Description

BSE updates the list of securities under Enhanced Surveillance Measure framework, including new additions, stage movements, and consolidated list effective December 09, 2025.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) Framework effective December 09, 2025. The circular identifies three securities being newly shortlisted into ESM, three securities moving to higher ESM stages, and provides a consolidated list of all securities currently under the ESM framework. No securities are moving out of ESM or to lower stages in this update.

Key Points

  • 3 new securities added to Enhanced Surveillance Measure framework: Kanungo Financiers Ltd, Tuni Textile Mills Ltd, and Unipro Technologies Ltd
  • 3 securities moving to higher ESM stages: Arunjyoti Bio Ventures Ltd, Fynx Capital Ltd, and Nutricircle Ltd
  • No securities moving to lower ESM stages or exiting the framework
  • Consolidated list includes 27+ securities across different ESM stages (Stage I and Stage II)
  • Changes effective from December 09, 2025

Regulatory Changes

The ESM framework applies additional surveillance measures to securities that exhibit abnormal price movements or other concerning trading patterns. Securities in ESM face:

  • Trading restrictions including price bands
  • Additional margin requirements
  • Trade-for-trade settlement (no intraday trading)
  • Staged approach with progressively stricter measures at higher stages

Compliance Requirements

  • Trading members must ensure compliance with ESM framework requirements for affected securities
  • Additional margin and settlement obligations apply to ESM securities
  • Investors should be aware of trading restrictions on ESM securities
  • Securities may progress to higher ESM stages or move to other frameworks (SMP, IBC) based on ongoing surveillance

Important Dates

  • Effective Date: December 09, 2025 - All ESM changes take effect

Impact Assessment

Market Impact: Medium - The addition of new securities and stage movements affect trading liquidity and investor access to these specific stocks. Securities in higher ESM stages face more stringent trading restrictions.

Operational Impact: Trading members must update their systems and margin requirements for affected securities. Investors holding or trading these securities will experience reduced liquidity and higher transaction costs.

Investor Protection: The ESM framework serves as a protective measure to curb excessive speculation and ensure orderly trading in securities showing unusual price or volume behavior.

Securities Details

Newly Added to ESM (Stage I)

  1. Kanungo Financiers Ltd (540515, INE453S01015)
  2. Tuni Textile Mills Ltd (531411, INE560D01027)
  3. Unipro Technologies Ltd (540189, INE448F01012)

Moving to Higher ESM Stages

  1. Arunjyoti Bio Ventures Ltd (530881, INE485K01022) - Moving to Stage II
  2. Fynx Capital Ltd (507962, INE455H01013) - Moving to Stage II
  3. Nutricircle Ltd (530219, INE536C01029) - Moving to Stage II

Impact Justification

Affects trading in multiple securities under surveillance framework with stage changes impacting liquidity and trading conditions