Description

BSE updates Enhanced Surveillance Measure framework with new securities added to ESM, securities moving to higher stages, and consolidated list of all securities under surveillance.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective December 02, 2025. The circular identifies securities being newly added to ESM, securities moving to higher ESM stages, and provides a consolidated list of all securities currently under the ESM framework. No securities are being moved to lower stages or exiting the ESM framework in this update.

Key Points

  • 2 securities newly shortlisted for ESM framework: Gilada Finance & Investments Ltd and South West Pinnacle Exploration Ltd
  • 5 securities moving to higher ESM stages: Bansisons Tea Industries Ltd, Gujarat Raffia Industries Ltd, Sarup Industries Ltd, Sizemasters Technology Ltd, and Typhoon Financial Services Ltd
  • No securities moving to lower ESM stages
  • No securities exiting the ESM framework
  • Consolidated list includes 24+ securities across various ESM stages (Stage I and Stage II)
  • Changes effective from December 02, 2025

Regulatory Changes

The Enhanced Surveillance Measure framework is being updated to include additional securities based on surveillance criteria. Securities marked with asterisk (*) are as per NSE classification. Securities marked with hash (#) are SME scrips. The framework uses staged approach with securities progressing through different stages based on continued surveillance triggers.

Compliance Requirements

  • Trading members must note the updated ESM status of affected securities
  • Enhanced surveillance applies to the listed securities with potential additional compliance obligations
  • Market participants should review positions in affected securities
  • Securities in ESM framework may face additional trading restrictions or margin requirements

Important Dates

  • Effective Date: December 02, 2025 - ESM framework changes become applicable

Impact Assessment

The addition of new securities and movement of existing securities to higher ESM stages indicates increased regulatory scrutiny due to price volatility, volume variations, or other market integrity concerns. Investors and traders in these securities should expect:

  • Potential additional margin requirements
  • Closer monitoring of trading activity
  • Possible trading restrictions depending on ESM stage
  • Enhanced disclosure obligations for companies

The ESM framework is designed to alert investors about securities exhibiting abnormal price movements and protect market integrity. Securities may progress through stages or exit based on compliance with surveillance parameters.

Impact Justification

Affects trading conditions for specific securities under enhanced surveillance, with 2 new additions and 5 securities moving to higher ESM stages, indicating increased regulatory scrutiny