Description

BSE announces movement of securities in and out of Enhanced Surveillance Measure (ESM) framework, including 5 new additions and stage changes for existing securities effective December 30, 2025.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) framework effective December 30, 2025. Five securities are being newly added to ESM Stage I, three securities will move to higher ESM stages, and no securities are moving to lower stages or exiting the framework. The consolidated list shows 26+ securities currently under ESM surveillance across different stages.

Key Points

  • 5 new securities added to ESM Stage I: Avance Technologies Ltd, Beryl Securities Ltd, Deccan Bearings Ltd, Onix Solar Energy Ltd, and PH Capital Ltd
  • 3 securities moving to higher ESM stages: Kiran Syntex Ltd, SRM Energy Ltd, and VR Woodart Ltd
  • No securities moving to lower ESM stages
  • No securities exiting the ESM framework
  • Consolidated ESM list includes securities in Stage I and Stage II across various sectors
  • Changes effective from December 30, 2025

Regulatory Changes

The ESM framework applies enhanced surveillance on securities that exhibit abnormal price movements or trading patterns. Securities under ESM are subject to additional monitoring and may face trading restrictions such as Trade-for-Trade settlement, price bands, or other measures depending on the ESM stage.

Compliance Requirements

  • Investors and brokers must be aware of ESM status of securities before trading
  • Securities in ESM may be subject to additional margin requirements
  • Trading in ESM securities may be restricted to delivery-based transactions only
  • Market participants should review risk disclosures for ESM securities

Important Dates

  • Effective Date: December 30, 2025 - All ESM framework changes become applicable

Impact Assessment

Market Impact: Medium - Affects liquidity and trading dynamics for 8 securities with immediate changes. The addition to ESM typically reduces speculative trading and may impact short-term price volatility.

Investor Impact: Investors holding these securities will face:

  • Potential reduction in liquidity
  • Mandatory delivery-based settlement
  • Increased scrutiny on trading activity
  • Higher margin requirements for intraday positions

Operational Impact: Brokers need to update their risk management systems to reflect ESM status changes and communicate restrictions to clients trading these securities.

Securities Details

New ESM Stage I Securities (Effective Dec 30, 2025)

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

Moving to Higher ESM Stage (Effective Dec 30, 2025)

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

Impact Justification

Affects trading in 8 securities with ESM framework changes. Material for investors holding these stocks due to heightened surveillance and potential trading restrictions.