Description

BSE announces changes to the Enhanced Surveillance Measure (ESM) framework including new securities added, securities moving to higher/lower ESM stages, and consolidated list of all securities under ESM.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective November 28, 2025. Two new securities have been added to the ESM framework: Capital Trade Links Ltd (Scrip Code: 538476) and SVP Global Textiles Ltd (Scrip Code: 505590). One security, Omnitex Industries India Ltd (Scrip Code: 514324), will be moved to a higher ESM stage. No securities are being moved to lower ESM stages or exiting the framework. The circular includes a comprehensive consolidated list of 29+ securities currently under various ESM stages.

Key Points

  • 2 securities newly shortlisted for ESM Framework: Capital Trade Links Ltd and SVP Global Textiles Ltd
  • 1 security (Omnitex Industries India Ltd) moving to higher ESM stage
  • No securities moving to lower ESM stages
  • No securities moving out of ESM Framework
  • Consolidated list includes securities across ESM Stage I and Stage II
  • SVP Global Textiles Ltd marked with asterisk indicating alignment with NSE
  • Multiple SME scrips included in the consolidated ESM list (marked with #)

Regulatory Changes

The ESM Framework is a surveillance mechanism designed to alert investors about securities exhibiting unusual price movements or other risk parameters. Securities placed under ESM are subject to:

  • Enhanced disclosure requirements
  • Periodic surveillance reviews
  • Potential trading restrictions based on ESM stage
  • Progression through multiple stages (Stage I, II, etc.) based on continued risk factors

Movement to higher ESM stages typically indicates continued concerns regarding the security’s trading pattern or compliance issues.

Compliance Requirements

  • Trading members must ensure awareness of securities under ESM Framework
  • Investors should exercise additional caution when trading ESM securities
  • Listed companies under ESM may face additional disclosure and compliance obligations
  • Market participants must adhere to any specific trading conditions applicable to ESM securities

Important Dates

  • Effective Date: November 28, 2025 - All ESM changes take effect from market opening

Impact Assessment

Market Impact: Medium - The addition of new securities and stage progression affects investor sentiment and trading activity in specific scrips. ESM placement typically results in reduced liquidity and increased volatility awareness.

Investor Impact: Investors holding or considering positions in the affected securities should exercise enhanced due diligence. Higher ESM stages may indicate increased regulatory scrutiny and potential future restrictions.

Operational Impact: Trading members and brokers must update their systems and risk management frameworks to reflect the new ESM classifications and ensure proper client communication regarding these securities.

Annexure Details

Annexure I - Part A

New Securities in ESM Framework:

  1. Capital Trade Links Ltd (538476, INE172D01021)
  2. SVP Global Textiles Ltd (505590, INE308E01029)

Moving to Higher ESM Stage:

  1. Omnitex Industries India Ltd (514324, INE814D01010)

Annexure II - Part A

Securities Moving Out of ESM Framework: Nil

Annexure III

Consolidated ESM List includes (partial listing):

  • AAA Technologies Ltd (Stage I)
  • Aarey Drugs & Pharmaceuticals Ltd (Stage I)
  • Amit Securities Ltd (Stage II)
  • Anirit Ventures Ltd (Stage II)
  • Aplab Ltd (Stage II)
  • Arunis Abode Ltd (Stage II)
  • Multiple other securities across Stage I and Stage II classifications

Impact Justification

Affects specific securities under enhanced surveillance with stage changes impacting trading parameters for listed companies and investors