GSM Framework Updates - Four Securities Moving to Different Surveillance Stages

Description

BSE updates Graded Surveillance Measure (GSM) classifications for four securities, with companies moving to Stages I, II, and III of enhanced monitoring.

Summary

BSE has updated the Graded Surveillance Measure (GSM) classifications for four securities, moving them to different stages of enhanced monitoring. The GSM framework applies additional surveillance measures to securities exhibiting unusual price movements or trading patterns.

Key Points

• Four securities are being moved to different GSM stages effective immediately
• GSL Securities Ltd. and Ashutosh Paper Mills Ltd. are moving to GSM Stage I
• Jain Marmo Industries Ltd. is moving to GSM Stage II
• Sungold Capital Ltd. is moving to GSM Stage III
• Securities may move to lower GSM stages if included in ESM or IBC frameworks

Securities Affected

Regulatory Changes

The GSM framework applies progressively stricter surveillance measures across different stages, including reduced price bands, mandatory disclosure requirements, and enhanced monitoring of trading activities.

Compliance Requirements

• Listed companies must comply with additional disclosure requirements as per their GSM stage
• Trading members must adhere to modified trading parameters for these securities
• Investors should be aware of the enhanced surveillance status when trading these securities

Important Dates

• Effective Date: August 1, 2025
• Implementation: Immediate upon circular publication

Impact Assessment

The GSM classification changes will result in enhanced monitoring and potentially restricted trading conditions for the affected securities. Investors may experience reduced liquidity and modified price discovery mechanisms for these stocks.

Impact Justification

Affects trading conditions for four securities under enhanced surveillance framework