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.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) framework effective November 26, 2025. Four securities will be moved to higher ESM stages while no new securities are being added to the framework and no securities are exiting the ESM framework. The consolidated list shows 28 securities currently under 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 ESM framework
  • Changes effective from November 26, 2025
  • Consolidated list includes securities across ESM Stage I and Stage II

Securities Moving to Higher ESM Stages

Effective November 26, 2025:

  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) - As per NSE name
  4. Svarnim Trade Udyog Ltd (Scrip Code: 539911, ISIN: INE730R01042)

Regulatory Changes

The ESM framework continues to apply enhanced surveillance measures on securities that exhibit abnormal price movements or pose heightened risk. Securities in higher ESM stages are subject to stricter trading restrictions including:

  • Reduced price bands
  • Trade-for-trade settlement
  • 100% upfront margin requirements
  • Additional disclosure requirements

Compliance Requirements

  • Trading members must ensure compliance with ESM framework requirements for all listed securities
  • Enhanced margin and settlement obligations apply to securities under ESM
  • Brokers must inform clients about securities under ESM framework
  • All trades in ESM securities subject to additional surveillance and monitoring

Important Dates

  • Effective Date: November 26, 2025
  • Circular Issue Date: November 25, 2025

Impact Assessment

The movement of 4 securities to higher ESM stages indicates continued concerns about price volatility or other risk factors in these scrips. Investors holding or trading these securities will face:

  • Increased margin requirements
  • Reduced liquidity due to trade-for-trade settlement
  • Potential difficulty in executing large orders
  • Enhanced scrutiny of trading activity

The absence of securities exiting ESM suggests ongoing market surveillance concerns for currently listed securities. The consolidated list of 28 securities under ESM represents a continued focus on risk management and investor protection by BSE.

Impact Justification

Routine surveillance measure update affecting 4 securities moving to higher ESM stages. No securities exiting ESM. Moderate impact on affected scrips with increased trading restrictions.