Description

BSE notifies movement of 5 securities across different stages of Graded Surveillance Measure (GSM) framework effective October 7, 2025.

Summary

BSE has announced the movement of 5 securities into different stages of the Graded Surveillance Measure (GSM) framework. Two securities are moving to GSM Stage I, one to Stage III, and two to Stage IV. Securities in higher GSM stages face stricter trading restrictions and surveillance measures.

Key Points

  • Bharat Textiles & Proofing Ind (531029) moved to GSM Stage I
  • Boston Bio Systems Ltd. (531458) moved to GSM Stage I
  • Aviva Industries Ltd. (512109) moved to GSM Stage III
  • Prashant India Ltd. (519014) moved to GSM Stage IV
  • Capfin India Limited (539198) moved to GSM Stage IV
  • Securities marked with special symbols may be moving to lower GSM stages due to inclusion in ESM or IBC frameworks

Regulatory Changes

The GSM framework applies progressive surveillance measures based on the stage:

  • Stage I: Initial surveillance with basic restrictions
  • Stage III: Enhanced surveillance with stricter trading conditions
  • Stage IV: Maximum surveillance with significant trading restrictions

Securities may move to lower GSM stages if included in Enhanced Surveillance Measure (ESM) or Insolvency and Bankruptcy Code (IBC) frameworks.

Compliance Requirements

  • Market participants must be aware of the enhanced surveillance applicable to these securities
  • Trading in these securities will be subject to stage-specific restrictions and conditions
  • Investors should exercise additional caution when dealing with securities under GSM stages
  • Brokers and trading members must ensure compliance with GSM framework requirements for these securities

Important Dates

  • Effective Date: October 7, 2025
  • Circular Date: October 7, 2025

Impact Assessment

The movement of these securities to various GSM stages indicates concerns about their trading patterns, volatility, or other risk factors. Investors holding these securities may face:

  • Reduced liquidity due to additional trading restrictions
  • Price discovery challenges
  • Potential additional margin requirements
  • Limited participation from certain investor categories

The impact is primarily confined to investors and traders in these specific securities, with no broader market implications. Stage IV securities face the most stringent restrictions and highest level of scrutiny.

Impact Justification

Movement of securities to higher GSM stages indicates increased surveillance and trading restrictions, affecting investors in these specific securities but not having broader market impact