Description

BSE notification regarding 5 securities moving into various stages of the Graded Surveillance Measure framework effective November 27, 2025.

Summary

BSE has announced that 5 securities will be moved into their respective Graded Surveillance Measure (GSM) stages. One security (Avi Products India Ltd) is moving to GSM Stage I, while four securities (Integra Switchgear Ltd, VK Global Industries Ltd, Gopal Iron & Steels Company Gujarat Ltd, and Soni Medicare Ltd) are moving to GSM Stage III. The GSM framework is designed to alert investors about securities exhibiting abnormal price movements or other concerns.

Key Points

  • Total 5 securities are being placed under enhanced surveillance
  • 1 security moving to GSM Stage I (early surveillance)
  • 4 securities moving to GSM Stage III (higher surveillance level)
  • Securities can move to lower GSM stages if included in ESM (Enhanced Surveillance Measure) or IBC (Insolvency and Bankruptcy Code) frameworks
  • Movement effective from November 27, 2025

Regulatory Changes

No new regulatory changes introduced. This circular implements the existing GSM framework to specific securities based on their trading patterns and compliance status.

Compliance Requirements

  • Trading members must ensure awareness of GSM restrictions applicable to these securities
  • Enhanced disclosure and risk warnings required for trades in GSM securities
  • Additional margin requirements and trading restrictions may apply based on GSM stage
  • Investors should exercise caution when trading in securities under GSM framework

Important Dates

  • Effective Date: November 27, 2025

Impact Assessment

Securities Affected:

  1. Avi Products India Ltd (523896) - Moving to GSM Stage I
  2. Integra Switchgear Ltd (517423) - Moving to GSM Stage III
  3. VK Global Industries Ltd (530177) - Moving to GSM Stage III
  4. Gopal Iron & Steels Company Gujarat Ltd (531913) - Moving to GSM Stage III
  5. Soni Medicare Ltd (539378) - Moving to GSM Stage III

Market Impact: Limited to specific securities. Stage I placement indicates early warning for abnormal price movements, while Stage III represents higher surveillance with stricter trading conditions. Investors holding these securities may face:

  • Reduced liquidity due to additional margin requirements
  • Price-to-price delivery requirements
  • Trade-for-trade settlement
  • Potential difficulty in position squaring

Investor Impact: Moderate risk for holders of these securities. Enhanced surveillance measures aim to protect investors but may restrict trading flexibility.

Impact Justification

Affects 5 securities with enhanced surveillance measures; impacts trading conditions for these specific stocks but limited market-wide impact