Description

BSE updates on securities moving to higher ESM stages effective November 26, 2025, including CHPL Industries, MRC Agrotech, SAB Events & Governance Now Media, and Svarnim Trade Udyog.

Summary

BSE has issued updates 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 the framework and none are being removed. The circular includes a consolidated list of securities currently under various ESM stages.

Key Points

  • No new securities shortlisted for ESM Framework
  • 4 securities moving to higher ESM stages: CHPL Industries Ltd (539335), MRC Agrotech Ltd (540809), SAB Events & Governance Now Media Ltd (540081), and Svarnim Trade Udyog Ltd (539911)
  • No securities moving to lower ESM stages
  • No securities exiting the ESM Framework
  • Consolidated list includes 28+ securities across different ESM stages
  • Changes effective from November 26, 2025

Regulatory Changes

The ESM Framework continues to operate with existing parameters. Securities under ESM are subject to additional surveillance measures based on their stage classification (Stage I, Stage II, etc.). Movement to higher stages indicates increased regulatory scrutiny and may involve stricter trading conditions.

Compliance Requirements

  • Trading members must comply with ESM framework requirements for affected securities
  • Enhanced monitoring and reporting obligations apply to securities in ESM
  • Investors should be aware of the surveillance status when trading these securities
  • Securities moving to higher stages may face additional restrictions or margin requirements

Important Dates

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

Impact Assessment

Market Impact: The movement of 4 securities to higher ESM stages indicates increased regulatory concern about trading patterns or compliance issues in these stocks. This typically results in reduced liquidity and increased trading costs for these securities.

Operational Impact: Trading members and investors dealing in these securities will face stricter surveillance measures. The stable count of securities entering and exiting the framework suggests the ESM mechanism is functioning as intended without major market disruptions.

Investor Impact: Shareholders of the 4 affected securities should note the increased surveillance, which may affect stock liquidity and trading behavior. The consolidated list provides transparency on all securities under ESM monitoring.

Impact Justification

Affects trading in specific securities under ESM framework with 4 securities moving to higher surveillance stages, indicating increased monitoring requirements for these stocks