Graded Surveillance Measure (GSM) - Securities Moving to GSM Stages

Description

Three securities are moving to different GSM stages: Caprolactam Chemicals Ltd to Stage I, and Indsoya Ltd and Sybly Industries Ltd to Stage II.

Summary

BSE has announced the movement of three securities into their respective Graded Surveillance Measure (GSM) stages effective from the specified date. Caprolactam Chemicals Ltd (Security Code: 507486, ISIN: INE470N01010) is moving to GSM Stage I, while Indsoya Ltd (Security Code: 503639, ISIN: INE314N01028) and Sybly Industries Ltd (Security Code: 531499, ISIN: INE080D01042) are moving to GSM Stage II.

Key Points

• Three securities are moving to different GSM stages under the surveillance framework
• Caprolactam Chemicals Ltd is being moved to GSM Stage I
• Indsoya Ltd and Sybly Industries Ltd are being moved to GSM Stage II
• Securities marked with (#) may move to lower GSM stages due to inclusion in ESM Framework
• Securities marked with ($) may move to lower GSM stages due to inclusion in IBC Framework
• Additional criteria may apply as per NSE (*)

Regulatory Changes

This circular implements the Graded Surveillance Measure framework designed to alert investors about securities exhibiting abnormal price movements or other concerning characteristics. The GSM framework operates in stages (Stage I being the initial stage) with progressively stricter surveillance measures at higher stages.

Compliance Requirements

• Investors trading in these securities should be aware of the enhanced surveillance measures applicable to GSM securities
• Market participants must comply with additional margin requirements and trading restrictions applicable to securities under GSM
• Stage II securities typically have stricter surveillance measures compared to Stage I

Important Dates

• Effective Date: December 2, 2025 (or next trading day)

Impact Assessment

Trading Impact: Securities moving to GSM stages will face enhanced surveillance measures including potential price bands, additional margins, and trading restrictions. Stage II securities face more stringent measures than Stage I.

Investor Impact: Investors holding or trading these securities should exercise increased caution. GSM classification indicates the exchange has identified concerns requiring enhanced monitoring.

Liquidity Impact: GSM measures may reduce liquidity in affected securities as additional margin requirements and trading restrictions could deter some market participants.

Affected Securities Details

Impact Justification

Routine surveillance measure affecting three securities with stage movements. Impacts trading conditions but is part of regular monitoring framework.