Description

BSE announces movement of securities into their respective GSM stages. Two securities are being moved: Tamilnadu Telecommunications L to GSM Stage I and MSR India Ltd. to GSM Stage II.

Summary

BSE has released the list of securities being moved into their respective Graded Surveillance Measure (GSM) stages effective from the specified date. Two securities are affected: Tamilnadu Telecommunications Limited (Security Code: 523419, ISIN: INE141D01018) is being moved to GSM Stage I, and MSR India Ltd. (Security Code: 508922, ISIN: INE331L01026) is being moved to GSM Stage II.

Key Points

  • Tamilnadu Telecommunications Limited moved to GSM Stage I
  • MSR India Ltd. moved to GSM Stage II
  • Securities marked with (#) move to lower GSM stages due to inclusion in ESM Framework
  • Securities marked with ($) move to lower GSM stages due to inclusion in IBC Framework
  • Classification aligned with NSE as indicated by (*) notation

Regulatory Changes

No new regulatory framework changes. This circular implements the existing Graded Surveillance Measure framework which places securities under enhanced surveillance based on specific criteria such as price movements, volatility, and market behavior.

Compliance Requirements

  • Market participants must be aware of GSM stage classifications for affected securities
  • Trading in these securities will be subject to GSM stage-specific restrictions
  • Brokers and investors should note the enhanced surveillance measures applicable to these stocks
  • Additional margin requirements and trading restrictions may apply based on GSM stage

Important Dates

  • Circular Date: October 9, 2025
  • Effective Date: As specified by BSE (typically the next trading day after circular release)

Impact Assessment

Market Impact: Medium - GSM placement affects two securities and may lead to reduced liquidity and increased trading costs for these stocks.

Investor Impact: Investors holding or trading these securities will face additional restrictions including potential additional margins, price bands, and reduced trading flexibility. Stage I (Tamilnadu Telecommunications) has lighter restrictions compared to Stage II (MSR India Ltd.) which faces more stringent surveillance measures.

Trading Impact: Securities under GSM stages typically experience reduced trading volumes and increased bid-ask spreads. Stage II placement for MSR India Ltd. indicates more serious concerns requiring enhanced monitoring.

Impact Justification

GSM placement indicates increased surveillance on specific securities due to price volatility or other concerns, affecting trading conditions for investors in these stocks