Description

BSE circular updating securities under Enhanced Surveillance Measure framework, with two securities moving to higher ESM stages effective November 19, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective November 19, 2025. Two securities - Hindustan Appliances Ltd (Scrip Code: 531918) and Jetmall Spices and Masala Ltd (Scrip Code: 543286) - will move to higher ESM stages. No new securities are being added to ESM, and no securities are moving to lower stages or exiting the framework. The circular includes a consolidated list of 29 securities currently under various ESM stages.

Key Points

  • No new securities shortlisted for ESM framework
  • Two securities moving to higher ESM stages: Hindustan Appliances Ltd and Jetmall Spices and Masala Ltd
  • No securities moving to lower ESM stages
  • No securities exiting the ESM framework
  • 29 securities listed in consolidated ESM framework (partial list provided)
  • Framework continues surveillance on securities with unusual price movements or volatility

Regulatory Changes

The Enhanced Surveillance Measure framework continues with stage-wise progression for monitored securities. Securities showing continued unusual trading patterns move to higher ESM stages with increased restrictions, while improved securities can move to lower stages or exit the framework. This update shows tightening surveillance on two specific securities.

Compliance Requirements

  • Trading members must be aware of ESM stage classifications for affected securities
  • Higher ESM stages typically involve stricter trading conditions including potential price bands, trade-to-trade settlement, or additional margin requirements
  • Investors trading in ESM securities should understand the enhanced monitoring and restrictions applicable

Important Dates

  • Effective Date: November 19, 2025 - ESM stage changes take effect

Impact Assessment

Securities Moving to Higher Stages:

  1. Hindustan Appliances Ltd (531918, INE02XD01011)
  2. Jetmall Spices and Masala Ltd (543286, INE0D9X01018)

Movement to higher ESM stages indicates continued concern about trading patterns in these securities. Investors may face increased trading restrictions, reduced liquidity, and higher margin requirements. The measure aims to protect investors from potential excessive volatility or price manipulation in these stocks.

Consolidated Framework: The list includes securities across multiple ESM stages (Stage I and Stage II visible), with Stage I being the initial surveillance level. The framework provides graduated surveillance based on market behavior, with securities potentially progressing through stages or exiting based on trading patterns.

Impact Justification

Affects two securities moving to higher ESM stages with increased surveillance, impacting trading conditions for existing shareholders