Description

BSE announces movement of securities in and out of Enhanced Surveillance Measure (ESM) framework, including 1 new addition, 21 securities moving to lower stages, and 25 securities exiting ESM.

Summary

BSE has announced changes to the Enhanced Surveillance Measure (ESM) framework effective December 8, 2025. The circular details securities being newly added to ESM, those moving between ESM stages, and securities exiting the framework. One security (Bharatrohan Airborne Innovations Ltd) is being newly shortlisted for ESM, 21 securities are moving to lower ESM stages, and 25 securities are exiting the ESM framework entirely. No securities are moving to higher ESM stages.

Key Points

  • 1 security newly added to ESM: Bharatrohan Airborne Innovations Ltd (Scrip Code: 544535)
  • 21 securities moving to lower (less restrictive) ESM stages
  • 25 securities completely exiting ESM framework
  • No securities moving to higher (more restrictive) ESM stages
  • Changes effective from December 8, 2025
  • ESM framework is a risk management tool to protect investor interests

Regulatory Changes

The Enhanced Surveillance Measure framework continues to operate as a tiered surveillance mechanism. Securities under ESM face additional monitoring and trading restrictions based on their stage. Movement to lower stages indicates improved compliance or reduced risk factors, while exit from ESM indicates normalization of trading patterns.

Compliance Requirements

  • Market participants trading in affected securities must be aware of ESM stage applicability
  • Securities in ESM may have specific margin requirements and price bands
  • Investors should review trading conditions for ESM securities before transacting
  • Brokers must ensure clients are informed about ESM status of securities

Important Dates

  • December 8, 2025: Effective date for all ESM framework changes announced in this circular

Impact Assessment

Positive Impact:

  • 25 securities exiting ESM will experience improved liquidity and reduced trading restrictions
  • 21 securities moving to lower ESM stages will face relaxed surveillance measures
  • Overall positive sentiment for 46 out of 47 affected securities

Negative Impact:

  • Bharatrohan Airborne Innovations Ltd entering ESM will face trading restrictions and increased margin requirements
  • Investors holding the newly ESM-listed security may experience reduced liquidity

Market Implications:

  • Enhanced investor confidence in securities exiting or moving down ESM stages
  • Improved price discovery and trading volumes expected for securities with reduced restrictions
  • Single new ESM addition indicates targeted surveillance approach

Detailed Lists

Securities Newly Added to ESM (Effective Dec 8, 2025)

  1. Bharatrohan Airborne Innovations Ltd (544535, INE0QMV01017) - SME Scrip

Securities Moving to Lower ESM Stages (21 securities)

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

Securities Exiting ESM Framework (25 securities)

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

Impact Justification

Affects 47 securities with changes to surveillance measures. Important for investors holding these stocks as ESM framework impacts trading conditions, liquidity, and pricing mechanisms.