Description

BSE announces securities moving into, within, and out of the Enhanced Surveillance Measure (ESM) framework effective January 6, 2026, affecting multiple listed securities.

Summary

BSE has announced updates to the Enhanced Surveillance Measure (ESM) Framework effective January 6, 2026. Two new securities are being added to ESM, five securities will move to higher ESM stages, and no securities are exiting the framework. The circular provides a consolidated list of all securities currently under ESM with their respective stage classifications.

Key Points

  • 2 new securities shortlisted for ESM Framework: Bodhtree Consulting Ltd (539122) and Vision Cinemas Ltd (526441)
  • 5 securities moving to higher ESM stages: CDG Petchem Ltd, Mahamaya Steel Industries Ltd, Mega Nirman and Industries Ltd, Regal Entertainment & Consultants Ltd, and SC Agrotech Ltd
  • No securities moving to lower ESM stages
  • No securities exiting ESM Framework
  • Consolidated list includes 26+ securities under various ESM stages (Stage I and Stage II)
  • Changes effective from market opening on January 6, 2026

Regulatory Changes

The Enhanced Surveillance Measure (ESM) is a surveillance framework applied to securities showing abnormal price movements or other concerns. Securities under ESM face additional trading restrictions and monitoring. The framework operates in multiple stages with progressively stringent measures as securities move to higher stages.

Compliance Requirements

  • Investors and traders must be aware of ESM status before trading affected securities
  • Securities in ESM may have additional margin requirements and trading restrictions
  • Market participants should review the consolidated list to understand current ESM classifications
  • Brokers must inform clients about ESM status of securities

Important Dates

  • Effective Date: January 6, 2026 - All ESM changes become effective from market opening

Impact Assessment

Market Impact: High - ESM classification typically results in reduced liquidity, higher transaction costs, and increased margin requirements for affected securities.

Trading Impact: Securities newly added to ESM or moving to higher stages will face stricter surveillance and may experience reduced trading activity. Stage migration indicates continued concerns about price movements or market behavior.

Investor Impact: Existing investors in affected securities should monitor positions closely. New investors should understand ESM implications including potential difficulty in exiting positions and higher costs.

Affected Securities Summary:

  • New to ESM: Bodhtree Consulting Ltd, Vision Cinemas Ltd
  • Moving to Higher Stages: CDG Petchem Ltd, Mahamaya Steel Industries Ltd, Mega Nirman and Industries Ltd, Regal Entertainment & Consultants Ltd, SC Agrotech Ltd
  • Total Securities in ESM: 26+ securities across Stage I and Stage II classifications

Impact Justification

ESM framework changes directly affect trading conditions and liquidity for multiple securities, requiring immediate attention from market participants and investors.