Description

BSE announces changes to Enhanced Surveillance Measure framework including one new security added, 21 securities moving to lower ESM stages, and 25 securities exiting ESM framework effective December 8, 2025.

Summary

BSE has announced updates to the Enhanced Surveillance Measure (ESM) Framework effective December 8, 2025. The circular identifies securities being added to, moved within, and removed from the ESM framework. One security (Bharatrohan Airborne Innovations Ltd) is newly shortlisted for ESM. Twenty-one securities will move to lower ESM stages, indicating reduced surveillance requirements. Twenty-five securities will exit the ESM framework entirely.

Key Points

  • 1 security newly added to ESM framework: Bharatrohan Airborne Innovations Ltd (Scrip Code: 544535, ISIN: INE0QMV01017)
  • 21 securities moving to lower ESM stages, including Amit Securities, Avishkar Infra Realty, Prozone Realty, and others
  • 25 securities exiting ESM framework completely, including Mirc Electronics, Lotus Eye Hospital, and Excel Realty N Infra
  • No securities moving to higher ESM stages
  • Changes effective from December 8, 2025
  • SME scrips marked with # symbol
  • Some classifications based on NSE framework (marked with *)

Regulatory Changes

The ESM framework is a preventive measure to alert investors about securities exhibiting abnormal price movements or other concerns. Securities are classified into different ESM stages based on risk parameters. Movement to lower stages indicates improved compliance or reduced risk, while addition to ESM indicates heightened surveillance requirements.

Securities Moving to Lower ESM Stages (21 total):

  • Amit Securities Ltd, Avishkar Infra Realty Ltd, Citizen Infoline Ltd, Cubical Financial Services Ltd, Dugar Housing Developments Ltd, EMA India Ltd, Hamps Bio Ltd, Jainco Projects India Ltd, Kalpa Commercial Ltd, Kkalpana Plastick Ltd, Natura Hue Chem Ltd, Nidhi Granites Ltd, Omansh Enterprises Ltd, Oswal Overseas Ltd, Prozone Realty Ltd, PVP Ventures Ltd, Sea TV Network Ltd, Shree Pacetronix Ltd, SRM Energy Ltd, Tradewell Holdings Ltd, Triton Corp Ltd

Securities Exiting ESM Framework (25 total):

  • Anka India Ltd, Aryaman Financial Services Ltd, Elango Industries Ltd, Excel Realty N Infra Ltd, Gorani Industries Ltd, Gujarat Apollo Industries Ltd, Hari Govind International Ltd, Inter Globe Finance Ltd, Kashyap Tele-Medicines Ltd, Kaushalya Infrastructure Development Corporation Ltd, Lotus Eye Hospital And Institute Ltd, Mirc Electronics Ltd, N2N Technologies Ltd, Northlink Fiscal and Capital Services Ltd, Pecos Hotels and Pubs Ltd, Power and Instrumentation (Gujarat) Ltd, Premier Energy and Infrastructure Ltd, Prospect Consumer Products Ltd, Sahara Maritime Ltd, Shankar Lal Rampal Dye-Chem Ltd, Shashwat Furnishing Solutions Ltd, Shukra Pharmaceuticals Ltd, Sunrise Efficient Marketing Ltd, Universal Office Automation Ltd, and one additional security (entry 25 truncated in source data)

Compliance Requirements

  • Market participants should note the ESM status changes for the affected securities
  • Investors trading in ESM securities should be aware of additional surveillance measures, including potential additional margin requirements and trade-for-trade settlement
  • Securities moving to lower ESM stages may have reduced trading restrictions
  • Securities exiting ESM framework will return to normal trading conditions

Important Dates

  • Effective Date: December 8, 2025
  • Circular Date: December 5, 2025

Impact Assessment

Positive Impact: Twenty-five securities exiting ESM framework will benefit from removal of enhanced surveillance restrictions, potentially improving liquidity and reducing trading costs. Twenty-one securities moving to lower ESM stages will experience reduced surveillance measures.

Negative Impact: Bharatrohan Airborne Innovations Ltd will face enhanced surveillance measures including potential additional margins and trade-for-trade settlement, which may reduce liquidity and increase trading costs.

Market Impact: Overall positive as 46 securities see reduced or eliminated surveillance measures while only 1 security is newly added to ESM. This suggests improving market quality for previously flagged securities.

Impact Justification

Affects 47 securities with varying levels of surveillance measures - 1 new addition, 21 moving to lower stages (reduced surveillance), and 25 exiting framework completely. Medium impact as it involves routine surveillance adjustments rather than market-wide policy changes.