Description

BSE circular detailing securities being added to, moved within, or removed from the Enhanced Surveillance Measure framework effective November 10, 2025.

Summary

BSE has announced changes to the Enhanced Surveillance Measure (ESM) framework effective November 10, 2025. The circular identifies securities being newly added to ESM, those moving to higher or lower ESM stages, and those exiting the framework entirely. A total of 4 securities are being newly added to ESM, 1 security is moving to a higher stage, 10 securities are moving to lower stages, and 14 securities are being removed from the ESM framework.

Key Points

  • 4 new securities shortlisted for ESM framework: Commercial Syn Bags Ltd, Contil India Ltd, Libord Finance Ltd, and S.V.J. Enterprises Ltd
  • RR Financial Consultants Ltd will move to a higher ESM stage
  • 10 securities will move to lower ESM stages, including Auto Pins (India) Ltd, B-Right Realestate Ltd, Fynx Capital Ltd, and others
  • 14 securities exiting ESM framework including Amalgamated Electricity Company Ltd, Elegant Floriculture & Agrotech India Ltd, GG Automotive Gears Ltd, and others
  • Some exiting securities (Rainbow Foundations Ltd and Rap Corp Ltd) will continue in Trade for Trade segment as per previous circulars
  • Consolidated list provided showing current ESM stages for all securities under surveillance

Regulatory Changes

The Enhanced Surveillance Measure framework is being updated with modifications to securities coverage and stage classifications. Securities in ESM are subject to additional surveillance and trading restrictions based on their stage level. The framework aims to protect investors and maintain market integrity by monitoring securities exhibiting abnormal trading patterns or other concerns.

Compliance Requirements

  • Market participants must note the updated ESM classifications for affected securities
  • Trading members should update their systems to reflect the new ESM stages effective November 10, 2025
  • Investors should be aware that securities in ESM may have additional trading restrictions including price bands, trade-for-trade settlement, or other measures
  • For securities marked with special symbols, additional conditions apply (SME scrips, parent company references, etc.)

Important Dates

  • Effective Date: November 10, 2025 - All ESM changes become effective

Impact Assessment

The addition of new securities to ESM will result in enhanced monitoring and potential trading restrictions for those scrips. Securities moving to higher ESM stages face stricter surveillance, which may impact liquidity and trading volumes. Conversely, securities moving to lower stages or exiting ESM will have reduced restrictions, potentially improving liquidity. The 14 securities exiting ESM framework may see improved trading activity as restrictions are lifted. Investors and traders in these specific securities should adjust their strategies based on the changed surveillance status. The overall market impact is limited to the specific securities mentioned and their immediate stakeholders.

Impact Justification

Affects multiple securities with trading restrictions through ESM framework. Impacts liquidity and trading behavior for specific scrips. Important for traders and investors holding these securities but limited broader market impact.