Description
BSE updates the Enhanced Surveillance Measure framework with securities being added, moved between ESM stages, and removed, effective November 18, 2025.
Summary
BSE has issued updates to the Enhanced Surveillance Measure (ESM) framework effective November 18, 2025. The circular identifies securities being newly added to ESM, securities moving to higher or lower ESM stages, and securities exiting the framework. One new security (Bhagyanagar India Ltd) is being shortlisted for ESM, three securities are being moved to higher ESM stages, and no securities are being removed from the framework.
Key Points
- 1 security newly shortlisted for Enhanced Surveillance Measure: Bhagyanagar India Ltd (Scrip Code: 512296)
- 3 securities moving to higher ESM stages: Chandni Machines Ltd, Mrugesh Trading Ltd, and Soma Textiles & Industries Ltd
- No securities moving to lower ESM stages
- No securities moving out of ESM framework
- Consolidated list contains 28+ securities across different ESM stages (Stage I and Stage II)
- Changes take effect from November 18, 2025
Regulatory Changes
The ESM framework continues to operate with staged surveillance measures. Securities are classified into different stages based on surveillance criteria, with movement between stages based on ongoing monitoring. The framework includes provisions for securities to move out due to inclusion in SMP Framework or IBC Framework.
Compliance Requirements
- Market participants must note the ESM status changes for affected securities
- Trading members should be aware of enhanced surveillance conditions applicable to listed securities
- Investors should consider ESM status when trading affected securities as it indicates heightened regulatory monitoring
- Securities in ESM framework may be subject to Trade for Trade settlement and other restrictions
Important Dates
- Effective Date: November 18, 2025 - All ESM framework changes become applicable
- Circular Date: November 17, 2025
Impact Assessment
Market Impact: Limited direct market impact as this is a routine surveillance measure update affecting a small number of securities. ESM framework is designed to protect investor interests by identifying securities with abnormal price movements or other concerns.
Trading Impact: Securities under ESM face additional surveillance scrutiny and may be subject to Trade for Trade settlement, price bands, and other restrictions. Movement to higher ESM stages typically indicates continued concerns requiring enhanced monitoring.
Investor Impact: Investors holding or trading securities in ESM framework should exercise caution and be aware of the increased surveillance. ESM placement often correlates with higher volatility, liquidity concerns, or corporate governance issues.
Securities Added to ESM
| Scrip Code | ISIN | Scrip Name |
|---|---|---|
| 512296 | INE458B01036 | Bhagyanagar India Ltd* |
Securities Moving to Higher ESM Stage
| Scrip Code | ISIN | Scrip Name |
|---|---|---|
| 542627 | INE01GZ01011 | Chandni Machines Ltd |
| 512065 | INE738D01029 | Mrugesh Trading Ltd |
| 521034 | INE314C01013 | Soma Textiles & Industries Ltd |
Consolidated ESM List (Partial)
The circular includes a consolidated list of 28+ securities currently under ESM framework across Stage I and Stage II, including companies like AAA Technologies Ltd, Aarey Drugs & Pharmaceuticals Ltd, Aarvee Denims & Exports Ltd, and others. The full list is maintained in Annexure III of the circular.
Impact Justification
Affects multiple securities under enhanced surveillance with stage movements. Impacts trading conditions for specific stocks but routine surveillance measure update.