Description

Seven securities are moving to different GSM stages effective October 16, 2025, with companies transitioning from Stage I to Stage IV under BSE's graded surveillance framework.

Summary

BSE has announced the movement of seven securities into their respective Graded Surveillance Measure (GSM) stages effective October 16, 2025. The GSM framework is designed to enhance market integrity by applying graded restrictions on securities exhibiting abnormal price movements or other concerns. Four securities are moving to GSM Stage I, one to Stage II, one to Stage III, and one to Stage IV.

Key Points

  • Gujarat Lease Financing Ltd (500174) moving to GSM Stage I
  • Sanathnagar Enterprises Ltd (509423) moving to GSM Stage I
  • Silveroak Commercials Ltd (512197) moving to GSM Stage I
  • Decorous Investment & Trading Co Ltd (539405) moving to GSM Stage I
  • Ashiana Agro Industries Ltd (519174) moving to GSM Stage II
  • Omkar Pharmachem Ltd (532167) moving to GSM Stage III
  • Digjam Ltd (539979) moving to GSM Stage IV
  • Securities may move to lower GSM stages if included in ESM or IBC frameworks

Regulatory Changes

The GSM framework applies progressive surveillance measures across four stages, with each successive stage imposing stricter trading restrictions. Securities in higher GSM stages face additional margin requirements, price bands, and trading limitations to protect investors and maintain market stability.

Compliance Requirements

  • Trading members must apply appropriate margin requirements based on GSM stage
  • Investors should be aware of enhanced surveillance on these securities
  • Additional due diligence required before trading in GSM securities
  • Price discovery sessions and trading restrictions apply as per respective GSM stages

Important Dates

  • Effective Date: October 16, 2025 - GSM stage changes applicable

Impact Assessment

Market Impact: Medium - Seven securities will face varying levels of trading restrictions based on their GSM stage. Stage IV securities face the most stringent restrictions, while Stage I securities have relatively lighter surveillance measures.

Investor Impact: Investors holding or trading these securities should expect reduced liquidity, wider bid-ask spreads, and higher margin requirements. Higher GSM stages indicate greater regulatory concern and require enhanced caution.

Operational Impact: Trading members must update their risk management systems to reflect the new GSM classifications and ensure appropriate margins and restrictions are applied to client trades in these securities.

Impact Justification

Affects trading conditions for seven securities under surveillance framework, with varying stages indicating different levels of restrictions and investor caution required.