Description

BSE announces 16 securities moving to higher stages of Graded Surveillance Measure (GSM) framework, with securities moving to Stage II, III, and IV.

Summary

BSE has announced the movement of 16 securities into higher stages of the Graded Surveillance Measure (GSM) framework. The list includes 6 securities moving to Stage II, 1 security moving to Stage III, and 9 securities moving to Stage IV. The GSM framework is designed to alert investors about securities that have witnessed abnormal price movements or have certain characteristics that warrant enhanced surveillance.

Key Points

  • 6 securities are moving to GSM Stage II: Digjam Ltd, Ecoboard Industries Ltd, Revati Media Ltd, Shakti Press Ltd, Ace Engitech Ltd, and Aayush Wellness Ltd
  • 1 security is moving to GSM Stage III: Aar Shyam India Investment Company Ltd
  • 9 securities are moving to GSM Stage IV: Mipco Seamless Rings Gujarat Ltd, Premier Capital Services Ltd, Soma Papers & Industries Ltd, Bijoy Hans Ltd, Ashoka Refineries Ltd, Harmony Capital Service Ltd, ACE Edutrend Ltd, Oscar Global Ltd, and G-Tech Info-Training Ltd
  • Securities in higher GSM stages face increased surveillance and trading restrictions
  • Some securities may move to lower GSM stages if included in ESM (Enhanced Surveillance Measure) or IBC (Insolvency and Bankruptcy Code) frameworks

Regulatory Changes

No new regulatory changes are introduced. This circular implements the existing GSM framework which applies graded surveillance measures based on specific criteria including price volatility, market capitalization, and trading patterns.

Compliance Requirements

  • Market participants and investors should be aware of the enhanced surveillance status of these securities
  • Trading members must ensure compliance with applicable GSM framework requirements
  • Additional disclosures and risk warnings may be required for transactions in these securities
  • Investors should exercise enhanced due diligence before trading in GSM securities

Important Dates

  • Effective Date: October 14, 2025 (circular issuance date)
  • The stage movements are effective from the date specified by the exchange

Impact Assessment

Market Impact: Securities moving to higher GSM stages typically experience reduced liquidity as many institutional investors and risk-averse traders avoid or reduce exposure to such stocks. Stage IV represents the most severe surveillance category, which can significantly impact trading volumes and investor confidence.

Investor Impact: Retail investors holding these securities may face difficulty in exiting positions due to reduced liquidity. The GSM classification serves as a warning signal about potential concerns regarding the security’s fundamentals, corporate governance, or trading patterns.

Operational Impact: Brokers and trading members need to update their systems to reflect the new GSM classifications and ensure appropriate risk disclosures are provided to clients trading in these securities.

Securities Details

Stage II Movement

Security CodeISINSecurity Name
539979INE731U01028Digjam Ltd
523732INE866A01016Ecoboard Industries Ltd
524504INE270D01015Revati Media Ltd
526841INE794C01016Shakti Press Ltd
530669INE035401020Ace Engitech Ltd
539528INE430R01023Aayush Wellness Ltd

Stage III Movement

Security CodeISINSecurity Name
542377INE512R01010Aar Shyam India Investment Company Ltd

Stage IV Movement

Security CodeISINSecurity Name
505797INE860N01012Mipco Seamless Rings Gujarat Ltd
511016INE946K01023Premier Capital Services Ltd
516038INE737E01011Soma Papers & Industries Ltd
524723INE491D01017Bijoy Hans Ltd
526983INE760M01016Ashoka Refineries Ltd
530055INE264N01017Harmony Capital Service Ltd
530093INE715F01014ACE Edutrend Ltd
530173INE473F01010Oscar Global Ltd
532139INE634D01038G-Tech Info-Training Ltd

Impact Justification

Securities moving to higher GSM stages face stricter surveillance measures and trading restrictions, significantly impacting liquidity and investor access. Stage IV represents the highest level of surveillance.