Description

BSE notification of securities moving into their respective GSM stages, with 3 securities moving to Stage I and 1 security moving to Stage II.

Summary

BSE has announced the movement of four securities into their respective Graded Surveillance Measure (GSM) stages. Three securities - Indsoya Ltd, Jainex Aamcol Ltd, and Mediaone Global Entertainment Ltd - are moving to GSM Stage I, while ECS Biztech Ltd is moving to GSM Stage II. Securities under GSM face additional surveillance measures and trading restrictions.

Key Points

  • Moving to GSM Stage I: Indsoya Ltd (503639, INE314N01028), Jainex Aamcol Ltd (505212, INE280F01019), Mediaone Global Entertainment Ltd (503685, INE828I01019)
  • Moving to GSM Stage II: ECS Biztech Ltd (540063, INE925Q01024)
  • Securities marked (#) move to lower GSM stages due to inclusion in ESM Framework
  • Securities marked ($) move to lower GSM stages due to inclusion in IBC Framework
  • Information aligned with NSE as indicated by (*)

Regulatory Changes

The GSM framework applies enhanced surveillance on securities based on specific criteria including price volatility, trading volumes, and other market parameters. Movement to higher GSM stages results in progressively stricter trading conditions including:

  • Reduction in price bands
  • Trade-for-trade settlement
  • 100% upfront margin requirements
  • Additional disclosure requirements for clients

Compliance Requirements

  • Trading Members: Must inform clients about GSM status of these securities before accepting orders
  • Investors: Required to provide additional disclosures and acknowledgments before trading in GSM securities
  • Brokers: Must collect 100% upfront margins for trades in these securities
  • All trades will be settled on a trade-for-trade basis with no netting off

Important Dates

  • Effective Date: October 10, 2025 (as per circular date)
  • The GSM stage movements apply from the date of the circular

Impact Assessment

Market Impact: Movement to GSM stages typically results in reduced liquidity and increased trading costs for affected securities. The stricter surveillance measures may deter speculative trading.

Investor Impact: Investors holding or intending to trade these securities will face higher margin requirements and mandatory trade-for-trade settlement, impacting trading flexibility.

Operational Impact: Brokers and trading members must update their systems to enforce GSM-related restrictions and disclosure requirements for these four securities.

Impact Justification

GSM stage movements indicate enhanced surveillance on specific securities, affecting trading conditions and investor behavior for the listed companies.