Description

BSE updates Enhanced Surveillance Measure framework with 5 new securities entering ESM, 7 securities moving to higher stages, and consolidated list of all securities under surveillance.

Summary

BSE has issued updates to its Enhanced Surveillance Measure (ESM) framework effective October 30, 2025. Five securities are being newly shortlisted into ESM, seven securities currently under ESM will move to higher (stricter) surveillance stages, and no securities are moving to lower stages or exiting the framework. The circular provides a consolidated list of all securities currently under ESM with their respective stage classifications.

Key Points

  • 5 new securities entering Enhanced Surveillance Measure framework
  • 7 securities moving to higher ESM stages (increased scrutiny)
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework in this update
  • Changes effective from October 30, 2025
  • Consolidated list includes 20+ securities across ESM Stage I and Stage II

Securities Entering ESM (New)

Effective October 30, 2025:

  1. Classic Filaments Ltd (540310, INE181U01018)
  2. Mahip Industries Ltd (542503, INE00CX01017)
  3. Prajay Engineers Syndicate Ltd (531746, INE505C01016) *As per NSE
  4. Shree Vatsaa Finance & leasing Ltd (532007, INE981C01019)
  5. Unified Data Tech Solutions Ltd (544406, INE1ABX01018)

Securities Moving to Higher ESM Stages

Effective October 30, 2025:

  1. Hamps Bio Ltd (544312, INE0QBD01018)
  2. Jainco Projects India Ltd (526865, INE966C01010)
  3. Kalpa Commercial Ltd (539014, INE059Q01014)
  4. Norben Tea & Exports Ltd (519528, INE369C01017)
  5. Prozone Realty Ltd (534675, INE195N01013)
  6. Sea TV Network Ltd (533268, INE351L01016)
  7. Shree Pacetronix Ltd (527005, INE847D01010)

Regulatory Changes

The Enhanced Surveillance Measure framework continues BSE’s surveillance mechanism to monitor securities with unusual price movements, high volatility, or abnormal trading patterns. Securities under ESM face additional trading restrictions and monitoring:

  • Stage-wise escalation based on continued surveillance concerns
  • Trade-for-trade settlement requirements
  • Additional margin requirements
  • Periodic price bands

Compliance Requirements

For Investors:

  • Securities under ESM are subject to trade-for-trade settlement (no intraday trading)
  • Higher margin requirements apply
  • Price bands may be applicable
  • Enhanced disclosure requirements from listed companies

For Listed Companies:

  • Must comply with enhanced disclosure norms
  • Required to provide explanations for price movements
  • Subject to increased scrutiny by exchange surveillance

Important Dates

  • Effective Date: October 30, 2025
  • Circular Date: October 29, 2025

Impact Assessment

Market Impact:

  • Moderate impact on affected securities with potential liquidity constraints
  • Trade-for-trade settlement reduces intraday trading opportunities
  • Higher margin requirements may reduce speculative trading

Investor Impact:

  • Investors holding these securities face trading restrictions
  • Additional margins required for new positions
  • Reduced liquidity may impact exit strategies
  • Signals heightened regulatory concern about price movements

Operational Impact:

  • Brokers must implement enhanced margin collection
  • Settlement cycles adjusted for trade-for-trade mode
  • Risk management systems must flag ESM securities

The ESM framework is a preventive measure to protect investor interests and maintain market integrity. Securities can graduate to higher stages or exit ESM based on compliance and trading pattern normalization.

Impact Justification

Routine surveillance measure update affecting 12 securities with 5 new entries and 7 moving to stricter stages. Important for investors in affected securities but part of regular market surveillance process.