Description

BSE announces movement of 6 securities into various stages of the Graded Surveillance Measure (GSM) framework for enhanced monitoring.

Summary

BSE has announced the movement of 6 securities into their respective stages under the Graded Surveillance Measure (GSM) framework. Four securities are moving to Stage I, one to Stage II, and one to Stage III. The GSM framework is designed to alert investors about securities that have witnessed abnormal price movements and helps in curbing excessive speculation.

Key Points

  • 4 securities moving to GSM Stage I: Ashiana Agro Industries Ltd (519174), Step Two Corporation Ltd (531509), Aayush Wellness Ltd (539528), and Digjam Ltd (539979)
  • 1 security moving to GSM Stage II: Easun Capital Markets Ltd (542906)
  • 1 security moving to GSM Stage III: Oscar Global Ltd (530173)
  • Securities may move to lower GSM stages if they are included in ESM (Enhanced Surveillance Measure) or IBC (Insolvency and Bankruptcy Code) frameworks

Regulatory Changes

No new regulatory changes introduced. This circular implements the existing GSM framework which imposes progressive trading restrictions based on surveillance stages.

Compliance Requirements

  • Trading members and investors should be aware of the enhanced surveillance applicable to these securities
  • Additional surveillance deposit/margin requirements may apply based on GSM stage
  • Trade-to-trade settlement with no intraday netting may be applicable
  • Price bands and position limits may be revised for securities in higher GSM stages

Important Dates

  • Circular Date: October 13, 2025
  • Effective Date: As per BSE’s surveillance mechanism (typically from next trading session)

Impact Assessment

Trading Impact: Securities moving to GSM stages will face increased trading restrictions. Stage I has moderate restrictions, while Stage III (Oscar Global Ltd) will face the most stringent surveillance measures including 100% upfront margin requirements and reduced price bands.

Investor Impact: Investors holding or trading these securities should exercise increased caution. Higher GSM stages indicate greater volatility, potential manipulation concerns, or other risk factors identified by the exchange.

Market Impact: Limited broader market impact as these are individual securities under surveillance. The measure is protective in nature to prevent excessive speculation and safeguard investor interests.

Impact Justification

Affects trading conditions for 6 securities under enhanced surveillance framework with varying degrees of restrictions based on GSM stage