Description

BSE updates the list of securities under Enhanced Surveillance Measure (ESM) framework with additions, stage movements, and consolidated list of all securities under various ESM stages.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective October 29, 2025. Three new securities have been added to ESM, three existing securities are being moved to higher ESM stages, and no securities are being moved to lower stages or removed from the framework. The circular includes a consolidated list of 27+ securities currently under various ESM stages.

Key Points

  • 3 new securities shortlisted under ESM framework: Ameenji Rubber Ltd, Chandni Machines Ltd, and Response Informatics Ltd
  • 3 securities moving to higher ESM stages: Kkalpana Plastick Ltd, Mudunuru Ltd, and PVP Ventures Ltd
  • No securities moving to lower ESM stages
  • No securities being removed from ESM framework
  • ESM framework includes multiple stages (Stage I and Stage II visible in data)
  • Both mainboard and SME scrips are included in the surveillance framework

Regulatory Changes

The Enhanced Surveillance Measure (ESM) is a graded surveillance framework applied to securities based on various risk parameters. Securities under ESM are subject to additional monitoring and may have trading restrictions such as Trade-for-Trade settlement, reduced price bands, or additional margin requirements. Movement to higher stages indicates increased surveillance concern.

Compliance Requirements

  • Trading members and investors must note the ESM classification of securities
  • Securities under ESM may be subject to Trade-for-Trade settlement (no intraday trading)
  • Enhanced margin requirements may apply
  • Price bands may be restricted
  • Investors should exercise caution when trading ESM securities

Important Dates

  • Effective Date: October 29, 2025
  • Circular Date: October 28, 2025

Impact Assessment

Market Impact: Medium - affects specific securities with limited broader market impact

Trading Impact: Securities newly added or moved to higher ESM stages will face increased trading restrictions, potentially reducing liquidity and increasing volatility. Investors in these securities should be aware of enhanced surveillance and associated trading limitations.

Investor Impact: Existing holders of affected securities may experience reduced liquidity and increased difficulty in exiting positions. New investors should exercise enhanced due diligence before trading ESM securities.

Additional Information

New Securities Added to ESM (Stage I)

  1. Ameenji Rubber Ltd (544555, INE14QA01016) - SME Scrip
  2. Chandni Machines Ltd (542627, INE01GZ01011)
  3. Response Informatics Ltd (538273, INE401B01010)

Securities Moving to Higher ESM Stages

  1. Kkalpana Plastick Ltd (523652, INE465K01016)
  2. Mudunuru Ltd (538743, INE491C01027)
  3. PVP Ventures Ltd (517556, INE362A01016)

Consolidated ESM List Highlights

The circular provides a consolidated list showing 27 securities across ESM Stage I and Stage II, including companies like AAA Technologies Ltd, Aarey Drugs & Pharmaceuticals Ltd, Aarvee Denims & Exports Ltd, and others. The list includes both mainboard and SME segment securities.

Impact Justification

Regular surveillance update affecting specific securities with trading restrictions. Impacts investors holding or trading these stocks but is part of routine market surveillance framework.