Description
BSE circular listing securities moving into their respective GSM stages, including one security moving to stage 0 and four securities moving to stage I.
Summary
BSE has announced changes to the Graded Surveillance Measure (GSM) framework affecting five securities. SSPN Finance Ltd is moving to GSM Stage 0 due to inclusion in the Enhanced Surveillance Measure (ESM) Framework. Four other securities - Senthil Infotek Ltd, Auto Pins (India) Ltd, Polymac Thermoformers Ltd, and Soni Medicare Limited - are moving to GSM Stage I, indicating increased surveillance requirements.
Key Points
- Five securities are moving into different GSM stages
- SSPN Finance Ltd (539026) moving to GSM Stage 0 (marked # for ESM Framework inclusion)
- Four securities moving to GSM Stage I: Senthil Infotek Ltd, Auto Pins (India) Ltd, Polymac Thermoformers Ltd, and Soni Medicare Limited
- Securities in GSM are subject to enhanced surveillance and trading restrictions
- Movement to lower GSM stage for SSPN Finance is due to inclusion in ESM Framework
Regulatory Changes
The GSM framework applies enhanced surveillance measures to securities based on specific criteria. Securities marked with (#) are moving to lower GSM stages due to inclusion in the ESM Framework, while those marked with ($) move lower due to inclusion in the IBC Framework.
Securities Affected
| Security Code | ISIN | Security Name | GSM Stage |
|---|---|---|---|
| 539026 | INE820R01017 | SSPN Finance Ltd# | 0 |
| 531980 | INE564B01015 | Senthil Infotek Ltd | I |
| 531994 | INE706C01028 | Auto Pins (India) Ltd | I |
| 537573 | INE826P01018 | Polymac Thermoformers Ltd | I |
| 539378 | INE848R01018 | Soni Medicare Limited | I |
Compliance Requirements
- Trading members and investors should be aware of enhanced surveillance measures applicable to these securities
- Securities in GSM Stage I face additional monitoring and may have trading restrictions
- Market participants should review GSM framework requirements for affected securities
Important Dates
- Circular Date: November 24, 2025
- Effective Date: As per BSE implementation schedule
Impact Assessment
The movement of these securities into GSM stages will result in enhanced surveillance and potential trading restrictions. Investors holding these securities should be aware of the increased monitoring. SSPN Finance’s inclusion in ESM Framework indicates heightened regulatory concerns. The four securities moving to GSM Stage I will face initial surveillance measures that could impact liquidity and trading activity.
Impact Justification
Affects five securities with increased surveillance measures. SSPN Finance moved to lower GSM stage due to ESM Framework inclusion. Four securities moved to GSM Stage I, impacting their trading conditions.