Description

BSE announces securities shortlisted for ESM framework, securities moving between ESM stages, and securities exiting ESM framework effective December 15, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) Framework effective December 15, 2025. The circular identifies securities being newly included in ESM, those moving between different ESM stages, and those exiting the framework. A total of 5 securities are being shortlisted for ESM, 1 security will move to a higher ESM stage, 7 securities will move to lower ESM stages, and 25 securities are moving out of the ESM framework entirely.

Key Points

  • 5 securities newly shortlisted for ESM: Ador Multiproducts Ltd, Alps Industries Ltd, Gravity India Ltd, Rapid Multimodal Logistics Ltd (SME), and Seshachal Technologies Ltd
  • 1 security moving to higher ESM stage: Empower India Ltd
  • 7 securities moving to lower ESM stage: BGIL Films & Technologies Ltd, Esha Media Research Ltd, Explicit Finance Ltd, Maitri Enterprises Ltd, RR Financial Consultants Ltd, Titan Intech Ltd, and Vaxfab Enterprises Ltd
  • 25 securities exiting ESM framework including Aarey Drugs & Pharmaceuticals Ltd, Coffee Day Enterprises Ltd, and others
  • Some exiting securities will continue in Trade for Trade segment
  • Changes effective from December 15, 2025

Securities Entering ESM Framework

Newly Shortlisted (5 securities):

  1. Ador Multiproducts Ltd (523120, INE628D01014)
  2. Alps Industries Ltd (530715, INE093B01015) - As per NSE
  3. Gravity India Ltd (532015, INE995A01013)
  4. Rapid Multimodal Logistics Ltd (544237, INE0QA901010) - SME Scrip
  5. Seshachal Technologies Ltd (531794, INE331F01028)

Securities Moving Between ESM Stages

Moving to Higher ESM Stage (1 security):

  • Empower India Ltd (504351, INE507F01023)

Moving to Lower ESM Stage (7 securities):

  1. BGIL Films & Technologies Ltd (511664, INE443D01018)
  2. Esha Media Research Ltd (531259, INE328F01016)
  3. Explicit Finance Ltd (530571, INE335G01019)
  4. Maitri Enterprises Ltd (513430, INE501L01024)
  5. RR Financial Consultants Ltd (511626, INE229D01011)
  6. Titan Intech Ltd (521005, INE807M01031)
  7. Vaxfab Enterprises Ltd (542803, INE560T01015)

Securities Exiting ESM Framework

25 securities moving out of ESM effective December 15, 2025:

  1. Aarey Drugs & Pharmaceuticals Ltd (524412)
  2. ADC India Communications Ltd (523411)
  3. Anand Rayons Ltd (542721)
  4. Aplab Ltd (517096)
  5. Aplab Ltd - Warrant (890217)
  6. Aris International Ltd (531677) - Will continue in Trade for Trade
  7. Barak Valley Cements Ltd (532916)
  8. BCC Fuba India Ltd (517246)
  9. Coffee Day Enterprises Ltd (539436)
  10. Colab Platforms Ltd (542866)
  11. Focus Business Solution Ltd (543312) - SME Scrip
  12. Iconik Sports And Events Ltd (511260) - Will continue in Trade for Trade
  13. Kemistar Corporation Ltd (531163)
  14. Landmarc Leisure Corporation Ltd (532275)
  15. Mardia Samyoung Capillary Tubes Company Ltd (513544)
  16. Oswal Yarns Ltd (514460)
  17. Qualitek Labs Ltd (544091) - SME Scrip
  18. Regency Fincorp Ltd (540175)
  19. RRP Defense Ltd (530929)
  20. RRP Semiconductor Ltd (504346)
  21. Sangal Papers Ltd (516096)
  22. Shree Rama Multi-Tech Ltd (532310)
  23. Spice Islands Industries Ltd (526827)
  24. Sunraj Diamond Exports Ltd (523425)
  25. VJTF Eduservices Ltd (509026)

Regulatory Changes

The ESM framework is a surveillance measure applied to securities that exhibit abnormal price movements or other concerns. Securities under ESM may face additional margin requirements, price bands, or trading restrictions. Movement between ESM stages reflects changes in surveillance intensity based on the security’s trading behavior.

Compliance Requirements

  • Market participants must note the revised ESM classification for affected securities
  • Enhanced margin requirements and other ESM-specific conditions will apply to securities entering or remaining in ESM framework
  • Trading members should update their systems to reflect the new ESM status of these securities
  • Investors should be aware that securities in ESM may have restricted liquidity and higher margin requirements

Important Dates

  • Effective Date: December 15, 2025 - All ESM framework changes become effective

Impact Assessment

Market Impact:

  • Securities entering ESM will face enhanced surveillance with potential trading restrictions and higher margins, which may reduce liquidity
  • Securities moving to higher ESM stages will face stricter surveillance measures
  • Securities moving to lower ESM stages will see some relaxation in surveillance intensity
  • Securities exiting ESM will have improved trading flexibility, though some will continue in Trade for Trade segment

Investor Impact:

  • Investors holding securities entering ESM should expect reduced liquidity and higher margin requirements
  • Exit from ESM for 25 securities may improve trading conditions and investor confidence
  • Two securities (Aris International Ltd and Iconik Sports And Events Ltd) exiting ESM will continue in Trade for Trade as per circular dated November 27, 2025

Impact Justification

Affects trading conditions for 37 securities across multiple categories - 5 entering ESM, 1 moving to higher stage, 7 moving to lower stage, and 25 exiting ESM framework. Impacts liquidity and trading accessibility for these stocks.