Description
BSE updates Enhanced Surveillance Measure framework with new securities being added to ESM, existing securities moving to higher stages, and consolidated list of all securities under various ESM stages.
Summary
BSE has issued an update to the Enhanced Surveillance Measure (ESM) Framework effective November 11, 2025. The circular identifies three securities being newly added to ESM, three securities moving to higher ESM stages, and provides a consolidated list of all securities currently under ESM framework across different stages. The ESM framework is designed to alert investors about securities with abnormal price movements or other concerns.
Key Points
- 3 new securities added to ESM framework: G.K.P. Printing & Packaging Ltd, One Global Service Provider Ltd, and UTL Industries Ltd
- 3 securities moving to higher ESM stages: Maitri Enterprises Ltd, Titan Intech Ltd, and Vaxfab Enterprises Ltd
- No securities moving to lower ESM stages
- No securities exiting ESM framework in this update
- Consolidated list shows 26+ securities under various ESM stages (list appears truncated in provided content)
- Changes take effect from November 11, 2025
Regulatory Changes
The ESM framework applies enhanced surveillance and trading restrictions to securities exhibiting concerning patterns. Securities in ESM are subject to:
- Additional disclosure requirements
- Potential trading restrictions
- Increased scrutiny of price and volume movements
- Staged progression (Stage I to higher stages) based on continued concerns
Compliance Requirements
- Trading members must be aware of securities under ESM and applicable restrictions
- Investors should exercise increased caution when trading ESM securities
- Listed companies under ESM may face additional disclosure and compliance obligations
- Market participants must comply with any trading limitations imposed on ESM securities
Important Dates
- Effective Date: November 11, 2025 - All ESM changes become applicable
Impact Assessment
Market Impact: Medium - The update affects a limited number of securities. Securities entering or moving up in ESM stages may experience reduced liquidity and increased volatility.
Investor Impact: High for affected securities - Investors holding or trading these securities should be aware of enhanced surveillance and potential trading restrictions.
Operational Impact: Trading members need to update their systems and risk management frameworks to reflect the new ESM classifications. Securities in higher ESM stages face progressively stricter surveillance measures.
Affected Securities Details
New Entries to ESM (Stage I)
- G.K.P. Printing & Packaging Ltd (Scrip: 542666, ISIN: INE05QJ01015)
- One Global Service Provider Ltd (Scrip: 514330, ISIN: INE670O01013)
- UTL Industries Ltd (Scrip: 500426, ISIN: INE184E01024)
Moving to Higher ESM Stages
- Maitri Enterprises Ltd (Scrip: 513430, ISIN: INE501L01024)
- Titan Intech Ltd (Scrip: 521005, ISIN: INE807M01031)
- Vaxfab Enterprises Ltd (Scrip: 542803, ISIN: INE560T01015)
Impact Justification
Regular surveillance measure update affecting specific securities with trading restrictions. Important for investors in affected stocks but limited broader market impact.