Description
BSE announces movement of four securities across GSM stages, including Phaarmasia Ltd moving to GSM Stage 0 and three others moving to Stages I and II.
Summary
BSE has announced changes in Graded Surveillance Measure (GSM) stages for four securities effective November 28, 2025. One security is moving to GSM Stage 0, one to Stage I, and two to Stage II. Notably, Phaarmasia Ltd is moving to a lower GSM stage due to its inclusion in the Enhanced Surveillance Measure (ESM) Framework.
Key Points
- Four securities are being reclassified across different GSM stages
- Phaarmasia Ltd (523620) moves to GSM Stage 0 due to ESM Framework inclusion
- Tiaan Consumer Limited (540108) moves to GSM Stage I
- Starcom Information Technology (531616) and LCC Infotech Ltd (532019) move to GSM Stage II
- Securities moving to lower GSM stages may be subject to other surveillance frameworks (ESM or IBC)
Regulatory Changes
The GSM Framework is a surveillance mechanism that places securities in different stages based on various risk parameters. Movement to higher GSM stages typically indicates increased surveillance requirements, while movement to lower stages for specific securities may indicate application of more stringent frameworks like ESM or IBC.
Compliance Requirements
- Market participants should note the changed GSM stage classifications for these securities
- Trading members must adhere to applicable surveillance measures for each GSM stage
- Additional restrictions and monitoring applicable as per the respective GSM stage guidelines
- Securities under ESM or IBC frameworks are subject to those specific compliance requirements
Important Dates
- Effective Date: November 28, 2025
Impact Assessment
Trading Impact: Securities moving to higher GSM stages face increased surveillance, which may include additional margin requirements, price bands, or trading restrictions. This could affect liquidity and trading volumes.
Investor Impact: Investors holding or planning to trade these securities should be aware of applicable surveillance measures that may impact execution and settlement.
Market Impact: Limited market-wide impact as only four securities are affected. However, Phaarmasia Ltd’s movement to lower GSM due to ESM inclusion suggests heightened concerns requiring stricter oversight.
Securities Details
| Security Code | ISIN | Security Name | New GSM Stage | Special Notes |
|---|---|---|---|---|
| 523620 | INE486I01016 | Phaarmasia Ltd | Stage 0 | Moving lower due to ESM Framework inclusion |
| 540108 | INE864T01011 | Tiaan Consumer Limited | Stage I | - |
| 531616 | INE347I01010 | Starcom Information Technology | Stage II | - |
| 532019 | INE938A01021 | LCC Infotech Ltd | Stage II | - |
Impact Justification
Affects trading and surveillance parameters for four securities, with Phaarmasia Ltd moving to lower GSM stage due to ESM inclusion