Description

BSE circular detailing securities being added to, moved within, and removed from the Enhanced Surveillance Measure framework effective November 17, 2025.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective November 17, 2025. The circular identifies 6 securities being newly added to ESM, 1 security moving to a higher ESM stage, 14 securities moving to lower ESM stages, and 24 securities being removed from the framework entirely. The ESM framework is designed to alert investors about securities witnessing unusual price movements and is applied in various stages with progressively stringent surveillance measures.

Key Points

  • 6 securities newly shortlisted for ESM framework: Adinath Textiles, Gretex Corporate Services, Shahi Shipping, Suryo Foods & Industries, Svarnim Trade Udyog, and U. Y. Fincorp
  • 1 security (Bisil Plast Ltd) moving to higher ESM stage indicating increased surveillance
  • 14 securities moving to lower ESM stages showing improvement in trading patterns
  • 24 securities being removed from ESM framework completely
  • All changes effective from November 17, 2025
  • Some securities moving out are transitioning to SMP (Surveillance Measure with Price Band) Framework instead

Regulatory Changes

The Enhanced Surveillance Measure framework continues to operate with multi-stage surveillance levels. Securities are evaluated based on trading patterns, price movements, and market behavior. Movement between stages occurs based on ongoing monitoring, with higher stages indicating greater concern and lower stages or removal indicating normalization of trading activity.

Compliance Requirements

  • Market participants must note the ESM classification changes for affected securities
  • Trading members should inform their clients about ESM applicability on these securities
  • Investors should be aware that ESM securities may have additional margin requirements and trading restrictions
  • Special attention required for securities moving to higher ESM stages due to heightened surveillance

Important Dates

  • Effective Date: November 17, 2025 - All ESM framework changes come into effect

Impact Assessment

Securities Added to ESM (6 stocks): These will face enhanced scrutiny and potential trading restrictions including higher margins, trade-for-trade settlement, or price bands. Liquidity may be impacted negatively.

Securities Moving to Higher Stage (1 stock): Bisil Plast Ltd faces increased surveillance measures, indicating continued concern about trading patterns. This typically results in stricter trading conditions.

Securities Moving to Lower Stage (14 stocks): Positive development indicating improved trading behavior and reduced risk concerns. These securities will have relatively relaxed surveillance measures while still remaining under watch.

Securities Removed from ESM (24 stocks): Significant positive development as these securities have normalized their trading patterns. However, some are transitioning to SMP framework which also involves surveillance measures. Complete removal from all frameworks would allow normal trading conditions to resume.

Additional Details

Annexure I - Securities Moving Into or Within ESM

Part A: New ESM Additions (Effective Nov 17, 2025)

  1. Adinath Textiles Ltd (514113)
  2. Gretex Corporate Services Ltd (543324)
  3. Shahi Shipping Ltd (526508)
  4. Suryo Foods & Industries Ltd (519604)
  5. Svarnim Trade Udyog Ltd (539911)
  6. U. Y. Fincorp Ltd (530579)

Moving to Higher ESM Stage:

  1. Bisil Plast Ltd (531671)

Moving to Lower ESM Stage:

  1. Alan Scott Enterprises Ltd (539115)
  2. Ambitious Plastomac Company Ltd (526439)
  3. CHPL Industries Ltd (539335)
  4. Hi-Klass Trading and Investment Ltd (542332)
  5. IEC Education Ltd (531840)
  6. India Homes Ltd (513361)
  7. Jayabharat Credit Ltd (501311)
  8. Kashyap Tele-Medicines Ltd (531960)
  9. Omnitex Industries India Ltd (514324)
  10. Parshwanath Corporation Ltd (511176)
  11. Triliance Polymers Ltd (509046)
  12. U. H. Zaveri Ltd (541338)
  13. Valiant Communications Ltd (526775)
  14. Virat Industries Ltd (530521)

Annexure II - Securities Exiting ESM

Part A: Removals from ESM Framework (Effective Nov 17, 2025)

  1. Alfred Herbert India Ltd (505216)
  2. Avance Technologies Ltd (512149)
  3. Blue Pearl Agriventures Ltd (514440)
  4. Ganga Pharmaceuticals Ltd (539680)
  5. Gayatri BioOrganics Ltd (524564)
  6. Gconnect Logitech and Supply Chain Ltd (544156)
  7. Gem Spinners India Ltd (521133)
  8. Ginni Filaments Ltd (590025)
  9. Golden Legand Leasing & Finance Ltd (509024)
  10. HT Media Ltd (532662)
  11. Indergiri Finance Ltd (531505)
  12. India Lease Development Ltd (500202)
  13. Jay Bharat Maruti Ltd (520066)
  14. Kaya Ltd (539276)
  15. Midwest Gold Ltd (526570)
  16. Neil Industries Ltd (539016)
  17. Precision Electronics Ltd (517258)
  18. Pro Fin Capital Services Ltd (511557)
  19. Sodhani Academy of Fintech Enablers Ltd (544257)
  20. Team India Guaranty Ltd (511559)
  21. Transvoy Logistics India Ltd (543754)
  22. Trident Texofab Ltd (540726)
  23. Trustedge Capital Ltd (532056)
  24. Veerkrupa Jewellers Ltd (543545)

Note: Securities marked with special symbols indicate SME scrips (#), movement to SMP Framework ($), or specific NSE classifications (*) as per the original circular annotations.

Impact Justification

Regular surveillance framework update affecting 44 securities with varying trading restrictions; impacts liquidity and trading conditions for affected stocks