Description

BSE announces movement of 10 securities into various Graded Surveillance Measure (GSM) stages ranging from Stage I to Stage IV for enhanced monitoring.

Summary

BSE has placed 10 securities under various stages of the Graded Surveillance Measure (GSM) framework. The securities are being moved to GSM Stages I through IV based on surveillance parameters. Three securities are moving to Stage I, one to Stage II, one to Stage III, and five securities to Stage IV, the highest surveillance level.

Key Points

  • Total 10 securities affected by GSM stage movements
  • Stage I: Williamson Financial Services Ltd, Jauss Polymers Ltd, Gopal Iron & Steels Company Gujarat Ltd
  • Stage II: Senthil Infotek Ltd
  • Stage III: ECS Biztech Ltd
  • Stage IV: India Radiators Ltd, Mehta Securities Ltd, Ashoka Refineries Ltd, JPT Securities Ltd, Bharat Textiles & Proofing Industries Ltd
  • Securities in higher GSM stages face stricter surveillance and trading restrictions
  • Securities may move to lower GSM stages if included in ESM or IBC frameworks

Regulatory Changes

No new regulatory framework changes. This is a routine application of the existing Graded Surveillance Measure (GSM) framework to monitor securities that meet certain surveillance criteria.

Compliance Requirements

  • Investors and market participants should be aware of GSM classification of these securities
  • Trading members must ensure compliance with additional surveillance requirements for these securities
  • Higher GSM stages typically involve additional disclosures, margin requirements, and trading restrictions
  • Market participants should monitor these securities closely for any further regulatory actions

Important Dates

  • Effective Date: November 25, 2025 (circular issue date)

Impact Assessment

Market Impact: Medium - Movement to GSM stages, particularly Stage IV, can significantly impact liquidity and trading volumes in affected securities. Institutional investors may reduce exposure to securities under higher surveillance.

Investor Impact: Investors holding these securities should be aware of increased scrutiny and potential trading restrictions. Stage IV placement indicates serious concerns requiring heightened caution.

Operational Impact: Trading members will need to implement additional surveillance measures and margin requirements for these securities. Price discovery may be affected due to reduced liquidity.

Impact Justification

Movement to GSM stages indicates increased surveillance on these securities due to concerning parameters, affecting trading activity and investor sentiment for the listed companies