Description

BSE announces addition of 7 securities to ESM framework, stage changes for 3 existing securities, and provides consolidated list of all securities under ESM as of December 3, 2025.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective December 3, 2025. Seven securities are being newly added to the ESM framework, three securities will be moved to higher ESM stages, and no securities are being moved to lower stages or removed from the framework. The circular includes a consolidated list of all securities currently under ESM surveillance.

Key Points

  • 7 securities newly added to ESM Framework (Stage I)
  • 3 securities moved to higher ESM stages
  • No securities moved to lower ESM stages
  • No securities removed from ESM Framework
  • Consolidated list includes 22+ securities across different ESM stages
  • Changes effective from December 3, 2025

Securities Added to ESM Framework

New Additions (Effective Dec 3, 2025):

  1. Bandaram Pharma Packtech Ltd (524602, INE875N01036)
  2. Coastal Corporation Ltd* (501831, INE377E01024)
  3. M P K Steels (I) Ltd# (544553, INE1PJP01015)
  4. Ramgopal Polytex Ltd (514223, INE410D01017)
  5. Rita Finance and Leasing Ltd (543256, INE018S01016)
  6. Trejhara Solutions Ltd* (538579, INE641Q01019)
  7. Zinema Media And Entertainment Ltd# (542233, INE00CA01015)

*As per NSE alignment #SME Scrip

Stage Changes

Securities Moving to Higher ESM Stage:

  1. Milestone Furniture Ltd# (541337, INE424Z01011)
  2. Permanent Magnets Ltd (504132, INE418E01018)
  3. Shikhar Consultants Ltd (526883, INE641B01011)

Securities Moving to Lower ESM Stage: NIL

Securities Exiting ESM Framework: NIL

Regulatory Changes

The ESM framework applies additional surveillance measures to securities exhibiting abnormal price movements or unusual trading patterns. Securities under ESM are subject to:

  • Trade-for-Trade (T2T) settlement
  • 100% upfront margin requirements
  • Restrictions on derivatives trading
  • Enhanced monitoring and disclosure requirements

The stage of ESM determines the intensity of surveillance measures applied.

Compliance Requirements

  • Trading members must ensure 100% upfront margin collection for ESM securities
  • All trades in ESM securities will be settled on a Trade-for-Trade basis
  • No intraday trading or netting of positions allowed
  • Clients must have adequate funds/securities before order placement
  • Enhanced due diligence required for transactions in ESM securities

Important Dates

  • Circular Date: December 2, 2025
  • Effective Date: December 3, 2025

Impact Assessment

The addition of 7 securities to ESM and upward stage movement of 3 securities will impact:

  • Liquidity: Reduced trading activity due to T2T settlement and margin requirements
  • Investor Participation: Retail and institutional investors may reduce exposure
  • Price Discovery: Trading restrictions may affect price formation
  • Market Integrity: Enhanced surveillance aims to curb excessive speculation and protect investors
  • Trading Members: Need to update systems and ensure compliance with ESM requirements

Impact Justification

Affects trading conditions for 10 securities with 7 new additions to ESM and 3 stage changes, impacting liquidity and investor participation