Description

Three securities are being moved to higher GSM stages: Tejassvi Aaharam Limited and Binny Mills Ltd. to Stage II, and Yaari Digital Integrated Services Ltd to Stage III.

Summary

BSE has announced the movement of three securities into higher stages of the Graded Surveillance Measure (GSM) framework. Tejassvi Aaharam Limited (Security Code: 531628, ISIN: INE173E01019) and Binny Mills Ltd. (Security Code: 535620, ISIN: INE160L01011) are being moved to GSM Stage II. Yaari Digital Integrated Services Ltd (Security Code: 533520, ISIN: INE126M01010) is being moved to GSM Stage III, indicating more stringent surveillance requirements.

Key Points

  • Three securities are moving to higher GSM stages effective immediately
  • Tejassvi Aaharam Limited moving to GSM Stage II
  • Binny Mills Ltd. moving to GSM Stage II
  • Yaari Digital Integrated Services Ltd moving to GSM Stage III (highest level among the three)
  • Securities marked (#) may move lower in GSM Framework due to inclusion in ESM Framework
  • Securities marked ($) may move lower in GSM Framework due to inclusion in IBC Framework
  • Movement aligned with NSE as indicated by (*) notation

Regulatory Changes

The GSM framework applies progressive surveillance measures to securities exhibiting abnormal price movements or trading patterns. Higher GSM stages typically involve:

  • Additional disclosure requirements
  • Trade-for-trade settlement (no intraday squaring off)
  • 100% upfront margin requirements
  • Price bands and other trading restrictions
  • Enhanced reporting obligations

Compliance Requirements

  • Trading members must ensure compliance with enhanced margin requirements for these securities
  • Clients trading in these securities must provide 100% upfront margins
  • All trades will be settled on a delivery basis with no intraday trading permitted
  • Brokers must inform clients about the GSM classification and associated restrictions
  • Market participants should review their positions in affected securities

Important Dates

  • Effective Date: October 30, 2025 (as per circular date)
  • The GSM stage changes are applicable from the date of this circular

Impact Assessment

Market Impact: High - Movement to higher GSM stages significantly restricts trading flexibility and reduces liquidity in affected securities. Stage III placement for Yaari Digital indicates serious concerns requiring maximum surveillance.

Trading Impact: Investors holding these securities will face trade-for-trade settlement requirements, eliminating intraday trading opportunities and requiring full upfront capital for purchases.

Liquidity Impact: Expected sharp decline in trading volumes due to stricter requirements, potentially widening bid-ask spreads and making position exits more challenging.

Investor Considerations: Current holders should evaluate their positions carefully. New investors should exercise extreme caution and thoroughly assess the reasons for GSM classification before investing in these securities.

Impact Justification

Movement to higher GSM stages indicates increased surveillance and trading restrictions for affected securities, significantly impacting liquidity and investor access.