Description

BSE announces movement of two securities to higher ESM stages, with Hindustan Appliances Ltd and Jetmall Spices and Masala Ltd being upgraded in the surveillance framework effective November 19, 2025.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) Framework effective November 19, 2025. Two securities - Hindustan Appliances Ltd (Scrip Code: 531918, ISIN: INE02XD01011) and Jetmall Spices and Masala Ltd (Scrip Code: 543286, ISIN: INE0D9X01018) - will be moved to higher ESM stages. No new securities are being added to the ESM framework, and no securities are being removed or moved to lower stages. The consolidated list includes 29+ securities across various ESM stages.

Key Points

  • Two securities moving to higher ESM stages effective November 19, 2025
  • Hindustan Appliances Ltd (531918) upgraded to higher surveillance stage
  • Jetmall Spices and Masala Ltd (543286) upgraded to higher surveillance stage
  • No new securities added to ESM framework
  • No securities removed from ESM framework
  • No securities downgraded to lower ESM stages
  • Consolidated list maintains 29+ securities under various stages of ESM
  • ESM Stage I includes securities like AAA Technologies Ltd, Aarvee Denims & Exports Ltd, ABM Knowledgeware Ltd
  • ESM Stage II includes securities like Aarey Drugs & Pharmaceuticals Ltd, Amit Securities Ltd, Anirit Ventures Ltd

Regulatory Changes

The Enhanced Surveillance Measure (ESM) framework continues to apply progressive surveillance stages to securities exhibiting concerns related to price volatility, market integrity, or other risk factors. Securities in higher ESM stages face stricter trading restrictions and monitoring. The framework allows for dynamic movement of securities between stages based on their market behavior and compliance.

Compliance Requirements

  • Market participants must note the enhanced surveillance applicable to the two upgraded securities
  • Trading members should inform their clients about the ESM status of these securities
  • Additional disclosure and due diligence requirements apply for securities under ESM
  • Securities under ESM typically require 100% upfront margin for trading
  • Price bands and circuit filters may be adjusted for ESM securities
  • Regular monitoring and reporting obligations for brokers dealing in ESM securities

Important Dates

  • Effective Date: November 19, 2025 - Two securities move to higher ESM stages
  • Circular Date: November 18, 2025

Impact Assessment

Trading Impact: Securities moving to higher ESM stages will face increased trading restrictions, potentially reducing liquidity and increasing transaction costs. Investors holding these securities should be aware of stricter margin requirements and potential additional compliance obligations.

Market Participants: Brokers and traders dealing in Hindustan Appliances Ltd and Jetmall Spices and Masala Ltd need to update their risk management systems and client communications regarding the enhanced surveillance status.

Investor Protection: The ESM framework serves as a risk mitigation measure to protect investors from potential market manipulation or excessive volatility in these securities. The upgrade to higher stages indicates ongoing concerns that warrant continued monitoring.

Impact Justification

Affects two securities moving to higher ESM stages, indicating increased surveillance due to concerns about price volatility or other market irregularities. Maintains consolidated list of 29+ securities under various ESM stages.