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According to the stock exchange circular issued on Thursday, stocks such as Rajoo Engineers, Brand Concepts, Modern Insulators, BPL, Mirc Electronics, Shreyans Industries and Aban Offshore, among others, are included in the list of stocks that will no longer be subject to the ESM framework.
Other stocks shifted out of the ESM framework include Rudra Global Infra Product, GP Petroleum, Kanoria Energy, Signet Industries, Bemco Hydraulics, Samrat Forgings and Amba Enterprises.
With the revised ESM framework, investors are set to benefit from increased trading opportunities. Previously, stocks under ESM Stage-II were restricted to trading once a week, posing challenges for investors seeking continuous engagement.
ESM rules were introduced on June 4 for highly volatile micro-small cap companies with a market cap of less than Rs 500 crore. Many investors complained that they could not exit these stocks as they are traded once a week. A company Mercury EV Tech has challenged the new rule at the Securities Appellate Tribunal (SAT).
SEBI along with NSE and BSE Tuesday decided to ease rules for trading in stocks that remain under the Enhanced Surveillance Measure (ESM) framework