Description

BSE announces movement of 13 securities into various stages of Graded Surveillance Measure (GSM) framework for enhanced monitoring.

Summary

BSE has announced the movement of 13 securities into different stages of the Graded Surveillance Measure (GSM) framework. Eight securities are moving to GSM Stage I, four securities to Stage II, and one security to Stage III. Securities placed under GSM are subject to enhanced surveillance due to concerns about price movements, volatility, or other market integrity issues.

Key Points

  • 8 securities moved to GSM Stage I (initial surveillance level)
  • 4 securities moved to GSM Stage II (elevated surveillance)
  • 1 security moved to GSM Stage III (highest surveillance level)
  • Securities under GSM face additional trading restrictions and monitoring
  • Some securities may move to lower GSM stages if included in ESM or IBC frameworks

Details of Securities

Moving to GSM Stage I:

  1. Ganon Products Limited (512443)
  2. Mfs Intercorp Ltd. (513721)
  3. Polo Hotels Ltd. (526687)
  4. RSC International Ltd. (530179)
  5. Mega Fin (India) Ltd. (532105)
  6. Noida Toll Bridge Company Ltd. (532481)
  7. Yaan Enterprises Limited (538521)
  8. Shashank Traders Limited (540221)

Moving to GSM Stage II:

  1. Mathew Easow Research Securities (511688)
  2. JMG Corporation Ltd. (523712)
  3. Sparkle Gold Rock Limited (530037)
  4. Kashyap Tele-Medicines Limited (531960)

Moving to GSM Stage III:

  1. Woodsvilla Ltd. (526959)

Regulatory Framework

  • Securities marked (#) may move to lower GSM stages if included in Enhanced Surveillance Measure (ESM) Framework
  • Securities marked ($) may move to lower GSM stages if included in Insolvency and Bankruptcy Code (IBC) Framework
  • NSE classification is used as reference where applicable

Compliance Requirements

  • Investors should be aware of additional surveillance measures applicable to these securities
  • Trading members must ensure compliance with GSM-related circulars and guidelines
  • Enhanced disclosure and monitoring requirements apply to listed companies under GSM

Important Dates

  • Effective Date: December 10, 2025

Impact Assessment

The placement of securities in GSM stages indicates regulatory concerns about their trading behavior, liquidity, or compliance status. Higher GSM stages typically result in reduced trading activity, increased margin requirements, and lower investor confidence. Investors holding these securities should exercise heightened caution and stay updated on company developments. Companies may face reputational impact and need to address underlying issues to exit GSM surveillance.

Impact Justification

Affects 13 securities moving into heightened surveillance stages, indicating regulatory concerns about their trading patterns or compliance, which impacts tradability and investor perception.