Description
BSE announces changes to the Enhanced Surveillance Measure framework including addition of new securities, movement between ESM stages, and consolidated list of securities under surveillance.
Summary
BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective November 25, 2025. The circular includes addition of 2 new securities to ESM, movement of 4 securities to higher ESM stages, no securities moving to lower stages, and no securities exiting the framework. A consolidated list shows 27+ securities currently under various ESM stages.
Key Points
- 2 new securities shortlisted for ESM Framework: SSPN Finance Ltd (SME) and TCM Ltd
- 4 securities moving to higher ESM stages: Covidh Technologies Ltd, Gautam Exim Ltd (SME), MSR India Ltd, and Yuranus Infrastructure Ltd
- No securities moving to lower ESM stages
- No securities moving out of ESM Framework
- Consolidated list includes securities in ESM Stage I and Stage II
- Changes effective from November 25, 2025
Securities Added to ESM Framework
New Additions (Effective Nov 25, 2025)
- SSPN Finance Ltd (Scrip Code: 539026, ISIN: INE820R01017) - SME Scrip
- TCM Ltd (Scrip Code: 524156, ISIN: INE034F01010)
Moving to Higher ESM Stages
- Covidh Technologies Ltd (Scrip Code: 534920, ISIN: INE899M01020)
- Gautam Exim Ltd (Scrip Code: 540613, ISIN: INE721X01015) - SME Scrip
- MSR India Ltd (Scrip Code: 508922, ISIN: INE331L01026)
- Yuranus Infrastructure Ltd (Scrip Code: 536846, ISIN: INE156M01017)
Consolidated ESM List Highlights
The consolidated list includes securities in ESM Stage I and Stage II, with notable entries including:
- AAA Technologies Ltd (Stage I)
- Amit Securities Ltd (Stage II)
- Anirit Ventures Ltd (Stage II)
- Aplab Ltd (Stage II)
- Arunis Abode Ltd (Stage II)
- Multiple SME scrips marked with # symbol
- Some scrips marked with * indicating NSE alignment
Regulatory Framework
The Enhanced Surveillance Measure framework is designed to:
- Monitor securities with abnormal price movements
- Protect investor interests
- Ensure market integrity
- Apply progressive surveillance stages based on continued concerns
- Higher ESM stages typically involve stricter trading restrictions
Compliance Requirements
- Trading members must note the ESM stage classification for affected securities
- Securities under ESM may have additional margin requirements
- Trade-to-trade settlement or other restrictions may apply based on ESM stage
- Market participants should review risk management for securities under surveillance
- Clients must be informed about ESM status of securities
Important Dates
- Effective Date: November 25, 2025
- All changes to ESM framework take effect from market opening on this date
Impact Assessment
Market Impact: Medium - The ESM framework affects liquidity and trading activity in the listed securities. Securities moving to higher stages face increased scrutiny and potentially stricter trading conditions.
Investor Impact: Investors holding or trading these securities should be aware of enhanced surveillance status, which may indicate higher volatility, unusual price movements, or other market concerns that triggered the surveillance measures.
Liquidity Impact: Securities under ESM typically experience reduced liquidity due to additional margin requirements and heightened risk perception among market participants.
SME Segment: Special attention required for SME scrips (marked with #) as they may have additional vulnerabilities given smaller market capitalization and trading volumes.
Impact Justification
Affects trading of specific securities under enhanced surveillance with stage movements impacting liquidity and trading conditions for listed companies