Description

BSE announces securities movement across different GSM stages including companies moving to ESM and IBC frameworks.

Summary

BSE has announced the movement of securities across different stages of the Graded Surveillance Measure (GSM) framework. Five securities are being moved to various GSM stages, with some companies transitioning to Enhanced Surveillance Measure (ESM) and Insolvency and Bankruptcy Code (IBC) frameworks.

Key Points

  • Setubandhan Infrastructure Ltd moved to GSM Stage 0 due to inclusion in IBC Framework
  • Explicit Finance Ltd moved to GSM Stage I
  • Venmax Drugs and Pharmaceuticals Ltd moved to GSM Stage II
  • International Data Management Ltd and ANS Industries Ltd both moved to GSM Stage III
  • Securities marked with special symbols indicate movement to lower GSM stages due to other framework inclusions

Regulatory Changes

  • Implementation of graded surveillance measures with different stages (0, I, II, III)
  • Integration with ESM and IBC frameworks for comprehensive market surveillance
  • Stage-wise classification based on trading patterns and compliance status

Compliance Requirements

  • Listed companies must comply with enhanced disclosure requirements based on their GSM stage
  • Investors should be aware of trading restrictions that may apply to securities in higher GSM stages
  • Market participants must monitor securities under surveillance measures

Important Dates

  • Effective Date: August 28, 2025
  • Implementation applies immediately to all listed securities

Impact Assessment

  • Trading activity may be restricted for securities in higher GSM stages
  • Enhanced monitoring and reporting requirements for affected companies
  • Investor awareness increased through surveillance classification
  • Market integrity strengthened through systematic surveillance approach

Impact Justification

Affects trading conditions for multiple securities with varying surveillance levels