Description

BSE updates the list of securities under Enhanced Surveillance Measure (ESM) framework, with additions, stage changes, and consolidated list effective December 30, 2025.

Summary

BSE has issued an update to the Enhanced Surveillance Measure (ESM) framework effective December 30, 2025. The circular identifies securities being newly included in ESM, those moving to higher ESM stages, and provides a consolidated list of all securities under the framework. Five new securities have been shortlisted for ESM, three securities will move to higher stages, and no securities are moving to lower stages or exiting the framework.

Key Points

  • 5 new securities added to Enhanced Surveillance Measure (ESM) framework
  • 3 securities moving to higher ESM stages due to continued surveillance concerns
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework in this update
  • Changes effective from December 30, 2025
  • Consolidated list includes 26+ securities across various ESM stages
  • Securities include both main board and SME scrips

Securities Added to ESM (New Inclusions)

  1. Avance Technologies Ltd (Scrip Code: 512149, ISIN: INE758A01072)
  2. Beryl Securities Ltd (Scrip Code: 531582, ISIN: INE508J01015)
  3. Deccan Bearings Ltd (Scrip Code: 505703, ISIN: INE498D01012)
  4. Onix Solar Energy Ltd (Scrip Code: 513119, ISIN: INE173M01012)
  5. PH Capital Ltd (Scrip Code: 500143, ISIN: INE160F01013)

Securities Moving to Higher ESM Stages

  1. Kiran Syntex Ltd (Scrip Code: 530443, ISIN: INE293D01017)
  2. SRM Energy Ltd (Scrip Code: 523222, ISIN: INE173J01018)
  3. VR Woodart Ltd (Scrip Code: 523888, ISIN: INE317D01014)

Regulatory Changes

The Enhanced Surveillance Measure (ESM) framework is designed to alert investors about securities with abnormal price movements, high-low variations, or other market integrity concerns. Securities under ESM typically face:

  • Trade-for-trade settlement (no intraday trading)
  • 100% upfront margin requirements
  • Additional disclosure requirements
  • Staged escalation based on continued concerns

Compliance Requirements

  • Trading members must ensure 100% upfront margins for ESM securities
  • All trades in ESM securities to be settled on a trade-for-trade basis
  • Investors should exercise caution when dealing with securities under ESM
  • Enhanced due diligence required for transactions in these securities
  • Brokers must inform clients about ESM status of securities

Important Dates

  • Effective Date: December 30, 2025
  • All changes to ESM classifications and stage movements become applicable from market opening on this date

Impact Assessment

Trading Impact: Securities entering or escalating within ESM face reduced liquidity due to trade-for-trade settlement and higher margin requirements. This typically results in lower trading volumes and increased price volatility.

Investor Impact: Retail and institutional investors holding these securities will face restrictions on intraday trading and need to arrange full upfront margins for purchases. Exit opportunities may be limited due to reduced liquidity.

Market Integrity: The ESM framework serves as an early warning mechanism for market participants about securities requiring additional caution, helping protect investor interests and maintain market integrity.

Impact Justification

Regular surveillance update affecting specific securities with trading restrictions; impacts liquidity and trading parameters for listed securities