Description

Four securities have been moved to higher stages under the Graded Surveillance Measure (GSM) framework, including Ecs Biztech Limited, Gravity (India) Ltd., Pasupati Fincap Ltd., and Shah Foods Ltd.

Summary

BSE has announced the movement of four securities into higher stages of the Graded Surveillance Measure (GSM) framework. Ecs Biztech Limited moves to Stage II, Gravity (India) Ltd. moves to Stage III, while Pasupati Fincap Ltd. and Shah Foods Ltd. both move to Stage IV, the highest surveillance stage.

Key Points

  • Ecs Biztech Limited (540063, INE925Q01024) moved to GSM Stage II
  • Gravity (India) Ltd. (532015, INE995A01013) moved to GSM Stage III
  • Pasupati Fincap Ltd. (511734, INE527C01010) moved to GSM Stage IV
  • Shah Foods Ltd. (519031, INE455D01012) moved to GSM Stage IV
  • Securities may move to lower GSM stages if included in ESM or IBC frameworks

Regulatory Changes

The GSM framework applies progressive surveillance measures based on various parameters including price volatility, turnover, and market capitalization. Movement to higher stages results in stricter trading conditions including price bands, trade-for-trade settlement, and additional margin requirements.

Compliance Requirements

  • Investors trading in these securities must be aware of enhanced surveillance conditions
  • Trading members must ensure compliance with applicable margins and settlement procedures for GSM securities
  • Additional disclosure and due diligence requirements may apply for transactions in Stage III and Stage IV securities

Important Dates

  • Effective Date: November 21, 2025 (circular date)

Impact Assessment

Movement to higher GSM stages typically results in reduced liquidity, wider bid-ask spreads, and increased trading costs due to additional margin requirements. Stage IV securities face the most stringent restrictions, potentially limiting investor participation. Investors should exercise caution and conduct thorough due diligence before trading in these securities.

Impact Justification

Movement to higher GSM stages indicates increased surveillance and trading restrictions for affected securities, impacting liquidity and investor sentiment for these specific stocks