Description

BSE announces addition of 2 new securities to ESM framework, movement of securities across ESM stages, and removal of 19 securities from ESM effective November 3, 2025.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective November 3, 2025. The circular details the addition of 2 new securities to the ESM framework, movement of 2 securities to higher ESM stages, movement of 25 securities to lower ESM stages, and removal of 19 securities from the ESM framework entirely.

Key Points

  • 2 securities newly shortlisted for ESM: Consolidated Construction Consortium Ltd and TeleCanor Global Ltd
  • 2 securities moved to higher ESM stages: Amit Securities Ltd and Cubical Financial Services Ltd
  • 25 securities moved to lower ESM stages including Achyut Healthcare Ltd, Arunis Abode Ltd, Bafna Pharmaceuticals Ltd, and others
  • 19 securities exiting ESM framework including Ace Alpha Tech Ltd, Addi Industries Ltd, Agio Paper & Industries Ltd, and others
  • Changes effective from November 3, 2025
  • Framework includes SME scrips as indicated by # symbol

Regulatory Changes

The Enhanced Surveillance Measure (ESM) is a framework designed to enhance market integrity and safeguard investor interest. Securities under ESM are subject to increased surveillance and may have trading restrictions such as price bands, trade-for-trade settlement, or additional disclosure requirements. The stage-wise progression indicates varying levels of surveillance intensity.

Compliance Requirements

  • Trading members must take note of securities entering, moving within, or exiting the ESM framework
  • Investors should be aware that securities in ESM may have special trading conditions
  • Market participants must comply with applicable surveillance measures for each ESM stage
  • Securities moving to higher stages will face more stringent surveillance measures

Important Dates

  • Effective Date: November 3, 2025 - All ESM framework changes take effect

Impact Assessment

New Entrants (2 securities): Consolidated Construction Consortium Ltd and TeleCanor Global Ltd will face enhanced surveillance measures which may include reduced price bands, trade-for-trade settlement, and increased scrutiny of trading patterns.

Higher Stage Movement (2 securities): Amit Securities Ltd and Cubical Financial Services Ltd will face more stringent surveillance measures indicating continued concern about their trading patterns.

Lower Stage Movement (25 securities): These securities show improved trading behavior and will face reduced surveillance intensity, potentially improving liquidity and investor confidence.

ESM Exit (19 securities): These securities have demonstrated normalized trading patterns and will return to regular market operations without enhanced surveillance restrictions, likely improving trading volumes and liquidity.

Overall market impact is moderate as the changes affect primarily small and mid-cap stocks, with several SME securities included in the list.

Impact Justification

Affects 46 securities with changes in surveillance framework including new additions, stage movements, and exits. Medium impact as ESM framework involves trading restrictions and increased monitoring for affected securities.