Description

BSE announces addition of 6 securities to ESM framework, movement of 1 security to higher stage ESM, and provides consolidated list of 26+ securities under enhanced surveillance effective December 26, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective December 26, 2025. Six securities are being newly shortlisted under ESM, one security will move to a higher ESM stage, and no securities are exiting the framework. The circular provides a consolidated list of securities currently under various ESM stages.

Key Points

  • 6 securities newly added to Enhanced Surveillance Measure (ESM) framework
  • 1 security (RDB Real Estate Constructions Ltd) moving to higher ESM stage
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework
  • Changes effective from December 26, 2025
  • Consolidated list includes 26+ securities across ESM Stage I and Stage II

Securities Added to ESM Framework

New Entries (6 securities):

  1. CDG Petchem Ltd (Scrip Code: 534796, ISIN: INE198N01017)
  2. Galada Power & Telecommunication Ltd (Scrip Code: 504697, ISIN: INE255C01026)
  3. Lyons Corporate Market Ltd (Scrip Code: 531441, ISIN: INE100F01019)
  4. Mega Nirman and Industries Ltd (Scrip Code: 539767, ISIN: INE216Q01010)
  5. SC Agrotech Ltd (Scrip Code: 526081, ISIN: INE895E01017)
  6. Silver Oak India Ltd (Scrip Code: 531635, ISIN: INE870J01019)

Moving to Higher ESM Stage:

  • RDB Real Estate Constructions Ltd (Scrip Code: 544346, ISIN: INE0AK901016)

Regulatory Changes

The Enhanced Surveillance Measure framework applies additional monitoring and trading restrictions to securities based on risk parameters. Securities in ESM framework typically face:

  • Additional surveillance deposits
  • Trade-for-trade settlement (no intraday trading)
  • Price bands and other trading restrictions
  • Progressive stages (Stage I, II, III, etc.) with increasing restrictions

Compliance Requirements

  • Trading members must ensure awareness of ESM status before executing trades
  • Additional margin/deposit requirements apply for ESM securities
  • Price discovery sessions and special trading conditions as per ESM stage
  • Investors should exercise heightened caution when trading ESM securities

Important Dates

  • Effective Date: December 26, 2025
  • All changes to ESM framework take effect from market opening on this date

Impact Assessment

Market Impact:

  • Limited impact on broader market as affected securities are small-cap/mid-cap stocks
  • Liquidity constraints expected for the 6 newly added securities
  • Trading volumes likely to reduce due to trade-for-trade settlement requirements

Investor Impact:

  • Existing holders of affected securities may face reduced liquidity
  • Higher transaction costs due to additional surveillance deposits
  • Increased risk awareness required for these counters

Operational Impact:

  • Brokers need to update risk management systems
  • Additional margin collection required from clients
  • Enhanced due diligence for orders in ESM securities

Consolidated ESM List (Sample)

The circular provides a consolidated list including securities such as:

  • AAA Technologies Ltd (Stage I)
  • Aadi Industries Ltd (Stage I)
  • Alan Scott Enterprises Ltd (Stage II)
  • Alps Industries Ltd (Stage II)
  • Anirit Ventures Ltd (Stage II)
  • Arunis Abode Ltd (Stage II)

Note: Full consolidated list contains 26+ securities across different ESM stages.

Impact Justification

Affects trading operations for 6 newly added securities and 1 security moving to higher ESM stage, with moderate market impact limited to specific counters under surveillance