Description

BSE circular detailing securities entering, exiting, and moving between stages of the Enhanced Surveillance Measure (ESM) framework effective December 23, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective December 23, 2025. Nine securities are being newly shortlisted into ESM, four securities will move to higher ESM stages, and no securities are exiting the framework or moving to lower stages. The circular also provides a consolidated list of securities currently under ESM with their respective stages.

Key Points

  • 9 new securities entering Enhanced Surveillance Measure (ESM) framework
  • 4 securities moving to higher ESM stages (indicating continued surveillance concerns)
  • No securities moving to lower ESM stages or exiting the framework
  • Changes effective from December 23, 2025
  • Consolidated list includes 20+ securities under ESM Stage I and II
  • Includes both mainboard and SME scrips (marked with #)

Regulatory Changes

New Securities Entering ESM:

  1. Colorchips New Media Ltd (540023)
  2. Jattashankar Industries Ltd (514318)
  3. Parshva Enterprises Ltd (542694)
  4. Rachit Prints Ltd (544503) - SME
  5. RGF Capital Markets Ltd (539669)
  6. Sonal Mercantile Ltd (538943)
  7. TCI Finance Ltd (501242)
  8. Tejassvi Aaharam Ltd (531628)
  9. Tirupati Foam Ltd (540904)

Securities Moving to Higher ESM Stages:

  1. Gujarat Investa Ltd (531341)
  2. Hemo Organic Ltd (524590)
  3. Shree Krishna Paper Mills & Industries Ltd (500388)
  4. Unipro Technologies Ltd (540189)

Compliance Requirements

  • Securities under ESM framework are subject to additional surveillance measures including price bands, margin requirements, and trading restrictions
  • Investors should exercise enhanced due diligence when trading in ESM securities
  • Trading members must ensure compliance with ESM framework requirements
  • Securities may be subject to trade-for-trade settlement mechanism
  • Higher ESM stages typically involve stricter surveillance and trading conditions

Important Dates

  • Effective Date: December 23, 2025
  • Circular Date: December 22, 2025

Impact Assessment

Market Impact: Medium - The inclusion of 9 new securities and upgrade of 4 securities to higher ESM stages indicates BSE’s continued focus on market integrity and investor protection. Securities under ESM typically experience reduced liquidity due to additional restrictions.

Investor Impact: Investors holding or trading these securities will face additional surveillance measures, potentially including stricter margin requirements, price bands, and reduced market liquidity. Higher ESM stages may result in more stringent restrictions.

Operational Impact: Trading members must update their systems to reflect the new ESM classifications and ensure appropriate risk management measures are applied to these securities. The absence of securities moving to lower stages or exiting suggests persistent surveillance concerns across the listed securities.

Impact Justification

Affects trading conditions for multiple securities under enhanced surveillance, requiring investor awareness but limited to specific securities already under monitoring