surveillance as per NSE
  • (#) Indicates SME scrip
  • Consolidated list contains additional securities already under ESM framework
  • No securities are exiting ESM framework in this update

Impact Justification

Affects trading conditions for multiple securities through enhanced surveillance measures. Material for investors holding these stocks due to increased monitoring and potential trading restrictions.