Description

BSE announces movement of 7 securities into various stages of Graded Surveillance Measure (GSM) framework for enhanced monitoring.

Summary

BSE has announced the migration of 7 securities into various stages of the Graded Surveillance Measure (GSM) framework. Two securities are moving to Stage I, two to Stage II, and three to Stage III. This framework applies enhanced surveillance and trading restrictions to securities based on specific criteria to protect investor interests.

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 stricter surveillance measures and trading restrictions
  • Securities marked with special symbols may be subject to additional frameworks (ESM or IBC)

Securities Affected

Stage I

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

Stage II

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

Stage III

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

Regulatory Framework

The Graded Surveillance Measure (GSM) is a progressive framework where securities are placed under enhanced surveillance based on specific market criteria. The framework has multiple stages, with each successive stage imposing stricter surveillance and trading conditions.

Compliance Requirements

  • Investors should be aware of the GSM status of these securities before trading
  • Trading members must ensure compliance with applicable surveillance measures for each GSM stage
  • Additional disclosure and risk warnings may apply to trades in GSM securities
  • Securities in higher GSM stages may be subject to price bands, trade-for-trade settlement, or other restrictions

Important Dates

  • Effective Date: October 29, 2025 (as per circular date)

Impact Assessment

Market Impact: Medium - The movement of these 7 securities into GSM stages will result in enhanced surveillance and potential trading restrictions. Investors in these securities should expect increased scrutiny and may face additional requirements or limitations when trading.

Liquidity Impact: Securities in higher GSM stages typically experience reduced liquidity due to stricter trading conditions and increased investor caution.

Investor Awareness: This circular serves as an important alert for investors holding or considering positions in these securities to understand the elevated risk profile and surveillance measures applicable to them.

Impact Justification

Affects 7 securities with enhanced surveillance measures that impact trading conditions and investor awareness requirements