Description

BSE announces additions, stage changes, and consolidated list of securities under Enhanced Surveillance Measure framework effective January 22, 2026.

Summary

BSE has updated the Enhanced Surveillance Measure (ESM) Framework with changes effective January 22, 2026. The circular includes one new security being shortlisted into ESM, one security moving to a higher ESM stage, and a consolidated list of 30+ securities currently under various ESM stages. No securities are exiting the ESM framework in this update.

Key Points

  • United Van Der Horst Ltd (Scrip Code: 522091, ISIN: INE890G01021) newly added to ESM framework
  • Krishna Capital and Securities Ltd (Scrip Code: 539384, ISIN: INE897B01019) moved to higher ESM stage
  • No securities moving to lower ESM stages
  • No securities exiting ESM framework in this update
  • Consolidated list includes securities in ESM Stage I and Stage II
  • Changes effective from January 22, 2026

Regulatory Changes

The ESM framework continues to monitor securities based on market surveillance parameters. Securities under ESM are subject to additional surveillance measures including:

  • Trade-for-Trade (T2T) settlement
  • Price bands and other trading restrictions
  • Enhanced disclosure requirements
  • Progressive stages (Stage I, Stage II) with increasing restrictions

Compliance Requirements

  • Trading members must ensure compliance with ESM restrictions on affected securities
  • Additional margin requirements may apply for ESM securities
  • Trade-for-Trade settlement mandatory for all ESM securities
  • Investors should be aware of enhanced surveillance status before trading
  • Companies under ESM should address surveillance concerns to avoid further stage escalation

Important Dates

  • Effective Date: January 22, 2026 - All ESM changes become applicable

Impact Assessment

The ESM framework impacts trading liquidity and investor participation in the affected securities. Securities under ESM typically experience:

  • Reduced liquidity due to T2T settlement requirements
  • Higher margin requirements for traders
  • Increased scrutiny on price movements and trading patterns
  • Potential reputational impact on listed companies

The addition of United Van Der Horst Ltd and escalation of Krishna Capital and Securities Ltd to higher stages indicates ongoing surveillance concerns. Investors should exercise caution when trading ESM securities and understand the associated risks. The consolidated list of 30+ securities demonstrates BSE’s ongoing monitoring of market integrity and investor protection measures.

Impact Justification

Affects multiple securities through ESM stage changes and new additions, impacting trading conditions and surveillance requirements for listed companies and investors