Description

Three securities moved to different GSM stages: Kachchh Minerals to Stage I, Rajkamal Synthetics and Bijoy Hans to Stage III.

Summary

BSE has announced the movement of three securities into their respective Graded Surveillance Measure (GSM) stages. Kachchh Minerals Ltd (531778) has moved to GSM Stage I, while Rajkamal Synthetics Ltd (514028) and Bijoy Hans Ltd (524723) have both moved to GSM Stage III. The circular includes notes regarding securities that may move to lower GSM stages due to inclusion in ESM (Enhanced Surveillance Measure) or IBC (Insolvency and Bankruptcy Code) frameworks.

Key Points

  • Kachchh Minerals Ltd (ISIN: INE059E01010, Code: 531778) moved to GSM Stage I
  • Rajkamal Synthetics Ltd (ISIN: INE376L01013, Code: 514028) moved to GSM Stage III
  • Bijoy Hans Ltd (ISIN: INE491D01017, Code: 524723) moved to GSM Stage III
  • Securities marked with (#) move to lower GSM stages when included in ESM Framework
  • Securities marked with ($) move to lower GSM stages when included in IBC Framework

Regulatory Changes

The circular reflects BSE’s ongoing implementation of the Graded Surveillance Measure framework to monitor securities with unusual price movements or volatility. Movement to higher GSM stages typically results in stricter surveillance and trading restrictions.

Compliance Requirements

  • Investors trading in these securities should be aware of the GSM stage restrictions
  • Trading members must ensure compliance with GSM framework requirements for these securities
  • Enhanced surveillance measures apply as per the respective GSM stages
  • Stage III securities face more stringent restrictions compared to Stage I

Important Dates

  • Circular Date: October 6, 2025
  • Effective Date: Applicable from date of circular issuance

Impact Assessment

The movement of these securities to GSM stages will result in increased trading restrictions and surveillance. Stage I placement for Kachchh Minerals indicates initial concerns requiring monitoring, while Stage III placement for Rajkamal Synthetics and Bijoy Hans suggests more serious concerns warranting stricter surveillance measures. These restrictions may include price bands, trading frequency limits, and additional margin requirements, potentially impacting liquidity and investor sentiment for these securities.

Impact Justification

Movement to GSM stages indicates increased surveillance and trading restrictions for three securities, affecting their liquidity and investor trading patterns