Description

BSE circular announcing the movement of six securities into various stages of the Graded Surveillance Measure (GSM) framework, including South Asian Enterprises, Sarda Proteins, Gujarat Lease Financing, Wardwizard Healthcare, Kashyap Tele-Medicines, and JMG Corporation.

Summary

BSE has announced the placement of six securities into different stages of the Graded Surveillance Measure (GSM) framework. The circular lists securities moving into GSM Stages I through IV, with one security entering Stage I, one entering Stage II, three entering Stage III, and one entering Stage IV. The GSM framework is designed to alert investors about securities exhibiting abnormal price movements or other risk characteristics.

Key Points

  • South Asian Enterprises Ltd (526477) moved to GSM Stage I
  • Sarda Proteins Ltd (519242) moved to GSM Stage II
  • Gujarat Lease Financing Ltd (500174) moved to GSM Stage III
  • Wardwizard Healthcare Ltd (512063) moved to GSM Stage III
  • Kashyap Tele-Medicines Ltd (531960) moved to GSM Stage III
  • JMG Corporation Ltd (523712) moved to GSM Stage IV
  • Securities marked (#) may move to lower GSM stages if included in ESM Framework
  • Securities marked ($) may move to lower GSM stages if included in IBC Framework

Regulatory Changes

No new regulatory changes are introduced. This circular implements the existing Graded Surveillance Measure framework as per BSE’s surveillance policies.

Compliance Requirements

  • Trading members must ensure compliance with GSM framework requirements for the affected securities
  • Investors trading in these securities should be aware of the heightened surveillance status
  • Additional margin requirements and trading restrictions may apply based on the GSM stage
  • Price bands, trade-to-trade settlement, or other restrictions may be applicable

Important Dates

  • Circular Date: December 12, 2025
  • Effective Date: As per the circular issuance date

Impact Assessment

The placement of securities into various GSM stages indicates that these stocks have exhibited characteristics warranting enhanced surveillance. Stage I represents the lowest level of surveillance, while Stage IV represents the highest. Securities in higher GSM stages typically face stricter trading restrictions including:

  • Reduced position limits
  • Higher margin requirements
  • Trade-to-trade settlement
  • Price bands or circuit filters
  • Additional disclosure requirements

Investors should exercise caution when trading in these securities and be aware that liquidity may be impacted. The movement into GSM stages serves as a warning mechanism to alert market participants about potential risks associated with these securities.

Impact Justification

This circular affects six securities moving into various GSM stages, which impacts trading conditions and investor participation for these specific stocks. GSM placement indicates heightened surveillance due to various risk factors.