Description
BSE updates the Enhanced Surveillance Measure framework with new securities additions, stage movements, and consolidated list of securities under ESM effective December 10, 2025.
Summary
BSE has issued updates to the Enhanced Surveillance Measure (ESM) Framework effective December 10, 2025. The circular includes the addition of 2 new securities to the ESM framework, movement of 3 securities to higher ESM stages, and a consolidated list of all securities currently under ESM. No securities are moving out of the ESM framework or being downgraded to lower stages in this update.
Key Points
- 2 securities newly shortlisted for ESM framework: Kiran Syntex Ltd and Eurotex Industries and Exports Ltd
- 3 securities moving to higher ESM stages: Phaarmasia Ltd, Prima Industries Ltd, and Systematix Securities Ltd
- No securities moving to lower ESM stages or exiting the framework
- Consolidated list includes 28+ securities across various ESM stages
- Changes effective from December 10, 2025
New Securities Added to ESM Framework
Annexure I - Part A: New Additions
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 530443 | INE293D01017 | Kiran Syntex Ltd |
| 2 | 521014 | INE022C01012 | Eurotex Industries and Exports Ltd* |
*As per NSE
Securities Moving to Higher ESM Stages
| Sr No | Scrip Code | ISIN | Scrip Name |
|---|---|---|---|
| 1 | 523620 | INE486I01016 | Phaarmasia Ltd |
| 2 | 531246 | INE723N01012 | Prima Industries Ltd |
| 3 | 531432 | INE07P301011 | Systematix Securities Ltd |
Securities Moving to Lower ESM Stages
Nil - No securities are being downgraded to lower ESM stages in this update.
Securities Exiting ESM Framework
Annexure II - Part A
Nil - No securities are moving out of the Enhanced Surveillance Measure Framework.
Note: Securities marked ($) would move out due to inclusion in SMP Framework, (@) due to inclusion in IBC Framework, and (~) would continue in Trade for Trade as per circular dated November 27, 2025.
Consolidated Securities List (Annexure III - Partial)
The consolidated list includes multiple securities across ESM Stage I and Stage II, including:
Stage I Securities (Sample):
- AAA Technologies Ltd
- Aarey Drugs & Pharmaceuticals Ltd
- ABM Knowledgeware Ltd
- Abram Food Ltd (SME)
- ADC India Communications Ltd
- Adcon Capital Services Ltd
- Adinath Textiles Ltd
Stage II Securities (Sample):
- Alan Scott Enterprises Ltd
- Ambitious Plastomac Company Ltd
- Arunis Abode Ltd
- Arunjyoti Bio Ventures Ltd
Important Dates
- Effective Date: December 10, 2025 - All changes to ESM framework take effect
- Circular Date: December 9, 2025
Impact Assessment
Trading Impact
- Securities added to ESM framework will face enhanced surveillance with potential trading restrictions
- Securities moving to higher ESM stages will face stricter surveillance measures
- Investors in affected securities should expect reduced liquidity and additional monitoring
Market Participants
- Traders and investors holding positions in the 5 affected securities should review their exposure
- Enhanced surveillance may include measures like trade-for-trade settlement, price bands, or additional margin requirements
- Continued presence in ESM framework indicates ongoing concerns about price volatility or other risk factors
Compliance Requirements
- Market participants must comply with applicable ESM restrictions for listed securities
- Brokers should ensure proper risk management for clients trading in ESM securities
- Enhanced disclosure and monitoring requirements apply to all ESM securities
Impact Justification
Affects trading conditions for specific securities under enhanced surveillance, with 2 new additions and 3 securities moving to higher ESM stages, impacting liquidity and trading flexibility