Description

BSE updates the Enhanced Surveillance Measure framework with new securities added to ESM, movement between stages, and consolidated list of all securities under surveillance effective December 24, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) Framework effective December 24, 2025. Three new securities have been shortlisted for ESM, four securities are moving to higher ESM stages, and no securities are moving to lower stages or exiting the framework. The circular provides a consolidated list of 26 securities currently under various ESM stages.

Key Points

  • 3 new securities added to ESM Framework: Cian Healthcare Ltd, Octaware Technologies Ltd, and Prashant India Ltd
  • 4 securities moving to higher ESM stages: Alps Industries Ltd, Seshachal Technologies Ltd, SSPN Finance Ltd, and Triton Corp Ltd
  • No securities moving to lower ESM stages or exiting the framework
  • Consolidated list includes 26 securities across ESM Stage I and Stage II
  • Multiple SME scrips included in the surveillance framework
  • Changes effective from December 24, 2025

Regulatory Changes

The Enhanced Surveillance Measure framework continues to monitor securities based on predefined criteria. Securities may move between stages (I and II) based on their compliance and market behavior. The framework applies additional surveillance on securities that meet specific criteria related to price movements, volatility, or other regulatory concerns.

Compliance Requirements

  • Trading members must note the ESM classification of securities for client advisory and risk management
  • Investors should be aware of enhanced surveillance status when trading these securities
  • Securities under ESM may have additional margin requirements or trading restrictions
  • Market participants must comply with any specific conditions applicable to ESM securities

Important Dates

  • Effective Date: December 24, 2025 - All ESM framework changes take effect

Impact Assessment

Market Impact: Medium - Affects 7 securities with new additions or stage changes, potentially impacting their liquidity and trading volumes. The ESM framework typically results in increased margin requirements and closer regulatory scrutiny.

Operational Impact: Trading members need to update their systems and inform clients about the ESM status of these securities. Enhanced due diligence required for transactions in these stocks.

Investor Impact: Investors holding or trading these securities may face higher margins, reduced liquidity, and should exercise additional caution. The surveillance measure serves as a risk indicator for market participants.

Securities Newly Added to ESM

  1. Cian Healthcare Ltd (542678, INE05BN01019) - SME Scrip
  2. Octaware Technologies Ltd (540416, INE208U01019) - SME Scrip
  3. Prashant India Ltd (519014, INE100E01012)

Securities Moving to Higher ESM Stages

  1. Alps Industries Ltd (530715, INE093B01015) - Moving to Stage II
  2. Seshachal Technologies Ltd (531794, INE331F01028) - Moving to Stage II
  3. SSPN Finance Ltd (539026, INE820R01017) - Moving to higher stage
  4. Triton Corp Ltd (523387, INE982C01033) - Moving to higher stage

Impact Justification

Affects multiple securities with enhanced surveillance measures including stage movements; impacts trading and investor behavior for listed companies