Description

BSE announces changes to Enhanced Surveillance Measure framework including securities entering, exiting, and moving between ESM stages effective December 22, 2025.

Summary

BSE has announced comprehensive updates to its Enhanced Surveillance Measure (ESM) Framework effective December 22, 2025. The circular details three categories of changes: 7 securities entering ESM for the first time, 19 securities exiting ESM framework, 1 security moving to higher ESM stage, and 16 securities moving to lower ESM stages. The ESM framework is designed to alert investors about securities with abnormal price movements or other concerns requiring enhanced surveillance.

Key Points

  • 7 new securities shortlisted for ESM framework effective December 22, 2025
  • 19 securities being removed from ESM framework
  • 1 security (Chambal Breweries & Distilleries Ltd) moving to higher ESM stage
  • 16 securities moving to lower ESM stages, indicating improved compliance
  • Changes apply to both mainboard and SME segment securities
  • Framework aims to protect investor interests through enhanced monitoring

Securities Entering ESM Framework

New ESM Inclusions (7 securities):

  1. Maan Aluminium Ltd (532906)
  2. Mahamaya Lifesciences Ltd (544611) - SME
  3. Pankaj Polymers Ltd (531280)
  4. Pioneer Investcorp Ltd (507864)
  5. Ranjit Securities Ltd (531572)
  6. Scintilla Commercial & Credit Ltd (538857)
  7. Yug Decor Ltd (540550) - SME

Securities Exiting ESM Framework

ESM Exits (19 securities):

  1. Arfin India Ltd (539151)
  2. Avishkar Infra Realty Ltd (508929)
  3. Cyber Media India Ltd (532640 and 890223)
  4. Digispice Technologies Ltd (517214)
  5. Fredun Pharmaceuticals Ltd (539730)
  6. Global Capital Markets Ltd (530263)
  7. Hamps Bio Ltd (544312) - SME
  8. JITF Infralogistics Ltd (540311)
  9. Kkalpana Plastick Ltd (523652)
  10. Lakhotia Polyesters (India) Ltd (535387)
  11. Longspur International Ventures Ltd (504340)
  12. Newtime Infrastructure Ltd (531959)
  13. Parmeshwari Silk Mills Ltd (540467)
  14. Prime Fresh Ltd (540404)
  15. Raunaq International Ltd (537840)
  16. Ravinder Heights Ltd (543251)
  17. Sattrix Information Security Ltd (544189) - SME
  18. Sea TV Network Ltd (533268)

Stage Changes Within ESM

Moving to Higher ESM Stage:

  • Chambal Breweries & Distilleries Ltd (512301)

Moving to Lower ESM Stage (16 securities):

  1. Bafna Pharmaceuticals Ltd (532989)
  2. Bisil Plast Ltd (531671)
  3. Bizotic Commercial Ltd (543926) - SME
  4. Chandni Machines Ltd (542627)
  5. Chandrima Mercantiles Ltd (540829)
  6. Corporate Merchant Bankers Ltd (540199)
  7. Covance Softsol Ltd (544361)
  8. Ekennis Software Service Ltd (543475) - SME
  9. Hypersoft Technologies Ltd (539724)
  10. Indian Link Chain Manufacturers Ltd (504746)
  11. Kavveri Defence & Wireless Technologies Ltd (590041)
  12. Kuberan Global Edu Solutions Ltd (543289) - SME
  13. Mahamaya Steel Industries Ltd (513554)
  14. Norben Tea & Exports Ltd (519528)
  15. Raj Packaging Industries Ltd (530111)
  16. Soma Textiles & Industries Ltd (521034)

Important Dates

  • Effective Date: December 22, 2025
  • Circular Date: December 19, 2025

Impact Assessment

Market Impact:

  • Securities entering ESM will face additional surveillance measures including price bands, trade-for-trade settlement, or other restrictions
  • Enhanced disclosure requirements may apply to securities under ESM
  • Increased investor awareness about potential risks in affected securities
  • Exit from ESM indicates improved market behavior and compliance for 19 securities
  • Movement to lower ESM stages suggests improving conditions for 16 securities

Investor Impact:

  • Investors in newly included ESM securities should exercise increased caution
  • Trading restrictions may reduce liquidity in ESM securities
  • Enhanced surveillance aims to protect retail investors from excessive volatility
  • Securities exiting ESM may see improved trading conditions and investor confidence

Compliance Impact:

  • Listed companies must comply with enhanced reporting requirements if under ESM
  • Periodic reviews determine stage progression or exit from ESM framework
  • Framework encourages better corporate governance and market discipline

Impact Justification

Affects trading conditions for 43 securities through ESM framework changes, impacting investor participation and liquidity for these stocks