Description

BSE updates the Enhanced Surveillance Measure framework with new securities added, stage movements, and consolidated list of securities under ESM effective December 9, 2025.

Summary

BSE has issued updates to its Enhanced Surveillance Measure (ESM) Framework effective December 9, 2025. Three new securities have been added to ESM: Kanungo Financiers Ltd, Tuni Textile Mills Ltd, and Unipro Technologies Ltd. Additionally, three securities (Arunjyoti Bio Ventures Ltd, Fynx Capital Ltd, and Nutricircle Ltd) will be moved to higher ESM stages. No securities are being moved to lower stages or exiting the framework. The circular includes a consolidated list of all securities currently under ESM surveillance.

Key Points

  • 3 new securities added to ESM Framework: Kanungo Financiers Ltd (540515), Tuni Textile Mills Ltd (531411), and Unipro Technologies Ltd (540189)
  • 3 securities moving to higher ESM stages: Arunjyoti Bio Ventures Ltd (530881), Fynx Capital Ltd (507962), and Nutricircle Ltd (530219)
  • No securities moving to lower ESM stages
  • No securities exiting ESM Framework
  • Changes effective from December 9, 2025
  • Consolidated list shows securities categorized by ESM Stage (I, II, etc.)

Regulatory Changes

The Enhanced Surveillance Measure framework continues BSE’s policy of monitoring securities that exhibit abnormal price movements or trading patterns. Securities are placed in different stages based on the severity and persistence of surveillance concerns. Movement to higher stages typically indicates deteriorating trading behavior, while lower stage movement indicates improvement.

Compliance Requirements

  • Trading members must be aware of securities under ESM framework
  • Enhanced margin requirements and trading restrictions apply to ESM securities
  • Investors should exercise caution when trading in ESM securities
  • Different stages of ESM may have varying levels of restrictions and margin requirements

Important Dates

  • Effective Date: December 9, 2025 - All ESM framework changes come into effect

Impact Assessment

Market Impact: Limited to specific securities under surveillance. The three newly added securities and three securities moving to higher stages will face enhanced trading restrictions and margin requirements.

Investor Impact: Investors holding or trading these securities should be aware of potential liquidity constraints and higher transaction costs due to enhanced surveillance measures.

Operational Impact: Brokers and trading members need to update their systems to reflect the new ESM classifications and ensure compliance with applicable margin and trading restrictions for affected securities.

Impact Justification

Affects specific securities with enhanced surveillance measures. Direct impact on trading for listed companies but limited to securities showing unusual trading patterns.