Description

BSE circular detailing securities being added to, moved within, or removed from the Enhanced Surveillance Measure (ESM) framework with effect from November 25, 2025.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) framework effective November 25, 2025. Two new securities are being added to ESM (SSPN Finance Ltd and TCM Ltd), four securities are being moved to higher ESM stages (Covidh Technologies Ltd, Gautam Exim Ltd, MSR India Ltd, and Yuranus Infrastructure Ltd), and no securities are being removed from the framework or moved to lower stages. The consolidated list shows 27 securities under ESM Stage I and at least one security (Amit Securities Ltd and Anirit Ventures Ltd) in Stage II.

Key Points

  • 2 securities newly shortlisted for ESM framework: SSPN Finance Ltd (539026) and TCM Ltd (524156)
  • 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 exiting ESM framework
  • ESM framework involves staged surveillance with increasing restrictions at higher stages
  • Multiple SME scrips affected by these changes
  • Consolidated list includes at least 27 securities across different ESM stages

Regulatory Changes

The Enhanced Surveillance Measure (ESM) is a staged surveillance framework where securities are placed under increasing levels of monitoring and trading restrictions. Securities can move between stages based on market behavior and compliance parameters. Higher stages typically involve stricter surveillance and additional trading restrictions.

Compliance Requirements

  • Trading members must note the securities under ESM and applicable stage-specific restrictions
  • Enhanced due diligence required for transactions in ESM securities
  • Investors should be aware of additional surveillance and potential trading limitations
  • Risk disclosure requirements for clients trading in ESM securities
  • Monitoring of price movements and volumes for securities under ESM

Important Dates

  • Effective Date: November 25, 2025 - All changes to ESM framework become applicable

Impact Assessment

Market Impact: Securities placed under ESM typically experience reduced liquidity and increased trading costs due to surveillance measures. Movement to higher ESM stages further restricts trading activity and may lead to wider bid-ask spreads.

Investor Impact: Investors holding or trading these securities will face additional restrictions and enhanced monitoring. Higher ESM stages may involve trade-for-trade settlement, price bands, or other measures that limit trading flexibility.

Operational Impact: Brokers and trading members must update their systems to reflect ESM status changes and ensure compliance with stage-specific requirements. Enhanced reporting and monitoring obligations apply.

Securities Details

New ESM Additions (Stage I):

  1. SSPN Finance Ltd (Scrip Code: 539026, ISIN: INE820R01017) - SME Scrip
  2. TCM Ltd (Scrip Code: 524156, ISIN: INE034F01010)

Moving to Higher ESM Stages:

  1. Covidh Technologies Ltd (Scrip Code: 534920, ISIN: INE899M01020)
  2. Gautam Exim Ltd (Scrip Code: 540613, ISIN: INE721X01015) - SME Scrip
  3. MSR India Ltd (Scrip Code: 508922, ISIN: INE331L01026)
  4. Yuranus Infrastructure Ltd (Scrip Code: 536846, ISIN: INE156M01017)

Consolidated ESM List Highlights (Stage I):

Includes AAA Technologies Ltd, Aarey Drugs & Pharmaceuticals Ltd, Aarvee Denims & Exports Ltd, ABM Knowledgeware Ltd, Abram Food Ltd, ADC India Communications Ltd, Adcon Capital Services Ltd, Adinath Textiles Ltd, Alan Scott Enterprises Ltd, Ambitious Plastomac Company Ltd, Ameenji Rubber Ltd, Anand Rayons Ltd, Andhra Cements Ltd, Anka India Ltd, Anlon Healthcare Ltd, Apis India Ltd, Aptus Pharma Ltd, Arfin India Ltd, Aris International Ltd, Artificial Electronics Intelligent Material Ltd, Arunjyoti Bio Ventures Ltd, Aryaman Financial Services Ltd, and others.

Stage II Securities:

  • Amit Securities Ltd (Scrip Code: 531557, ISIN: INE137E01014)
  • Anirit Ventures Ltd (Scrip Code: 530705, ISIN: INE161F01011)
  • Aplab Ltd (Scrip Code: 517096, ISIN: INE273A01015)
  • Arunis Abode Ltd (Scrip Code: 526935, ISIN: INE377D01018)

Impact Justification

ESM placement significantly restricts trading and impacts liquidity for affected securities. Movement to higher stages increases surveillance measures and trading restrictions. Affects multiple securities including SME scrips.