Description

BSE announces securities being added to, moved within, and removed from the Enhanced Surveillance Measure framework, with 4 new securities entering ESM Stage I and 2 securities moving to higher ESM stages effective December 04, 2025.

Summary

BSE has issued updates to the Enhanced Surveillance Measure (ESM) framework effective December 04, 2025. Four securities are being newly shortlisted into ESM Stage I: Arigato Universe Ltd, Parmeshwar Metal Ltd (SME), Pro Fin Capital Services Ltd, and TVS Electronics Ltd. Additionally, two securities - IEL Ltd and SPEL Semiconductor Ltd - will move to higher ESM stages while continuing in the framework. No securities are exiting the ESM framework or moving to lower stages in this update.

Key Points

  • 4 securities newly added to Enhanced Surveillance Measure (ESM) Stage I framework
  • 2 securities moving to higher ESM stages while remaining in framework
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework in this cycle
  • Changes effective from December 04, 2025
  • Consolidated list includes 26+ securities across different ESM stages

Securities Added to ESM Stage I

New Entries (Effective Dec 04, 2025):

  1. Arigato Universe Ltd (Scrip Code: 530267, ISIN: INE021N01011)
  2. Parmeshwar Metal Ltd (Scrip Code: 544330, ISIN: INE0QQJ01021) - SME Scrip
  3. Pro Fin Capital Services Ltd (Scrip Code: 511557, ISIN: INE732K01027)
  4. TVS Electronics Ltd (Scrip Code: 532513, ISIN: INE236G01019)

Securities Moving to Higher ESM Stages

Escalations (Effective Dec 04, 2025):

  1. IEL Ltd (Scrip Code: 524614, ISIN: INE056E01024)
  2. SPEL Semiconductor Ltd (Scrip Code: 517166, ISIN: INE252A01019)

Regulatory Framework

The Enhanced Surveillance Measure (ESM) framework is designed to:

  • Alert investors about securities exhibiting abnormal price movements
  • Enhance market surveillance and investor protection
  • Impose stricter trading conditions on identified securities
  • Progress securities through multiple stages (I, II, etc.) based on continued surveillance concerns
  • Apply additional disclosure and monitoring requirements

Trading Implications

Securities under ESM framework are subject to:

  • Enhanced monitoring and disclosure requirements
  • Potential trading restrictions or additional surveillance
  • Higher scrutiny of price and volume movements
  • Possible impact on liquidity and trading participation
  • Progressive escalation to higher stages if concerns persist

Important Dates

  • Circular Date: December 03, 2025
  • Effective Date: December 04, 2025
  • All changes to ESM classifications become applicable from market opening on December 04, 2025

Impact Assessment

Market Impact: Moderate - affects 6 securities with surveillance measure changes

Investor Impact: Investors holding or trading these securities should be aware of enhanced surveillance status, which may affect trading conditions and liquidity. The ESM framework serves as a cautionary measure for abnormal price behavior.

Operational Impact: Trading members and market participants must update their systems and risk management frameworks to reflect the new ESM classifications and stages for affected securities.

Consolidated ESM List Highlights

The annexure includes a consolidated list of all securities currently under ESM framework across different stages, including notable entries such as:

  • AAA Technologies Ltd (Stage I)
  • Aarey Drugs & Pharmaceuticals Ltd (Stage I)
  • Alan Scott Enterprises Ltd (Stage II)
  • Amit Securities Ltd (Stage II)
  • Multiple other securities across Stage I and Stage II classifications

Impact Justification

Impacts trading and surveillance measures for 6 securities with 4 new additions to ESM framework. Moderate impact on affected securities' trading dynamics and investor participation.