Description

BSE announces updates to Enhanced Surveillance Measure (ESM) framework effective November 6, 2025, including new securities shortlisted, securities moving to higher ESM stages, and consolidated list of all securities under ESM.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective November 6, 2025. One new security (Shree Salasar Investments Ltd) has been shortlisted for ESM. Three securities (BGIL Films & Technologies Ltd, Esha Media Research Ltd, and Tamilnadu Steel Tubes Ltd) will be moved to higher ESM stages. No securities are moving to lower ESM stages or exiting the framework. A consolidated list of 28+ securities currently under various ESM stages is provided.

Key Points

  • Effective date: November 6, 2025
  • 1 new security shortlisted for ESM: 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 moving out of ESM framework
  • Consolidated list includes securities under ESM Stage I and Stage II
  • Framework includes both regular and SME scrips

Regulatory Changes

The Enhanced Surveillance Measure (ESM) is a graded surveillance mechanism applied to securities showing abnormal price movements or other concerns. Securities under ESM face additional trading restrictions and monitoring requirements. The framework operates in multiple stages with progressively stricter measures.

Compliance Requirements

  • Market participants must be aware of securities under ESM and their respective stages
  • Enhanced due diligence required when trading ESM securities
  • Brokers should inform clients about ESM status of securities
  • Additional margin requirements and trading restrictions apply to ESM securities
  • Securities may be subject to trade-for-trade settlement, additional surveillance deposit, or price bands depending on ESM stage

Important Dates

  • November 6, 2025: Effective date for ESM framework updates
    • Shree Salasar Investments Ltd enters ESM
    • Three securities move to higher ESM stages

Impact Assessment

Market Impact: Medium - Affects liquidity and trading conditions for the identified securities. Securities under ESM typically experience reduced trading volumes due to additional restrictions.

Investor Impact: Investors holding or trading these securities will face enhanced surveillance measures including potential additional margins, trade-for-trade settlement, and closer monitoring of trading activity.

Operational Impact: Trading members must update their systems and risk management frameworks to account for the changed ESM status of these securities and ensure compliance with applicable restrictions.

Impact Justification

Affects trading conditions for specific securities under enhanced surveillance, requiring heightened compliance and monitoring by market participants trading these stocks