Description

BSE announces movement of securities under the Enhanced Surveillance Measure framework, including one new security entering ESM and two securities moving to higher ESM stages.

Summary

BSE has announced changes to securities under the Enhanced Surveillance Measure (ESM) framework effective November 20, 2025. One new security (Asarfi Hospital Ltd) is being shortlisted into ESM, while two existing securities (GSB Finance Ltd and Prerna Infrabuild Ltd) are being moved to higher ESM stages. No securities are moving to lower stages or exiting the ESM framework.

Key Points

  • Asarfi Hospital Ltd (Scrip Code: 543943, ISIN: INE0DN001027) newly shortlisted in ESM framework (SME scrip)
  • GSB Finance Ltd (Scrip Code: 511543, ISIN: INE777C01011) moving to higher ESM stage
  • Prerna Infrabuild Ltd (Scrip Code: 531802, ISIN: INE426H01014) moving to higher ESM stage
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework
  • Consolidated list includes 29+ securities across different ESM stages (Stage I and Stage II)

Regulatory Changes

The ESM framework continues to monitor securities based on predefined surveillance criteria. Securities under ESM are subject to additional compliance requirements and trading restrictions depending on their stage classification. Movement to higher stages indicates continued surveillance concerns, while entry into ESM indicates newly identified surveillance parameters being met.

Compliance Requirements

  • Trading members must note the revised ESM classifications for affected securities
  • Enhanced due diligence required for transactions in ESM securities
  • Stage-specific restrictions apply (e.g., additional margin requirements, price bands, or trade-for-trade segments)
  • Market participants should review consolidated list for complete ESM coverage

Important Dates

  • Effective Date: November 20, 2025 - ESM changes become applicable

Impact Assessment

Market Impact: Securities newly entering or moving to higher ESM stages may experience reduced liquidity and increased trading costs due to enhanced surveillance measures. The limited number of affected securities (three) suggests minimal broader market impact.

Operational Impact: Broker-dealers and traders must update their systems and risk management frameworks to reflect the new ESM classifications. Additional monitoring and reporting requirements apply for transactions in these securities.

Detailed Security Lists

New Entrants to ESM (Effective Nov 20, 2025)

  1. Asarfi Hospital Ltd - Scrip Code: 543943, ISIN: INE0DN001027 (SME Scrip)

Moving to Higher ESM Stage (Effective Nov 20, 2025)

  1. GSB Finance Ltd - Scrip Code: 511543, ISIN: INE777C01011
  2. Prerna Infrabuild Ltd - Scrip Code: 531802, ISIN: INE426H01014

Consolidated ESM Securities (Partial List)

The circular provides a consolidated list of securities under ESM framework across different stages, including:

  • Stage I securities: AAA Technologies Ltd, Aarey Drugs & Pharmaceuticals Ltd (moved to Stage II), Aarvee Denims & Exports Ltd, and 25+ others
  • Stage II securities: Multiple companies under heightened surveillance

Note: Securities marked with (*) follow NSE classification, (#) indicates SME scrips. Additional markers include ($) for SMP Framework inclusion, (@) for IBC Framework inclusion, and (^) for parent company designation.

Impact Justification

Routine ESM framework update affecting three securities with stage changes. Impacts trading parameters for selected stocks but represents regular surveillance maintenance.