Graded Surveillance Measure (GSM) - Securities Movement Across GSM Stages

Description

BSE announces movement of 10 securities across different GSM stages, including one security moving to Stage 0, eight to Stage I, and one to Stage III.

Summary

BSE has announced the movement of 10 securities across different stages of the Graded Surveillance Measure (GSM) framework. One security (Venmax Drugs and Pharmaceuticals Ltd) is moving to Stage 0 due to inclusion in the ESM Framework, eight securities are moving to GSM Stage I, and one security (Silveroak Commercials Ltd) is moving to GSM Stage III.

Key Points

• 10 securities are changing their GSM stage classification
• Venmax Drugs and Pharmaceuticals Ltd (531015) moving to Stage 0 due to ESM Framework inclusion
• 8 securities moving to GSM Stage I: Shree Rajasthan Syntex, Relic Technologies, Fine Line Circuits, RSC International, Inland Printers, Meyer Apparel, Darjeeling Ropeway Company, and Sailani Tours N Travels
• Silveroak Commercials Ltd (512197) moving to GSM Stage III
• Securities marked with (#) are moving to lower GSM stages due to ESM Framework inclusion
• Securities marked with ($) are moving to lower GSM stages due to IBC Framework inclusion

Securities Moving to GSM Stage I

Securities Moving to Other Stages

• Stage 0: Venmax Drugs and Pharmaceuticals Ltd (531015, INE154G01022) - moved due to ESM Framework inclusion
• Stage III: Silveroak Commercials Ltd (512197, INE798C01017)

Regulatory Changes

This circular implements the Graded Surveillance Measure framework which applies enhanced monitoring and trading restrictions to securities based on specific criteria. Movement across stages indicates changes in surveillance intensity.

Compliance Requirements

• Market participants should note the changed GSM stage classifications for affected securities
• Trading in these securities will be subject to the conditions applicable to their respective GSM stages
• Investors and brokers must comply with stage-specific trading restrictions and requirements

Important Dates

• Circular Date: October 20, 2025
• Effective Date: As per GSM framework implementation schedule

Impact Assessment

The movement of securities across GSM stages will impact trading conditions including potential restrictions on price bands, additional disclosures, and enhanced monitoring. Securities moving to higher GSM stages (like Stage III for Silveroak Commercials) face stricter surveillance measures. The inclusion of Venmax Drugs in ESM Framework represents a shift to enhanced surveillance outside the GSM framework. Investors should exercise caution when trading in securities under GSM surveillance.

Impact Justification

Affects trading conditions for 10 securities under GSM framework with varying stages of surveillance