Description

BSE updates Enhanced Surveillance Measure framework with 4 securities moving to higher ESM stages effective November 26, 2025. No new securities added or removed from ESM framework.

Summary

BSE has announced changes to the Enhanced Surveillance Measure (ESM) framework effective November 26, 2025. Four securities will move to higher ESM stages, while no new securities are being added to or removed from the framework. The consolidated list includes 28+ securities across various ESM stages.

Key Points

  • No new securities added to ESM framework
  • 4 securities moving to higher ESM stages: CHPL Industries Ltd, MRC Agrotech Ltd, SAB Events & Governance Now Media Ltd, and Svarnim Trade Udyog Ltd
  • No securities moving to lower ESM stages
  • No securities exiting the ESM framework
  • Changes effective from November 26, 2025
  • Consolidated list maintains securities at Stage I and Stage II surveillance levels

Regulatory Changes

The Enhanced Surveillance Measure (ESM) framework continues to monitor securities based on surveillance criteria. Securities moving to higher stages face stricter surveillance and trading restrictions. The framework includes:

  • Stage-based surveillance with progressive restrictions
  • Regular review and movement between stages based on market behavior
  • Integration with other frameworks (SMP Framework, IBC Framework) for securities meeting additional criteria

Compliance Requirements

  • Trading members must be aware of ESM stage changes for affected securities
  • Higher ESM stages typically involve additional disclosure requirements and stricter position limits
  • Market participants should review trading restrictions applicable to securities in higher ESM stages
  • Investors should note that securities in ESM framework may have limited liquidity and higher risk profiles

Important Dates

  • Effective Date: November 26, 2025 - ESM stage changes come into effect
  • Circular Date: November 25, 2025

Impact Assessment

Market Impact: Medium - Four securities will face enhanced surveillance and potentially stricter trading conditions, which may affect liquidity and investor participation in these stocks.

Affected Securities:

  1. CHPL Industries Ltd (Scrip Code: 539335, ISIN: INE714Q01014)
  2. MRC Agrotech Ltd (Scrip Code: 540809, ISIN: INE333Y01017)
  3. SAB Events & Governance Now Media Ltd (Scrip Code: 540081, ISIN: INE860T01019)
  4. Svarnim Trade Udyog Ltd (Scrip Code: 539911, ISIN: INE730R01042)

Operational Impact: Investors holding these securities should be prepared for enhanced monitoring, potential additional margin requirements, and restricted trading conditions as per ESM framework guidelines.

Securities in ESM Framework

The consolidated list (Annexure III) includes notable securities such as:

  • AAA Technologies Ltd (Stage I)
  • Aarey Drugs & Pharmaceuticals Ltd (Stage I)
  • Aarvee Denims & Exports Ltd (Stage I)
  • Amit Securities Ltd (Stage II)
  • Anirit Ventures Ltd (Stage II)
  • Aplab Ltd (Stage II)
  • Arunis Abode Ltd (Stage II)

And many others across various sectors including textiles, pharmaceuticals, financial services, and manufacturing.

Impact Justification

Affects 4 securities moving to higher surveillance stages, indicating increased regulatory scrutiny and tighter trading restrictions for these stocks