Description

Four securities moved to higher GSM stages: ECS Biztech to Stage II, Gravity (India) to Stage III, and Pasupati Fincap and Shah Foods to Stage IV.

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 can move to lower GSM stages if included in ESM or IBC frameworks

Regulatory Changes

Movement to higher GSM stages imposes stricter surveillance measures including:

  • Additional disclosures and reporting requirements
  • Tighter price bands and surveillance monitoring
  • Potential trading restrictions based on stage level
  • Enhanced scrutiny of trading patterns

Compliance Requirements

  • Listed companies must comply with enhanced disclosure requirements applicable to their respective GSM stages
  • Trading members should be aware of the applicable surveillance measures for these securities
  • Investors should note the increased surveillance and associated trading restrictions

Important Dates

  • Effective Date: November 21, 2025
  • Stage movements take effect immediately upon notification

Impact Assessment

The movement to higher GSM stages will result in:

  • Reduced liquidity in affected securities due to stricter trading conditions
  • Increased monitoring and compliance burden on listed companies
  • Potential impact on investor sentiment and trading volumes
  • Stage IV securities face the most stringent surveillance measures, significantly affecting trading activity
  • Movement indicates concerns about price volatility or other surveillance triggers in these securities

Impact Justification

Movement to higher GSM stages increases trading restrictions and surveillance for affected securities, directly impacting liquidity and trading conditions for these four stocks