GSM Framework - Four Securities Moving to Stage I and II

Description

BSE announces movement of four securities under Graded Surveillance Measure (GSM) framework, with three moving to Stage I and one to Stage II effective September 5, 2025.

Summary

BSE has announced the movement of four securities under the Graded Surveillance Measure (GSM) framework. Three securities - Parker Agrochem Exports Ltd., Si Capital & Financial Service, and Golechha Global Finance Ltd. - are moving to GSM Stage I. One security - Photon Capital Advisors Ltd. - is moving to GSM Stage II. These movements indicate enhanced surveillance and monitoring by the exchange.

Key Points

• Four securities are being placed under enhanced surveillance measures
• Three securities moving to GSM Stage I: Parker Agrochem Exports Ltd. (524628), Si Capital & Financial Service (530907), and Golechha Global Finance Ltd. (531360)
• One security moving to GSM Stage II: Photon Capital Advisors Ltd. (509084)
• Securities marked with (#) may move to lower GSM stages if included in ESM Framework
• Securities marked with ($) may move to lower GSM stages if included in IBC Framework
• Some classifications are as per NSE standards

Regulatory Changes

The GSM framework applies progressive surveillance stages to securities that meet specific criteria related to price volatility, market capitalization, or other regulatory concerns. Movement to higher stages typically results in:

• Enhanced disclosure requirements
• Additional surveillance by the exchange
• Potential trading restrictions or circuit filters
• Increased scrutiny of price movements

Compliance Requirements

• Market participants should be aware of the GSM stage classification for these securities
• Traders and investors should review applicable trading restrictions for GSM Stage I and Stage II securities
• Members must comply with any additional margin or position limit requirements applicable to GSM securities
• Enhanced due diligence may be required for transactions in these securities

Important Dates

• Effective Date: September 5, 2025

Impact Assessment

The placement of securities under GSM framework typically results in:

• Reduced liquidity due to enhanced surveillance measures
• Potential impact on trading volumes
• Increased awareness among market participants about regulatory concerns
• Higher trading costs due to additional margin requirements
• Stage II placement for Photon Capital Advisors indicates more severe concerns requiring stricter monitoring compared to Stage I securities

Securities Affected

Impact Justification

Affects four securities with enhanced surveillance measures, indicating increased regulatory scrutiny and potential trading restrictions for these stocks