{"id":355100,"date":"2025-07-31T11:00:45","date_gmt":"2025-07-31T05:30:45","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=355100"},"modified":"2025-07-31T11:02:05","modified_gmt":"2025-07-31T05:32:05","slug":"bse-sebi-revises-esm-updated-framework-july-notice-2025","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/07\/31\/bse-sebi-revises-esm-updated-framework-july-notice-2025\/","title":{"rendered":"Markets Recalibrated: SEBI & BSE Reshape Surveillance Framework for Fairer Trading"},"content":{"rendered":"
\n

On 25-7-2025, the Bombay Stock Exchange<\/span> (\u2018BSE\u2019) in consultation with the Securities and Exchange Board of India (\u2018SEBI\u2019) notified a \u2018Revision of Enhanced Surveillance Measure (\u2018ESM\u2019)<\/span>\u2019 framework reflects SEBI\u2019s ongoing commitment to maintaining transparency and investor confidence and to regulate trading in small-cap and micro-cap stocks<\/span>. These provisions of this Notification came into effect on 28-7-2025.<\/p>\n

Key takeaways:<\/h3>\n
    \n
  1. In a joint surveillance meeting, SEBI and BSE designed a new framework that refines and elevate the surveillance architecture in India\u2019s equity markets<\/span>.<\/li>\n
  2. This revised framework is aimed at protecting retail investors from risks associated with speculative trading particularly in small-cap and micro-cap stocks, to filter out potentially volatile companies through a more sophisticated and fair set of parameters.<\/li>\n
  3. A core agenda of the update is minimizing collateral damage to fundamentally robust companies, ensuring that surveillance mechanisms do not hinder legitimate growth stories.<\/li>\n
  4. Under the revised criteria, securities will be considered for inclusion in ESM based on either high\u2014low price variation or close-to-close price variation over 3, 6, or 12 months, whichever meets one standard deviation above the market norm for companies with a market cap under \u20b91000 crore<\/span>.<\/li>\n
  5. Securities are expected to show positive momentum<\/span> over the last three months to be flagged. Stocks with derivative products<\/span> will now be excluded from the ESM screening.<\/li>\n
  6. BSE clarified that inclusion under the ESM does not constitute a punitive action or suggest irregularities on the part of the company. It serves as a preventive mechanism to ensure orderly trading and safeguard investor interests.<\/li>\n
  7. While the two-stage surveillance approach remains intact, the entry thresholds have been revised<\/span>, resulting in more targeted interventions and reducing unnecessary disruptions.<\/li>\n
  8. By clearly reiterating and refining these entry filters, the framework aligns surveillance action with real-time market behaviour, making oversight smarter, proportionate, and more adaptable to evolving conditions.<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    SEBI and BSE has unveiled a revamped ESM framework designed to elevate India’s market surveillance architecture, enhancing transparency and investor protection.<\/p>\n","protected":false},"author":67525,"featured_media":355104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[46109,86344,86336,70332,86342,86339,86337,86338,2563,86340,86345,86341,86343],"class_list":["post-355100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-bse","tag-equity-control","tag-esm-update","tag-financial-markets","tag-india-stocks","tag-investor-safety","tag-market-surveillance","tag-regulatory-reform","tag-SEBI","tag-small-caps","tag-speculation-check","tag-stock-regulation","tag-trading-rules"],"yoast_head":"\nBSE & SEBI updates ESM framework to redefine 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The regulations specify the roles of Investment Adviser Administration and Supervisory Bodies like BASL and the compliance framework for Investment\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":215172,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/05\/30\/sat-objective-of-sebi-act-is-to-regulate-healthy-growth-of-securities-market-no-action-to-be-taken-without-following-the-principles-of-natural-justice\/","url_meta":{"origin":355100,"position":5},"title":"SAT | Objective of SEBI Act is to regulate healthy growth of securities market: No action to be taken without following principles of natural justice","author":"Bhumika Indulia","date":"May 30, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT): The Coram of Tarun Agarwala, J. 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