Description

Two securities have moved to different GSM stages: Shahi Shipping Ltd moved to Stage 0, and Adjia Technologies Limited moved to Stage II under the Graded Surveillance Measure framework.

Summary

BSE has announced changes in the Graded Surveillance Measure (GSM) stages for two securities. Shahi Shipping Ltd (Security Code: 526508, ISIN: INE825D01016) has moved to GSM Stage 0, marked with (#) indicating it is moving to a lower GSM stage due to inclusion in the Enhanced Surveillance Measure (ESM) Framework. Adjia Technologies Limited (Security Code: 543269, ISIN: INE0G0V01018) has moved to GSM Stage II, indicating increased surveillance requirements.

Key Points

  • Shahi Shipping Ltd moved to GSM Stage 0 (from higher stage)
  • Shahi Shipping’s movement is due to inclusion in ESM Framework
  • Adjia Technologies Limited moved to GSM Stage II (increased surveillance)
  • Securities marked (#) are moving lower in GSM due to ESM Framework inclusion
  • Securities marked ($) move lower in GSM due to IBC Framework inclusion
  • Changes are effective as per the circular date

Regulatory Changes

The circular implements routine GSM framework adjustments where securities are reclassified based on their surveillance requirements. The GSM framework applies graded surveillance measures on securities based on various criteria. When securities are included in other surveillance frameworks like ESM or IBC, they may move to lower GSM stages to avoid duplicate surveillance measures.

Compliance Requirements

  • Trading members must note the changed GSM stages for these securities
  • Enhanced due diligence and surveillance measures apply for Adjia Technologies (Stage II)
  • Special monitoring requirements may apply for Stage II securities
  • Investors and brokers should be aware of the heightened surveillance status
  • Risk management systems should be updated to reflect new GSM classifications

Important Dates

  • Effective Date: November 14, 2025
  • Changes applicable from the date of circular issuance

Impact Assessment

Market Impact: Movement to different GSM stages affects trading dynamics. Adjia Technologies’ move to Stage II may result in reduced liquidity, wider bid-ask spreads, and additional margin requirements. Shahi Shipping’s move to Stage 0 (while being in ESM) indicates transfer to a different surveillance framework rather than reduced monitoring.

Trading Impact: Stage II securities typically face higher margin requirements, position limits, and may have price bands or other trading restrictions. This can impact investor sentiment and trading volumes.

Investor Impact: Investors holding these securities should be aware of enhanced surveillance status and potential trading restrictions. Increased volatility and reduced liquidity may be expected for securities under higher GSM stages.

Impact Justification

GSM stage changes affect trading conditions and investor attention for specific securities. Shahi Shipping moving to Stage 0 (lower surveillance, possibly due to ESM inclusion) has moderate impact, while Adjia Technologies moving to Stage II increases surveillance requirements.