Description

BSE announces changes to Enhanced Surveillance Measure framework with securities being added, moved between ESM stages, and removed from ESM effective November 24, 2025.

Summary

BSE has announced updates to the Enhanced Surveillance Measure (ESM) Framework effective November 24, 2025. The circular identifies securities being newly added to ESM, securities moving to higher or lower ESM stages, and securities being removed from the ESM framework. This includes 2 new additions, 1 security moving to higher stage, 21 securities moving to lower stages, and 22 securities exiting the ESM framework entirely.

Key Points

  • 2 securities newly shortlisted for ESM: AVI Polymers Ltd and Securekloud Technologies Ltd
  • 1 security moving to higher ESM stage: UTL Industries Ltd
  • 21 securities moving to lower ESM stages including Aarey Drugs, Anka India, Mirc Electronics, and others
  • 22 securities moving out of ESM Framework completely
  • Changes effective from November 24, 2025
  • ESM framework is used to monitor securities with abnormal price movements or high volatility

Regulatory Changes

The Enhanced Surveillance Measure framework applies differential surveillance mechanisms based on security behavior. Securities moving into ESM face additional monitoring and potential trading restrictions. Movement between ESM stages indicates changing risk profiles - higher stages typically involve stricter surveillance while lower stages indicate improved market behavior.

Compliance Requirements

  • Market participants must be aware of ESM status changes for affected securities
  • Trading members should inform clients about securities under ESM and associated risks
  • Investors should exercise caution when trading ESM securities
  • Securities in ESM may have additional margin requirements or trading restrictions

Important Dates

  • Effective Date: November 24, 2025 - All ESM framework changes take effect

Impact Assessment

Market Impact: Medium - The changes affect 44 securities total. For the 2 newly added securities and 1 moving to higher ESM stage, investors may face increased margins and trading restrictions. The 21 securities moving to lower stages will experience relaxed surveillance, potentially improving liquidity. The 22 securities exiting ESM entirely will return to normal trading conditions, likely improving investor sentiment and trading volumes for those stocks.

Trading Impact: Securities entering or moving to higher ESM stages may experience reduced liquidity and higher volatility. Securities moving to lower stages or exiting ESM may see improved trading activity.

Annexure Details

Annexure I - Part A

Securities Shortlisted in ESM (New Additions):

  1. AVI Polymers Ltd (539288, INE897N01014)
  2. Securekloud Technologies Ltd (512161, INE650K01021)

Moving to Higher Stage ESM:

  1. UTL Industries Ltd (500426, INE184E01024)

Moving to Lower Stage ESM (21 securities):

  1. Aarey Drugs & Pharmaceuticals Ltd
  2. Anka India Ltd
  3. Arunjyoti Bio Ventures Ltd
  4. Chambal Breweries & Distilleries Ltd
  5. Elango Industries Ltd
  6. Gujarat Investa Ltd
  7. Inter Globe Finance Ltd
  8. Mahaveer Infoway Ltd
  9. Milestone Furniture Ltd (SME)
  10. Mirc Electronics Ltd
  11. Rajasthan Petro Synthetics Ltd
  12. Rotographics (India) Ltd
  13. Shikhar Consultants Ltd
  14. Shree Krishna Paper Mills & Industries Ltd
  15. Shukra Pharmaceuticals Ltd
  16. Systematix Securities Ltd
  17. Titan Biotech Ltd
  18. Tulasee Bio Ethanol Ltd
  19. Universal Office Automation Ltd
  20. Vashu Bhagnani Industries Ltd
  21. Women Networks Ltd

Annexure II - Part A

Securities Moving Out of ESM Framework (22 securities):

  1. Achyut Healthcare Ltd (SME)
  2. Adcounty Media India Ltd (SME)
  3. Arman Holdings Ltd
  4. Aryaman Capital Markets Ltd
  5. Ashutosh Paper Mills Ltd
  6. Auto Pins (India) Ltd
  7. Avi Products India Ltd
  8. Clinitech Laboratory Ltd (SME)
  9. CLN Energy Ltd (SME)
  10. Davin Sons Retail Ltd (SME)
  11. Dhanashree Electronics Ltd
  12. Dr Lalchandani Labs Ltd (SME)
  13. Navigant Corporate Advisors Ltd (SME)
  14. NDL Ventures Ltd
  15. Polymac Thermoformers Ltd (SME)
  16. Retina Paints Ltd (SME)
  17. Senthil Infotek Ltd
  18. Sharma East India Hospitals & Medical Research Ltd
  19. Sobhagya Mercantile Ltd
  20. Soni Medicare Ltd
  21. South Asian Enterprises Ltd
  22. Viji Finance Ltd

Impact Justification

Affects trading surveillance for 44 securities across additions, stage movements, and removals from ESM framework, impacting investor trading activity and risk management