Description

BSE announces securities being added to, moved within, and removed from the Enhanced Surveillance Measure framework effective November 12, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective November 12, 2025. Six securities are being newly added to ESM, three securities will move to higher ESM stages, and no securities are moving to lower stages or exiting the framework. The circular also provides a consolidated list of all securities currently under ESM with their respective stages.

Key Points

  • 6 securities newly shortlisted for ESM framework: Fone4 Communications, Ghushine Fintrrade Ocean, Mafia Trends, Modern Insulators, Sunsky Logistics, and Trade Wings
  • 3 securities moving to higher ESM stages: Kuberan Global Edu Solutions, Mahip Industries, and Raj Packaging Industries
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework (though provisions exist for exits due to SMP or IBC inclusion)
  • Consolidated list shows at least 24 securities across ESM Stage I and Stage II
  • Changes effective from November 12, 2025

Regulatory Changes

The Enhanced Surveillance Measure framework is BSE’s risk management tool to identify and monitor securities exhibiting abnormal price movements or trading patterns. Securities in ESM face additional trading restrictions and surveillance. Movement to higher stages indicates continued concerns, while movement to lower stages or exit indicates improvement in trading patterns.

Compliance Requirements

  • Trading members must note the ESM classification changes for affected securities
  • Enhanced surveillance applies including potential additional margins, price bands, or trading restrictions
  • Members should inform clients holding positions in newly added or upgraded securities
  • All trading in ESM securities subject to additional monitoring and reporting requirements

Important Dates

  • Effective Date: November 12, 2025 - All ESM framework changes become applicable

Impact Assessment

Securities Being Added to ESM (Stage I):

  • Fone4 Communications (India) Ltd (543521)
  • Ghushine Fintrrade Ocean Ltd (539864)
  • Mafia Trends Ltd (543613)
  • Modern Insulators Ltd (515008)
  • Sunsky Logistics Ltd (544566)
  • Trade Wings Ltd (509953)

Securities Moving to Higher ESM Stages:

  • Kuberan Global Edu Solutions Ltd (543289)
  • Mahip Industries Ltd (542503)
  • Raj Packaging Industries Ltd (530111)

Investors in these securities may face increased trading restrictions, higher margins, and reduced liquidity. The ESM framework aims to protect investors by flagging securities with unusual trading patterns for additional scrutiny.

Impact Justification

Regular surveillance framework update affecting multiple securities with trading restrictions; impacts investors holding these stocks but is part of routine regulatory oversight