Description

Five securities are being moved to different GSM stages, including Apt Packaging Ltd., Nirmitee Robotics India Limited, SGN Telecoms Ltd., Harig Crankshafts Ltd., and Eurotex Industries and Exports Ltd.

Summary

BSE has announced the movement of five securities into their respective Graded Surveillance Measure (GSM) stages effective from November 6, 2025. The GSM framework is a surveillance mechanism designed to alert investors about securities that have witnessed abnormal price rise and alert them to be cautious while dealing in such securities. The affected securities are moving to different stages ranging from Stage I to Stage IV.

Key Points

  • Five securities are being moved to different GSM stages
  • Apt Packaging Ltd. (Security Code: 506979, ISIN: INE046E01025) moving to GSM Stage I
  • Nirmitee Robotics India Limited (Security Code: 543194, ISIN: INE0CPQ01010) moving to GSM Stage I
  • SGN Telecoms Ltd. (Security Code: 531812, ISIN: INE266C01023) moving to GSM Stage II
  • Harig Crankshafts Ltd. (Security Code: 500178, ISIN: INE905C01034) moving to GSM Stage III
  • Eurotex Industries and Exports Ltd. (Security Code: 521014, ISIN: INE022C01012) moving to GSM Stage IV (as per NSE)
  • Securities marked (#) move to lower GSM stage due to inclusion in ESM Framework
  • Securities marked ($) move to lower GSM stage due to inclusion in IBC Framework

Regulatory Changes

The movement of securities to different GSM stages introduces progressively stricter surveillance measures:

  • Stage I: Initial surveillance stage with additional disclosure requirements
  • Stage II: Enhanced surveillance with increased margin requirements
  • Stage III: Further tightened surveillance measures
  • Stage IV: Highest level of surveillance with most stringent trading conditions

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

  • Investors and trading members must be aware of the GSM stage applicable to these securities
  • Enhanced due diligence is required before trading in securities under GSM stages
  • Margin requirements may increase based on the GSM stage
  • Trading members must ensure compliance with additional reporting and disclosure requirements for securities in higher GSM stages
  • Investors should exercise caution and conduct thorough research before investing in these securities

Important Dates

  • Effective Date: November 6, 2025 - Securities move to their respective GSM stages

Impact Assessment

Trading Impact: The movement of these securities to different GSM stages will result in:

  • Increased trading restrictions and margin requirements
  • Additional price bands or circuit filters may apply
  • Reduced liquidity as some investors may avoid securities under surveillance
  • Higher transaction costs due to increased margins

Investor Impact: Investors holding or planning to trade these securities should:

  • Be aware of the increased risk profile indicated by GSM classification
  • Understand that higher GSM stages indicate greater concern about price volatility
  • Exercise enhanced caution and conduct thorough due diligence
  • Be prepared for potential further restrictions if securities move to higher stages

Market Impact: The GSM framework serves as an early warning system for market participants about securities exhibiting unusual price movements or other concerns. The movement of Eurotex Industries to Stage IV (the highest stage) indicates significant surveillance concerns for that security.

Impact Justification

Movement of securities through GSM stages indicates increased surveillance due to price volatility or other concerns, affecting trading conditions for these specific securities.