Description

BSE updates the list of securities under Enhanced Surveillance Measure framework with new additions, stage movements, and consolidated listing effective December 05, 2025.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) framework effective December 05, 2025. Four new securities have been shortlisted for inclusion in the ESM framework, while four existing securities will move to higher ESM stages. No securities are moving to lower stages or exiting the framework. The circular includes a consolidated list of all securities currently under ESM with their respective stage classifications.

Key Points

  • Four securities newly shortlisted for ESM framework: GV Films Ltd, Jet Freight Logistics Ltd, Olatech Solutions Ltd, and PFL Infotech Ltd
  • Four securities moving to higher ESM stages: Ambitious Plastomac Company Ltd, Crimson Metal Engineering Company Ltd, Cura Technologies Ltd, and Zelio E Mobility Ltd
  • No securities are moving to lower ESM stages or exiting the framework
  • Changes effective from December 05, 2025
  • Consolidated list includes 24+ securities across different ESM stages (Stage I and Stage II)
  • ESM framework applies to securities showing unusual price movements or volatility patterns

Regulatory Changes

The ESM framework imposes additional surveillance measures on securities that exhibit abnormal trading patterns. Securities under ESM are subject to:

  • Trade for Trade (T2T) settlement with no intraday squaring off
  • Price bands/circuit filters as applicable
  • 100% upfront margin requirements
  • Additional disclosure requirements from companies
  • Progressive staging system where non-compliance leads to movement to higher stages with stricter measures

Compliance Requirements

  • Trading members must ensure 100% upfront margins for all ESM securities
  • All trades in ESM securities will be settled on a Trade for Trade basis only
  • No intraday trading or squaring off positions allowed
  • Clients must provide full payment/securities before trading
  • Listed companies under ESM must provide enhanced disclosures as required by the exchange
  • Trading members should update their systems to reflect the new ESM classifications

Important Dates

  • Effective Date: December 05, 2025 - New ESM classifications and stage movements become applicable
  • Circular Date: December 04, 2025

Impact Assessment

Market Impact: Medium - The inclusion of new securities and movement of existing securities to higher ESM stages will significantly reduce liquidity in these counters due to T2T settlement requirements. Investors will need to take delivery of shares, eliminating speculative intraday trading.

Investor Impact: Investors holding or trading in the affected securities will face:

  • Reduced liquidity and wider bid-ask spreads
  • Requirement for full upfront capital/securities
  • Inability to conduct intraday trading
  • Potential difficulty in exiting positions quickly

Operational Impact: Trading members must update risk management systems, margin collection mechanisms, and client communication systems to reflect the new ESM status of these securities. Enhanced monitoring and compliance procedures will be required for all transactions in ESM securities.

Impact Justification

Affects trading of specific securities with enhanced surveillance requirements including Trade for Trade settlement and circuit filters, impacting liquidity and trading strategies for listed companies