Description

BSE announces movement of 7 securities into different stages of Graded Surveillance Measure (GSM) framework, with companies moving to Stage I, II, and III.

Summary

BSE has announced the movement of 7 securities into different stages of the Graded Surveillance Measure (GSM) framework. The framework is designed to alert investors about securities exhibiting abnormal price movements or other risk parameters. Two securities are moving to Stage I, two to Stage II, and three to Stage III.

Key Points

  • 2 securities moving to GSM Stage I: Ganon Products Limited and Restile Ceramics Ltd.
  • 2 securities moving to GSM Stage II: Adarsh Plant Protect Ltd. and Cindrella Financial Services Ltd.
  • 3 securities moving to GSM Stage III: Rkd Agri And Retail Limited, Revati Media Limited, and Gujarat Lease Financing Ltd
  • Higher GSM stages typically involve increased additional surveillance deposit (ASD) and trading restrictions
  • Securities marked with special symbols may be moving to lower GSM stages due to inclusion in ESM or IBC frameworks
  • Gujarat Lease Financing Ltd movement is as per NSE classification

Securities Moving to GSM Stages

Stage I

  • Ganon Products Limited (Security Code: 512443, ISIN: INE162L01017)
  • Restile Ceramics Ltd. (Security Code: 515085, ISIN: INE298E01022)

Stage II

  • Adarsh Plant Protect Ltd. (Security Code: 526711, ISIN: INE627D01016)
  • Cindrella Financial Services Ltd. (Security Code: 531283, ISIN: INE897D01015)

Stage III

  • Rkd Agri And Retail Limited (Security Code: 511169, ISIN: INE552N01023)
  • Revati Media Limited (Security Code: 524504, ISIN: INE270D01015)
  • Gujarat Lease Financing Ltd (Security Code: 500174, ISIN: INE540A01017) - As per NSE

Regulatory Changes

These securities will be subject to the GSM framework requirements at their respective stages, which includes:

  • Additional Surveillance Deposit (ASD) requirements that increase with each stage
  • Trading only in Trade-for-Trade (TFT) segment
  • Price bands as applicable
  • Additional disclosures and monitoring

Compliance Requirements

  • Investors trading in these securities must be aware of the GSM stage restrictions
  • Brokers must collect additional margins as per GSM framework requirements
  • Companies must comply with enhanced disclosure requirements under surveillance
  • Settlement will be on T+1 basis with no intraday netting

Important Dates

  • Effective Date: October 29, 2025 (date of circular issuance)
  • The GSM stage movement would be effective from the next trading session

Impact Assessment

Market Impact: Medium - The movement to higher GSM stages indicates these securities have exhibited characteristics warranting increased surveillance. This may reduce liquidity and increase trading costs due to higher margin requirements.

Trading Impact: Investors in these securities will face additional margin requirements and trading restrictions. Stage III securities face the highest level of surveillance with significant ASD requirements.

Investor Alert: The GSM framework serves as a cautionary mechanism for investors. Securities in higher GSM stages require careful evaluation before investment due to underlying concerns about price volatility or corporate governance issues.

Impact Justification

Movement to GSM stages indicates increased surveillance due to price volatility or other concerns. Impacts trading in these specific securities with additional restrictions and margins.