Description

Five securities are being moved to different stages of the Graded Surveillance Measure framework, with one security exiting GSM due to IBC Framework inclusion and four securities moving to Stages I and II.

Summary

BSE has announced the movement of five securities across different stages of the Graded Surveillance Measure (GSM) framework effective December 1, 2025. One security (Tiaan Consumer Ltd) is exiting GSM due to inclusion in the IBC Framework, while four securities are moving to higher surveillance stages (one to Stage I and three to Stage II).

Key Points

  • Tiaan Consumer Ltd (540108) moved to Stage 0 due to inclusion in IBC Framework
  • Triliance Polymers Limited (509046) moved to GSM Stage I
  • Avi Products India Limited (523896) moved to GSM Stage II
  • Shivansh Finserv Limited (539593) moved to GSM Stage II
  • Nirmitee Robotics India Limited (543194) moved to GSM Stage II
  • Securities under IBC Framework are treated separately from GSM Framework

Regulatory Changes

The GSM framework continues to operate as a surveillance mechanism for securities exhibiting abnormal price movements or volatility. Securities can move between different GSM stages based on their trading behavior and compliance status. The IBC Framework takes precedence over GSM for securities undergoing insolvency proceedings.

Compliance Requirements

  • Trading members and investors should note the changed surveillance status of these securities
  • Enhanced disclosure and monitoring requirements apply to securities in higher GSM stages
  • Additional margin requirements and price bands may apply based on GSM stage classification
  • Investors should exercise caution when trading securities under GSM surveillance

Important Dates

  • Effective Date: December 1, 2025
  • GSM stage changes are applicable from the circular date

Impact Assessment

Market Impact: Medium - Five securities face altered trading conditions, with stricter surveillance for those moving to Stages I and II. Trading volumes and liquidity may be affected due to additional restrictions.

Operational Impact: Traders and brokers must adjust risk management systems to account for new GSM classifications. Enhanced monitoring and compliance procedures required for affected securities.

Investor Impact: Investors holding these securities should be aware of increased scrutiny and potential trading restrictions. Tiaan Consumer Ltd’s inclusion in IBC Framework signals potential insolvency proceedings requiring special attention.

Impact Justification

Affects trading conditions for five securities through GSM stage changes, with one security transitioning to IBC Framework indicating insolvency proceedings