Description

BSE announces changes in GSM stages for two securities: Shahi Shipping Ltd moving to Stage 0 and Adjia Technologies Limited moving to Stage II.

Summary

BSE has announced changes in Graded Surveillance Measure (GSM) stages for two securities effective November 14, 2025. Shahi Shipping Ltd (Security Code: 526508, ISIN: INE825D01016) is moving to GSM Stage 0, and Adjia Technologies Limited (Security Code: 543269, ISIN: INE0G0V01018) is moving to GSM Stage II.

Key Points

  • Shahi Shipping Ltd is moving to GSM Stage 0 (lower stage) due to inclusion in Enhanced Surveillance Measure (ESM) Framework
  • Adjia Technologies Limited is moving to GSM Stage II (higher surveillance)
  • Securities marked with (#) indicate movement to lower GSM stage due to ESM Framework inclusion
  • Securities marked with ($) indicate movement to lower GSM stage due to IBC Framework inclusion

Regulatory Changes

The GSM framework continues to be applied to monitor and regulate securities exhibiting abnormal price movements or other irregularities. The movement of securities between GSM stages indicates changing risk profiles and surveillance requirements.

Compliance Requirements

  • Trading members and investors should note the changed GSM stages for these securities
  • Enhanced surveillance conditions apply based on the GSM stage classification
  • Shahi Shipping Ltd is subject to ESM Framework conditions in addition to GSM Stage 0
  • Adjia Technologies Limited is subject to GSM Stage II surveillance conditions

Important Dates

  • Effective Date: November 14, 2025

Impact Assessment

Market Impact: Medium - The circular affects two securities with different surveillance trajectories. Shahi Shipping Ltd’s movement to lower GSM stage (due to ESM inclusion) may indicate serious concerns requiring enhanced monitoring. Adjia Technologies’ move to Stage II increases surveillance on that security.

Trading Impact: Investors and traders in these securities should be aware of the enhanced surveillance measures, which may include additional disclosure requirements, price bands, or trading restrictions depending on the specific GSM/ESM stage conditions.

Investor Awareness: The GSM framework serves as a warning mechanism for investors about securities requiring additional caution due to price volatility, corporate governance issues, or other risk factors.

Impact Justification

GSM stage changes affect trading conditions and investor awareness for listed securities. Shahi Shipping Ltd is moving to lower GSM stage due to ESM framework inclusion, while Adjia Technologies is moving to Stage II surveillance.