Description

BSE updates the Enhanced Surveillance Measure framework with 3 new securities added, 3 securities moved to higher stages, and comprehensive consolidated list of 26+ securities under ESM surveillance.

Summary

BSE has issued an update to its Enhanced Surveillance Measure (ESM) Framework effective November 11, 2025. Three new securities have been shortlisted for inclusion in ESM, three existing securities will move to higher ESM stages, and no securities are exiting the framework or moving to lower stages. The circular includes a consolidated list of securities currently under ESM surveillance across different stages.

Key Points

  • 3 new securities added to ESM Framework: G. K. P. Printing & Packaging Ltd (542666), One Global Service Provider Ltd (514330), and UTL Industries Ltd (500426)
  • 3 securities moving to higher ESM stages: Maitri Enterprises Ltd (513430), Titan Intech Ltd (521005), and Vaxfab Enterprises Ltd (542803)
  • No securities moving to lower ESM stages or exiting the framework
  • Consolidated list includes 26+ securities under various ESM stages (Stage I and Stage II)
  • Changes are effective from November 11, 2025

Regulatory Changes

The Enhanced Surveillance Measure (ESM) Framework continues BSE’s ongoing surveillance activities to protect investor interests. Securities under ESM are subject to additional monitoring and trading restrictions based on their stage classification. The framework allows for dynamic movement of securities between stages based on their trading patterns and compliance metrics.

Compliance Requirements

  • Trading members must be aware of securities under ESM and their respective stages
  • Enhanced due diligence required for transactions in ESM securities
  • Investors should note that ESM securities may have additional trading restrictions or margin requirements
  • Market participants should monitor the consolidated ESM list for any securities in their portfolios

Important Dates

  • Effective Date: November 11, 2025 - All ESM framework changes take effect

Impact Assessment

Market Impact: Medium - The addition of 3 new securities and upward movement of 3 securities to higher ESM stages indicates heightened surveillance concerns. This affects liquidity and trading patterns for these specific securities.

Investor Impact: Investors holding positions in the 6 affected securities should be aware of potential increased margin requirements and trading restrictions. The consolidated list of 26+ securities under ESM provides transparency for market participants to assess their exposure to securities under enhanced surveillance.

Trading Impact: Securities in higher ESM stages typically face stricter trading conditions including increased margins, possible price bands, or trade-for-trade settlement, which may impact trading volumes and volatility.

Impact Justification

Regular surveillance framework update affecting 6 securities with stage changes. Important for traders and investors in affected stocks, but part of routine market surveillance operations.