Description

BSE updates Enhanced Surveillance Measure framework with 5 new securities added, 2 moving to higher stages, 22 moving to lower stages, and 20 securities exiting ESM effective December 1, 2025.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective December 1, 2025. The circular details securities being newly added to ESM, those moving between stages within the framework, and securities exiting the ESM framework entirely. A total of 5 securities are being newly shortlisted for ESM, 2 securities are moving to higher ESM stages, 22 securities are moving to lower ESM stages, and 20 securities are exiting the framework.

Key Points

  • 5 new securities added to ESM framework: Cybele Industries, Manomay Tex India, Phaarmasia, Regal Entertainment & Consultants, and Venus Remedies
  • 2 securities moving to higher ESM stages: Alan Scott Enterprises and Emergent Industrial Solutions
  • 22 securities moving to lower ESM stages including Anirit Ventures, Aplab, Bluegod Entertainment, Colab Platforms, and others
  • 20 securities exiting ESM framework including Andhra Cements, Bangalore Fort Farms, India Homes, and Oceanic Foods
  • Changes effective from December 1, 2025
  • Some securities marked with special designations: *(As per NSE) and #(SME Scrip)

Regulatory Changes

The Enhanced Surveillance Measure framework is BSE’s mechanism to monitor securities exhibiting abnormal price movements or trading patterns. Securities in ESM framework face additional surveillance and trading restrictions based on their stage. Movement between stages reflects ongoing assessment of trading behavior and compliance. The framework operates in multiple stages with progressively stricter surveillance measures at higher stages.

Compliance Requirements

  • Trading members must be aware of ESM status of securities
  • Enhanced reporting and monitoring requirements apply to securities under ESM
  • Price bands and trading restrictions may apply based on ESM stage
  • Investors should exercise additional caution when trading in ESM securities
  • Brokers must ensure client awareness of ESM status before executing trades

Important Dates

  • December 1, 2025: Effective date for all ESM framework changes including new additions, stage movements, and exits

Impact Assessment

Market Impact: Securities newly added to ESM may experience reduced liquidity and increased volatility due to stricter surveillance measures. Securities moving to higher stages face tighter restrictions, while those moving to lower stages or exiting gain more trading flexibility.

Trading Impact: Enhanced surveillance typically includes stricter price bands, additional margin requirements, and increased monitoring. Traders and investors in the 49 affected securities should review their positions and understand the applicable restrictions.

Investor Impact: Retail investors holding ESM securities should be aware of potential liquidity constraints and higher transaction costs. Securities exiting ESM framework may see improved trading conditions and market participation.

Detailed Lists

New Securities in ESM (5 securities)

  1. Cybele Industries Ltd (531472, INE183D01010)
  2. Manomay Tex India Ltd (540396, INE784W01015)*
  3. Phaarmasia Ltd (523620, INE486I01016)
  4. Regal Entertainment & Consultants Ltd (531033, INE101E01010)
  5. Venus Remedies Ltd (526953, INE411B01019)*

Moving to Higher ESM Stage (2 securities)

  1. Alan Scott Enterprises Ltd (539115, INE273F01022)
  2. Emergent Industrial Solutions Ltd (506180, INE668L01013)

Moving to Lower ESM Stage (22 securities)

Includes Anirit Ventures, Aplab, Bluegod Entertainment, Colab Platforms, Genesis Ibrc India, KMF Builders & Developers, Landmarc Leisure, Mardia Samyoung Capillary Tubes, Mcleod Russel India, Oswal Yarns, Prima Industries, RRP Defense, RRP Semiconductor, S.A.L. Steel, Sahara Housingfina, Sancode Technologies#, Sarthak Global, Southern Latex, Spice Islands Industries, VJTF Eduservices, VR Woodart, and Yash Trading & Finance.

Exiting ESM Framework (20 securities)

Includes Andhra Cements, Bangalore Fort Farms, Befound Movement, Bhatia Colour Chem#, B-Right Realestate#, Fundviser Capital, India Homes, IZMO, Maruti Securities, Narmada Macplast Drip Irrigation, Oceanic Foods, Omni AXs Software, Parshwanath Corporation, Sadbhav Infrastructure Project, Sadhana Nitro Chem, Technichem Organics#, Tecil Chemicals & Hydro Power, Triliance Polymers, and U. H. Zaveri.

Impact Justification

Regular ESM framework update affecting 49 securities across various stages. Moderate impact on affected securities' trading with restrictions. Important for investors and traders in listed securities.