Description
BSE announces movement of 6 securities across different GSM stages, with companies moving to Stage I through Stage IV surveillance measures.
Summary
BSE has announced the movement of 6 securities across different stages of the Graded Surveillance Measure (GSM) framework. The affected companies are being moved to various GSM stages (I to IV) based on surveillance criteria, with enhanced monitoring and trading restrictions applicable at each progressive stage.
Key Points
- 6 securities are being moved to different GSM stages effective from the specified date
- South Asian Enterprises Ltd (526477) moved to GSM Stage I
- Sarda Proteins Ltd (519242) moved to GSM Stage II
- 3 securities moved to GSM Stage III: Gujarat Lease Financing Ltd (500174), Wardwizard Healthcare Ltd (512063), and Kashyap Tele-Medicines Ltd (531960)
- JMG Corporation Ltd (523712) moved to GSM Stage IV
- Securities marked with (#) move to lower GSM stages due to inclusion in ESM Framework
- Securities marked with ($) move to lower GSM stages due to inclusion in IBC Framework
Regulatory Changes
No new regulatory changes introduced. This circular implements existing GSM framework provisions for identified securities based on surveillance parameters.
Compliance Requirements
- Trading members must ensure compliance with stage-specific GSM requirements for affected securities
- Investors should be aware of enhanced surveillance conditions including price bands, trading frequency restrictions, and additional margins applicable at each GSM stage
- Market participants must adhere to disclosure requirements specific to each GSM stage
Important Dates
- Effective Date: 2025-12-12 (as per circular publication date)
Impact Assessment
Market Impact: Medium - Movement to higher GSM stages typically results in reduced liquidity and increased trading costs due to additional surveillance measures includingASM margins, price bands, and trading restrictions.
Operational Impact: Trading in these securities will be subject to stage-specific restrictions which may include reduced price bands, additional surveillance deposit requirements, and periodic call auctions depending on the GSM stage.
Investor Impact: Investors holding or trading these securities should expect increased volatility constraints, potential reduction in trading volumes, and higher margin requirements. Stage IV classification for JMG Corporation represents the highest level of surveillance with strictest trading conditions.
GSM Stage Details
| Security Code | Security Name | Previous Stage | New GSM Stage |
|---|---|---|---|
| 526477 | South Asian Enterprises Ltd | - | Stage I |
| 519242 | Sarda Proteins Ltd | - | Stage II |
| 500174 | Gujarat Lease Financing Ltd | - | Stage III |
| 512063 | Wardwizard Healthcare Ltd | - | Stage III |
| 531960 | Kashyap Tele-Medicines Ltd | - | Stage III |
| 523712 | JMG Corporation Ltd | - | Stage IV |
Impact Justification
Affects trading conditions for 6 securities under enhanced surveillance framework, impacting investor participation and liquidity