Description

BSE updates the list of securities under Enhanced Surveillance Measure (ESM) framework, adding 3 new securities and moving 5 securities to higher ESM stages effective December 17, 2025.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) framework effective December 17, 2025. Three securities are being newly added to ESM Stage I: Amkay Products Ltd (544169), Space Incubatrics Technologies Ltd (541890), and TV Vision Ltd (540083). Additionally, five securities currently under ESM will be moved to higher stages, including Anirit Ventures Ltd, Hiliks Technologies Ltd, Khandelwal Extractions Ltd, Mahaveer Infoway Ltd, and Prozone Realty Ltd. No securities are being moved to lower ESM stages or exiting the framework in this update.

Key Points

  • 3 new securities added to ESM Stage I framework
  • 5 existing ESM securities escalated to higher surveillance stages
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework in this update
  • Consolidated list includes 25+ securities under various ESM stages
  • Includes both mainboard and SME scrips (marked with #)

Regulatory Changes

The Enhanced Surveillance Measure (ESM) framework continues to be applied as a surveillance mechanism for securities exhibiting abnormal price movements or trading patterns. Securities are classified into different stages (Stage I, Stage II, etc.) based on the level of surveillance required. Higher stages typically involve stricter trading restrictions and monitoring.

Compliance Requirements

  • Market participants must be aware of ESM status before trading affected securities
  • Enhanced due diligence required for securities under ESM framework
  • Trading restrictions applicable based on ESM stage assignment
  • Investors should review the complete consolidated list (Annexure III) for all securities currently under ESM

Important Dates

  • Effective Date: December 17, 2025 - All ESM changes become effective

Impact Assessment

Market Impact: Medium - affects trading in 8 securities with stage changes or new additions

Operational Impact:

  • Increased scrutiny on 3 newly added securities (Amkay Products, Space Incubatrics Technologies, TV Vision)
  • Enhanced restrictions on 5 securities moving to higher ESM stages
  • Traders and investors in these securities will face additional surveillance and potential trading limitations
  • Stage escalation for Anirit Ventures, Hiliks Technologies, Khandelwal Extractions, Mahaveer Infoway, and Prozone Realty indicates continued surveillance concerns

Investor Impact: Investors holding or trading these securities should be aware of enhanced monitoring and potential liquidity constraints associated with ESM classification.

Securities Details

Newly Added to ESM Stage I:

  1. Amkay Products Ltd (544169) - SME Scrip
  2. Space Incubatrics Technologies Ltd (541890)
  3. TV Vision Ltd (540083)

Moving to Higher ESM Stages:

  1. Anirit Ventures Ltd (530705) - Moving to Stage II
  2. Hiliks Technologies Ltd (539697) - Moving to Stage II
  3. Khandelwal Extractions Ltd (519064) - Moving to Stage II
  4. Mahaveer Infoway Ltd (539383) - Moving to Stage II
  5. Prozone Realty Ltd (534675) - Moving to Stage II

Impact Justification

Affects specific securities with enhanced surveillance requirements, impacting trading in 8 stocks with 3 new additions and 5 stage escalations