Description

Three securities are being moved to higher GSM stages: Photon Capital Advisors Ltd and Silveroak Commercials Ltd to Stage II, and Kiran Print Pack Ltd to Stage III.

Summary

BSE has announced the movement of three securities to higher stages under the Graded Surveillance Measure (GSM) framework. Photon Capital Advisors Ltd (Security Code: 509084, ISIN: INE107J01016) and Silveroak Commercials Ltd (Security Code: 512197, ISIN: INE798C01017) are being moved to GSM Stage II. Kiran Print Pack Ltd (Security Code: 531413, ISIN: INE516D01011) is being moved to GSM Stage III.

Key Points

  • Photon Capital Advisors Ltd moved to GSM Stage II
  • Silveroak Commercials Ltd moved to GSM Stage II
  • Kiran Print Pack Ltd moved to GSM Stage III
  • Securities marked (#) may move to lower GSM stages due to inclusion in ESM Framework
  • Securities marked ($) may move to lower GSM stages due to inclusion in IBC Framework
  • Changes are as per NSE framework

Regulatory Changes

The GSM framework applies enhanced surveillance measures on securities that exhibit abnormal price movements or pose concerns. Higher GSM stages typically involve:

  • Reduced price bands
  • Trade-for-trade settlement (no intraday trading)
  • Additional margin requirements
  • 100% upfront margin from clients

Compliance Requirements

  • Trading members must ensure compliance with GSM stage requirements for these securities
  • Investors must provide 100% upfront margin for trades in these securities
  • All trades will be settled on a trade-for-trade basis
  • Members must inform clients about the GSM classification and associated restrictions

Important Dates

  • Circular Date: October 17, 2025
  • Effective Date: As per exchange notification (typically immediate or next trading day)

Impact Assessment

Trading Impact: Movement to higher GSM stages significantly restricts trading activity. Stage II and Stage III securities face severe trading restrictions including mandatory trade-for-trade settlement, elimination of intraday trading, and reduced price bands.

Investor Impact: Existing investors in these securities will face liquidity constraints and difficulty in exiting positions. New investments require 100% upfront cash, making these securities less attractive.

Market Perception: GSM classification signals regulatory concerns about price volatility or manipulation, typically leading to negative market sentiment and potential further price decline.

Impact Justification

Movement to higher GSM stages significantly restricts trading in these securities with additional surveillance measures, directly impacting investors holding these stocks.