Venus Remedies stops trading as sharp rally triggers enhanced surveillance measures by Sebi

SEBI recently introduced ESM framework for micro and small companies with market cap below 500 crore, leading to trading restrictions based on price variations.

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Shares of Venus Remedies stopped trading from July 13 onwards as exchanges put the counter under enhanced surveillance measures.

“We would like to inform our esteemed shareholders that the trading of Venus Remedies shares has been restricted by both BSE and NSE in accordance with the Enhanced Surveillance Measures (ESM) implemented by SEBI,” the company said in an exchange notification.

SEBI has recently introduced the ESM framework for micro and small companies listed on the main board, whose market capitalization is below 500 crore. The regulation went effective on June 5, 2023.

Under the ESM, Stock exchanges impose trading restrictions on selected companies following market surveillance, based on SEBI’s criteria for price variations. Due to significant price variation observed in the past trading sessions, the trading of shares has been restricted, the company said.

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The exchanges have put Venus Remedies under EMS Stage 2, which comes after stocks that are in Stage 1 see large variations in stock prices.

The stock rose 46 percent in the last three months and 66 percent in six months. As of July 12, it closed at 287.05 on BSE.

According to the regulations, security shall be part of the framework for a minimum period of 90 calendar days. However, in case a security is under Stage 2 of the Framework, it shall be retained under stage 2 for a minimum period of one month.

After completion of one month, if such security’s close-to-close price variation is found to be less than 8 percent in a month in a weekly stage review, the counter can move to Stage 1 of the Framework.