Description

BSE announces movement of six securities into various stages of the Graded Surveillance Measure (GSM) framework, with companies being placed in Stages I, II, and III based on surveillance criteria.

Summary

BSE has announced the movement of six securities into different stages of the Graded Surveillance Measure (GSM) framework. Four securities are moving into Stage I (Ashiana Agro Industries Ltd, Step Two Corporation Ltd, Aayush Wellness Ltd, and Digjam Ltd), one security is moving into Stage II (Easun Capital Markets Ltd), and one security is moving into Stage III (Oscar Global Ltd). The circular also notes that certain securities may move to lower GSM stages due to inclusion in Enhanced Surveillance Measure (ESM) or Insolvency and Bankruptcy Code (IBC) frameworks.

Key Points

  • Four companies moved to GSM Stage I: Ashiana Agro Industries Ltd (519174), Step Two Corporation Ltd (531509), Aayush Wellness Ltd (539528), and Digjam Ltd (539979)
  • One company moved to GSM Stage II: Easun Capital Markets Ltd (542906)
  • One company moved to GSM Stage III: Oscar Global Ltd (530173)
  • Securities marked with (#) move to lower GSM stages if included in ESM Framework
  • Securities marked with ($) move to lower GSM stages if included in IBC Framework
  • Stage migration criteria follows NSE standards as indicated by (*) notation

Regulatory Changes

The Graded Surveillance Measure (GSM) is a progressive framework applied to securities based on specific surveillance criteria. Movement to higher GSM stages typically indicates increased surveillance requirements and may involve additional trading restrictions or disclosure obligations. The framework works in conjunction with other surveillance mechanisms like ESM and IBC frameworks, with provisions for securities to move to lower GSM stages when included in these other frameworks.

Compliance Requirements

  • Listed companies moved to GSM stages must comply with enhanced surveillance requirements applicable to their respective stages
  • Investors should be aware of the additional trading restrictions and conditions that apply to securities in GSM framework
  • Market participants should note the security codes and ISINs for proper identification of affected securities
  • Trading members must ensure appropriate systems and processes are in place to handle GSM securities

Important Dates

  • Effective Date: October 13, 2025 (as per circular date)
  • The stage migration takes effect from the date of this circular announcement

Impact Assessment

The movement of these six securities into various GSM stages will result in enhanced surveillance and potentially stricter trading conditions. For Stage I securities, this represents the initial level of surveillance, while Stage III for Oscar Global Ltd indicates the highest level of scrutiny. Investors in these securities should expect:

  • Possible additional margin requirements
  • Potential price bands or trading restrictions
  • Increased disclosure and reporting obligations for the companies
  • Reduced liquidity due to surveillance measures
  • Greater regulatory oversight of price movements and trading patterns

The inclusion of multiple securities suggests BSE is actively monitoring stocks that meet specific surveillance criteria, which may include factors like price volatility, volume patterns, corporate governance issues, or other risk indicators.

Impact Justification

Movement of securities into GSM stages affects trading conditions and liquidity for the listed companies, requiring investor awareness but representing routine surveillance activity.