Description

Three securities are being moved to higher GSM stages: Ador Multiproducts Ltd. to Stage II, and Apt Packaging Ltd. and Indergiri Finance Ltd. to Stage III.

Summary

BSE has announced the movement of three securities into higher stages of the Graded Surveillance Measure (GSM) framework. Ador Multiproducts Ltd. is moving to GSM Stage II, while Apt Packaging Ltd. and Indergiri Finance Ltd. are moving to GSM Stage III. The GSM framework is designed to alert investors about securities that have witnessed abnormal price rise and abnormal trading volume.

Key Points

  • Ador Multiproducts Ltd. (Security Code: 523120, ISIN: INE628D01014) moved to GSM Stage II
  • Apt Packaging Ltd. (Security Code: 506979, ISIN: INE046E01025) moved to GSM Stage III
  • Indergiri Finance Ltd. (Security Code: 531505, ISIN: INE628F01019) moved to GSM Stage III
  • Securities can move to lower GSM stages if included in ESM Framework (marked #) or IBC Framework (marked $)
  • Movement based on NSE classification as indicated

Regulatory Changes

No new regulatory changes. This circular implements the existing Graded Surveillance Measure framework which subjects securities to enhanced surveillance based on price and volume movements.

Compliance Requirements

  • Investors trading in these securities should be aware of the enhanced surveillance measures
  • Trading members must comply with additional margin requirements and trading restrictions applicable to securities in higher GSM stages
  • Stage III securities typically have more stringent requirements including higher margins and reduced leverage

Important Dates

  • Effective Date: December 04, 2025

Impact Assessment

The movement of these securities to higher GSM stages will result in:

  • Increased trading margins for investors
  • Additional scrutiny on price and volume movements
  • Potential reduction in trading liquidity due to stricter trading conditions
  • Enhanced disclosure requirements for unusual market activity
  • Investors should exercise caution when trading these securities as they have exhibited abnormal price/volume behavior warranting regulatory surveillance

Impact Justification

Movement to higher GSM stages indicates increased surveillance on these securities due to price volatility or other concerns, affecting trading conditions and investor confidence