Description

Six securities are being moved to different stages of the Graded Surveillance Measure (GSM) framework, with four securities moving to Stage I and two securities moving to Stage III.

Summary

BSE has announced the movement of six securities into various stages of the Graded Surveillance Measure (GSM) framework. Four securities are being moved to Stage I of GSM, while two securities are being moved to Stage III. The circular also notes that certain securities marked with special symbols may move to lower GSM stages due to inclusion in ESM (Enhanced Surveillance Measure) Framework or IBC (Insolvency and Bankruptcy Code) Framework.

Key Points

  • Four securities moving to GSM Stage I: N2N Technologies Limited, Kashyap Tele-Medicines Limited, Hari Govind International Ltd., and Kcd Industries India Limited
  • Two securities moving to GSM Stage III: Monind Limited and Decorous Investment And Trading Co. Ltd.
  • Securities marked with (#) symbol move to lower GSM stages due to ESM Framework inclusion
  • Securities marked with ($) symbol move to lower GSM stages due to IBC Framework inclusion
  • Some data references NSE classifications

Securities Affected

Moving to GSM Stage I:

  1. N2N Technologies Limited (Security Code: 512279, ISIN: INE043F01011)
  2. Kashyap Tele-Medicines Limited (Security Code: 531960, ISIN: INE108B01029)
  3. Hari Govind International Ltd. (Security Code: 531971, ISIN: INE167F01018)
  4. Kcd Industries India Limited (Security Code: 540696, ISIN: INE185U01035)

Moving to GSM Stage III:

  1. Monind Limited (Security Code: 532078, ISIN: INE407E01029)
  2. Decorous Investment And Trading Co. Ltd. (Security Code: 539405, ISIN: INE183R01010)

Regulatory Framework

The Graded Surveillance Measure (GSM) is a framework implemented by stock exchanges to enhance market integrity and safeguard investor interests. Securities are placed in different GSM stages based on specific criteria, with each stage having progressively stringent trading conditions including:

  • Higher margin requirements
  • Reduced price bands
  • Additional disclosure requirements
  • Periodic auction settlement

Movement to higher GSM stages indicates increased surveillance and stricter trading controls.

Compliance Requirements

  • Investors and traders dealing in these securities must be aware of the enhanced surveillance measures applicable
  • Higher margin requirements will apply for trading in these securities
  • Brokers must ensure compliance with GSM-specific margin and trading rules
  • Market participants should review their positions in these securities

Important Dates

  • Circular Date: December 8, 2025
  • Effective date for GSM stage migration to be determined by exchange

Impact Assessment

Trading Impact: The movement of these securities into GSM stages will result in stricter trading conditions, including higher margins and potentially reduced liquidity. Stage I represents initial surveillance while Stage III represents more stringent measures.

Investor Impact: Investors holding these securities should be prepared for increased margin requirements and may experience reduced trading volumes due to enhanced surveillance measures. Those in Stage III securities face more stringent restrictions.

Market Impact: Limited broader market impact as these are specific securities with likely lower trading volumes. However, the measure demonstrates exchange vigilance in maintaining market integrity.

Impact Justification

Movement of securities into GSM stages affects trading conditions and margin requirements for these specific stocks, impacting investors and traders dealing in these securities