Description

BSE updates list of securities under Enhanced Surveillance Measure framework with additions, stage movements, and consolidated list effective January 13, 2026.

Summary

BSE has issued updates to its Enhanced Surveillance Measure (ESM) Framework effective January 13, 2026. The circular adds 3 new securities to the ESM framework, moves 1 security to a higher ESM stage, and provides a consolidated list of 28+ securities currently under various ESM stages. No securities are being removed from the framework in this update.

Key Points

  • 3 securities newly shortlisted for ESM Stage I: Shantai Industries Ltd, Ajwa Fun World & Resort Ltd, and Starlineps Enterprises Ltd
  • 1 security (Bizotic Commercial Ltd - SME scrip) moving to higher ESM stage
  • No securities moving to lower ESM stage or exiting the framework
  • Consolidated list includes securities in ESM Stage I and Stage II
  • Framework applies to both main board and SME securities
  • Changes take effect from January 13, 2026

Regulatory Changes

The Enhanced Surveillance Measure framework continues BSE’s risk management approach for securities exhibiting unusual price movements or other concerns. Securities in ESM are subject to additional trading restrictions and surveillance based on their stage classification (Stage I or Stage II), with higher stages indicating more stringent measures.

Compliance Requirements

  • Trading members must be aware of securities under ESM and associated restrictions
  • Enhanced reporting and monitoring requirements apply to transactions in ESM securities
  • Investors should note that ESM securities may have additional margin requirements and trading limitations
  • Securities marked with # are SME scrips and subject to SME-specific regulations alongside ESM measures

Important Dates

  • Effective Date: January 13, 2026 - All ESM changes become applicable

Impact Assessment

Market Impact: Medium - The addition of new securities and stage progression affects trading conditions for these specific stocks. Investors holding or trading these securities will face enhanced surveillance, potentially including additional margin requirements, price bands, or trading frequency restrictions.

Investor Impact: Investors in the 3 newly added securities should prepare for potential trading restrictions and increased scrutiny. For Bizotic Commercial Ltd, the move to a higher ESM stage indicates continued concerns and more stringent surveillance measures.

Operational Impact: Trading members and brokers must update their systems to reflect the new ESM classifications and ensure compliance with associated trading restrictions and margin requirements for affected securities.

Impact Justification

Affects multiple securities with enhanced surveillance measures requiring additional scrutiny and trading restrictions. Important for investors in affected stocks but limited broader market impact.