Description

BSE announces changes to the Enhanced Surveillance Measure (ESM) framework effective December 19, 2025, including addition of new securities and stage movements for existing securities under surveillance.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective December 19, 2025. Three new securities have been added to the ESM framework, while two existing securities will move to higher ESM stages. No securities are moving to lower stages or exiting the framework. The circular includes a consolidated list of securities currently under ESM surveillance across different stages.

Key Points

  • 3 new securities added to ESM framework: Aadi Industries Ltd, Agri-Tech (India) Ltd, and Shish Industries Ltd
  • 2 securities moving to higher ESM stages: S.A.L. Steel Ltd and TVS Electronics Ltd
  • No securities moving to lower ESM stages
  • No securities exiting the ESM framework
  • Changes effective from December 19, 2025
  • Consolidated list shows 28+ securities under various ESM stages

Regulatory Changes

The ESM framework continues to apply enhanced surveillance measures to securities that exhibit abnormal price movements or other concerning trading patterns. Securities under ESM are subject to additional monitoring, trade-for-trade settlement, and other restrictions depending on their ESM stage (Stage I being the initial level, with progressively stringent measures at higher stages).

Compliance Requirements

  • Trading members and investors must be aware of ESM status of securities
  • Securities under ESM are subject to trade-for-trade settlement (no intraday trading)
  • Additional margin requirements and price bands may apply
  • Market participants should exercise caution when trading ESM securities

Important Dates

  • Effective Date: December 19, 2025 - ESM framework changes become applicable

Impact Assessment

Market Impact: The addition of securities to ESM and movement to higher stages indicates BSE’s continued monitoring of securities with unusual trading patterns. This affects liquidity as trade-for-trade settlement reduces speculative activity.

Investor Impact: Investors holding or trading these securities will face:

  • Reduced liquidity due to trade-for-trade settlement
  • Potential price volatility restrictions
  • Higher margin requirements
  • Limited intraday trading opportunities

Operational Impact: The framework helps maintain market integrity by curbing excessive speculation in securities showing abnormal price movements, protecting retail investors from potential manipulation.

Detailed Security Lists

New Securities in ESM (Stage I)

  1. Aadi Industries Ltd (530027, INE563D01013)
  2. Agri-Tech (India) Ltd (537292, INE449G01018)
  3. Shish Industries Ltd (540693, INE145Y01023)

Moving to Higher ESM Stages

  1. S.A.L. Steel Ltd (532604, INE658G01014)
  2. TVS Electronics Ltd (532513, INE236G01019)

Note

  • Securities marked with (*) indicate alignment with NSE classification
  • Securities marked with (#) are SME scrips
  • No securities are moving out of the ESM framework or to lower stages in this update

Impact Justification

Affects trading parameters for specific securities under enhanced surveillance; impacts liquidity and trading conditions for listed companies