Description
BSE circular detailing securities being added to, moved within, and removed from the Enhanced Surveillance Measure (ESM) framework with effect from November 4, 2025.
Summary
BSE has updated the Enhanced Surveillance Measure (ESM) framework effective November 4, 2025. Four securities are being newly added to ESM Stage I: GTN Textiles Ltd, Jay Ushin Ltd, Lancer Container Lines Ltd, and Vintron Informatics Ltd. One security, Tradewell Holdings Ltd, will be moved to a higher ESM stage while continuing in the framework. No securities are moving out of the ESM framework or being moved to lower stages. The circular includes a consolidated list of all securities currently under ESM across different stages.
Key Points
- 4 securities newly shortlisted for ESM Stage I effective November 4, 2025
- 1 security (Tradewell Holdings Ltd) moving to higher ESM stage within the framework
- No securities moving out of ESM framework
- No securities moving to lower ESM stages
- Consolidated list includes 27+ securities under various ESM stages
- ESM framework aims to enhance market safety through additional surveillance on securities with abnormal price movements or other concerns
Regulatory Changes
No new regulatory changes introduced. This circular implements the existing ESM framework as per established surveillance measures to monitor securities exhibiting unusual trading patterns or other risk factors.
Compliance Requirements
- Trading members and investors must be aware of ESM securities and associated trading restrictions
- Securities under ESM are subject to additional surveillance and may have restrictions such as 100% upfront margin requirements
- Market participants should review the stage-wise ESM requirements applicable to these securities
- Brokers must ensure compliance with enhanced margin and surveillance requirements for ESM securities
Important Dates
- Effective Date: November 4, 2025 - All ESM changes come into effect
Impact Assessment
Market Impact: Medium - affects trading conditions for 4 newly added securities and 1 security moving to higher surveillance stage
Trading Impact: Securities added to or moved within ESM framework face stricter trading conditions including higher margin requirements and potential reduced liquidity
Investor Impact: Existing holders of these securities will face additional trading restrictions; new investors must fulfill enhanced margin requirements
Liquidity Impact: ESM designation typically reduces trading volumes and liquidity as margin requirements increase and speculative trading is discouraged
Securities Newly Added to ESM Stage I
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 532744 | INE302H01017 | GTN Textiles Ltd |
| 2 | 513252 | INE289D01015 | Jay Ushin Ltd |
| 3 | 539841 | INE359U01028 | Lancer Container Lines Ltd |
| 4 | 517393 | INE043B01028 | Vintron Informatics Ltd |
Securities Moving to Higher ESM Stage
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 531203 | INE819G01012 | Tradewell Holdings Ltd |
Consolidated ESM List (Partial)
The circular provides a consolidated list of all securities under ESM framework across different stages, including companies like AAA Technologies Ltd, Aarey Drugs & Pharmaceuticals Ltd, Aarvee Denims & Exports Ltd, and many others across ESM Stage I and Stage II.
Impact Justification
Affects trading in multiple securities under enhanced surveillance with 4 new additions and 1 security moving to higher ESM stage, impacting investors holding or trading these stocks