Description

BSE announces movement of four securities into GSM Stages I and II under the Graded Surveillance Measure framework effective October 10, 2025.

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 one security (ECS Biztech Ltd) is moving to GSM Stage II. This action is part of BSE’s ongoing surveillance framework to monitor securities with unusual price movements or other risk indicators.

Key Points

  • Four securities are being placed under enhanced surveillance measures
  • Three securities moving to GSM Stage I: Indsoya Ltd (503639), Jainex Aamcol Ltd (505212), and Mediaone Global Entertainment Ltd (503685)
  • One security moving to GSM Stage II: ECS Biztech Ltd (540063)
  • Securities marked with (#) may move to lower GSM stages due to inclusion in ESM Framework
  • Securities marked with ($) may move to lower GSM stages due to inclusion in IBC Framework
  • Alignment noted with NSE (*)

Regulatory Changes

No new regulatory changes introduced. This circular implements the existing Graded Surveillance Measure framework, which provides for progressive stages of surveillance based on market activity and risk assessment.

Compliance Requirements

  • Market participants must be aware of the GSM stage classifications for these securities
  • Trading in these securities will be subject to GSM framework restrictions applicable to their respective stages
  • Stage I typically involves additional disclosures and monitoring
  • Stage II involves more stringent surveillance measures including potential price bands, trade-for-trade settlement, or additional margin requirements
  • Investors and traders should review GSM framework guidelines before trading in these securities

Important Dates

  • Circular Date: October 10, 2025
  • Effective Date: Immediate (from date of circular)

Impact Assessment

Market Impact: Medium - The placement of these four securities under GSM stages will likely result in reduced liquidity and increased trading costs due to stricter surveillance measures. Stage II securities face more severe restrictions than Stage I.

Trading Impact: Securities under GSM typically experience reduced trading volumes due to additional margin requirements and potential trade-for-trade settlement requirements. This may lead to wider bid-ask spreads.

Investor Impact: Existing shareholders may face challenges in exiting positions due to reduced liquidity. New investors should be aware of the enhanced risk associated with securities under surveillance.

Operational Impact: Brokers and trading members must ensure their systems and processes account for the GSM restrictions applicable to these securities, including any additional margin collection requirements.

Impact Justification

Movement to GSM stages imposes additional surveillance and trading restrictions on four securities, affecting liquidity and trading activity for these stocks.