Description

BSE updates the list of securities under Enhanced Surveillance Measure framework with additions, stage changes, and consolidated list effective December 16, 2025.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) Framework effective December 16, 2025. Four new securities are being added to ESM, one security is moving to a higher ESM stage, and no securities are exiting the framework. The circular includes a consolidated list of 28+ securities currently under ESM across different stages.

Key Points

  • 4 new securities shortlisted for ESM Framework: Brijlaxmi Leasing & Finance Ltd (532113), Ishaan Infrastructures and Shelters Ltd (540134), Rapicut Carbides Ltd (500360), and Shentracon Chemicals Ltd (530757)
  • Transchem Ltd (500422) will move to a higher ESM stage
  • No securities are moving to lower ESM stages
  • No securities are exiting the ESM Framework
  • Consolidated list includes securities at ESM Stage I and Stage II
  • Changes effective from December 16, 2025

Regulatory Changes

The ESM Framework continues to apply progressive surveillance measures on securities that exhibit abnormal price movements or high volatility. Securities in ESM are subject to:

  • Trade-for-trade settlement (no intraday trading)
  • 100% margin requirements
  • Additional disclosure obligations
  • Progressive stage-wise restrictions

Securities marked with special indicators:

  • (*) As per NSE coordination
  • (#) SME Scrip
  • ($) Moving to SMP Framework
  • (@) Moving to IBC Framework
  • (^) As per Parent Company
  • (~) Will continue in Trade for Trade as per circular dated November 27, 2025

Compliance Requirements

  • Trading members must ensure 100% upfront margin collection for ESM securities
  • All trades in ESM securities will be settled on a trade-for-trade basis with compulsory delivery
  • No intraday trading or carry forward positions allowed
  • Enhanced reporting and monitoring requirements for brokers
  • Investors should be made aware of the ESM status before trading

Important Dates

  • Effective Date: December 16, 2025 - All ESM changes become applicable
  • Circular Date: December 15, 2025

Impact Assessment

Market Impact: Medium - The addition of 4 securities to ESM and upward stage movement of 1 security will reduce liquidity and trading flexibility in these counters. Trade-for-trade settlement requirements discourage speculative activity.

Operational Impact: Trading members must update their risk management systems to apply appropriate margin and settlement controls for newly added ESM securities. Price discovery may be affected due to reduced participation.

Investor Impact: Investors holding or trading these securities face increased transaction costs, mandatory delivery obligations, and reduced liquidity. The ESM framework serves as a cautionary signal about abnormal price movements or volatility in these securities.

Annexure Details

Annexure I - Part A: New ESM additions and stage changes Annexure II - Part A: Securities exiting ESM (NIL in this update) Annexure III: Consolidated list showing 28+ securities under ESM Stage I and Stage II, including AAA Technologies Ltd, ABM Knowledgeware Ltd, Abram Food Ltd, Adcon Capital Services Ltd, and others.

Impact Justification

Affects trading conditions for specific securities under enhanced surveillance, requiring trade-for-trade settlement and impacting liquidity for listed companies