Description

BSE announces movement of securities in and out of Enhanced Surveillance Measure (ESM) framework, including new entries, stage upgrades, and consolidated list of 28+ securities under ESM effective November 6, 2025.

Summary

BSE has announced changes to securities under the Enhanced Surveillance Measure (ESM) framework effective November 6, 2025. One new security (Shree Salasar Investments Ltd) has been added to ESM. Three securities (BGIL Films & Technologies Ltd, Esha Media Research Ltd, and Tamilnadu Steel Tubes Ltd) are being moved to higher ESM stages. No securities are moving to lower stages or exiting the ESM framework. A consolidated list shows at least 28 securities currently under ESM surveillance across different stages.

Key Points

  • 1 new security shortlisted for ESM framework: Shree Salasar Investments Ltd (Scrip Code: 503635, ISIN: INE315N01017)
  • 3 securities moving to higher ESM stages: BGIL Films & Technologies Ltd, Esha Media Research Ltd, Tamilnadu Steel Tubes Ltd
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework in this update
  • Consolidated list includes securities in ESM Stage I and Stage II
  • Changes effective from November 6, 2025
  • ESM framework applies progressive trading restrictions based on stage level

Regulatory Changes

The Enhanced Surveillance Measure (ESM) framework continues BSE’s progressive surveillance approach for securities exhibiting abnormal price movements or other concerns. Securities are classified into different stages (Stage I, Stage II, etc.) with escalating restrictions. Movement to higher stages indicates continued surveillance concerns, while new additions indicate fresh identification of securities requiring enhanced monitoring.

Compliance Requirements

  • Investors and brokers must be aware of ESM securities and applicable trading restrictions
  • Securities under ESM typically face additional margin requirements, trade-to-trade settlement, and price bands
  • Higher ESM stages involve progressively stricter surveillance measures
  • Market participants should review the consolidated list of 28+ securities under ESM
  • Trading in ESM securities requires compliance with specific surveillance conditions

Important Dates

  • Effective Date: November 6, 2025 - All ESM changes become applicable

Impact Assessment

Market Impact: High - ESM designation significantly affects liquidity and trading patterns. Securities under ESM face restricted trading conditions that typically reduce investor participation and increase transaction costs.

Investor Impact: High - Investors holding or trading these securities will face:

  • Reduced liquidity due to trade-to-trade settlement
  • Higher margin requirements
  • Potential difficulty in position unwinding
  • Increased price volatility due to restricted trading

Operational Impact: Movement to higher ESM stages for 3 securities indicates persistent concerns requiring stricter surveillance. New addition of Shree Salasar Investments suggests fresh surveillance triggers. The absence of securities exiting ESM indicates ongoing market concerns for previously flagged securities.

Detailed Lists

New ESM Entries (Part A - Annexure I):

  • Shree Salasar Investments Ltd (503635, INE315N01017)

Moving to Higher ESM Stages (Annexure I):

  1. BGIL Films & Technologies Ltd (511664, INE443D01018)
  2. Esha Media Research Ltd (531259, INE328F01016)
  3. Tamilnadu Steel Tubes Ltd (513540, INE176E01012)

Consolidated ESM List Sample (Annexure III) - Stage I securities include:

  • AAA Technologies Ltd, Aarey Drugs & Pharmaceuticals Ltd (Stage II), Aarvee Denims & Exports Ltd, ABM Knowledgeware Ltd, Abram Food Ltd, Achyut Healthcare Ltd, ADC India Communications Ltd, Adcon Capital Services Ltd, Adcounty Media India Ltd, Alan Scott Enterprises Ltd (Stage II), Alfred Herbert India Ltd, Amalgamated Electricity Company Ltd, Ambitious Plastomac Company Ltd (Stage II), Ameenji Rubber Ltd, Amit Securities Ltd (Stage II), Anand Rayons Ltd, Andhra Cements Ltd, Anirit Ventures Ltd (Stage II), Anka India Ltd (Stage II), Anlon Healthcare Ltd, Apis India Ltd, Aplab Ltd (Stage II), Aptus Pharma Ltd, Arfin India Ltd, Aris International Ltd, Arman Holdings Ltd, Artificial Electronics Intelligent Material Ltd, and others.

Impact Justification

High importance as ESM framework directly restricts trading activity and indicates heightened surveillance due to price volatility or other concerns. Affects multiple securities with movement across ESM stages, impacting investor trading capabilities and risk profiles.