Description

BSE announces the movement of 3 securities into different GSM stages, including Photon Capital Advisors Ltd, Silveroak Commercials Ltd, and Kiran Print Pack Ltd.

Summary

BSE has announced the movement of three securities into their respective Graded Surveillance Measure (GSM) stages. Two securities are moving to GSM Stage II, while one security is advancing to GSM Stage III. The GSM framework is designed to alert investors about securities that have witnessed abnormal price movements and help them make informed investment decisions.

Key Points

  • Photon Capital Advisors Ltd (509084) moved to GSM Stage II
  • Silveroak Commercials Ltd (512197) moved to GSM Stage II
  • Kiran Print Pack Ltd (531413) moved to GSM Stage III
  • Securities may move to lower GSM stages if included in ESM Framework (marked with #)
  • Securities may move to lower GSM stages if included in IBC Framework (marked with $)

Regulatory Changes

The affected securities will be subject to enhanced surveillance measures corresponding to their GSM stage:

  • GSM Stage II: Additional surveillance with Price Band restrictions and increased margin requirements
  • GSM Stage III: More stringent surveillance with tighter price bands, higher margins, and trade-for-trade settlement

Securities can move to lower GSM stages if they are included in the Enhanced Surveillance Measure (ESM) Framework or the Insolvency and Bankruptcy Code (IBC) Framework.

Compliance Requirements

  • Trading members must ensure compliance with applicable margin requirements for these securities
  • Investors should be aware of the enhanced trading restrictions on these securities
  • Price band restrictions and settlement mechanisms as per the respective GSM stage must be followed
  • All trades in these securities will be subject to the surveillance parameters defined for their GSM stage

Important Dates

  • Effective Date: October 17, 2025
  • Implementation is immediate from the circular date

Impact Assessment

Market Impact: High - Securities in higher GSM stages face significant trading restrictions including price bands, higher margins, and potential trade-for-trade settlement, which can severely impact liquidity.

Investor Impact: High - Existing investors in these securities will face increased margin requirements and reduced liquidity. New investors must exercise heightened caution as these securities have been flagged for abnormal price movements.

Trading Impact: Securities moving to GSM Stage III (Kiran Print Pack Ltd) will face the most stringent restrictions including possible 5% price band, 100% upfront margin, and mandatory trade-for-trade settlement, significantly affecting tradability.

Impact Justification

Securities moving into GSM stages face enhanced surveillance and trading restrictions, directly impacting investors and liquidity in these stocks.