Description

BSE announces movement of 8 securities across different GSM stages, including one security exiting GSM due to IBC Framework inclusion and seven securities moving to various GSM stages.

Summary

BSE has issued a circular detailing the movement of securities across different stages of the Graded Surveillance Measure (GSM) framework. A total of 8 securities are affected, with one security (Ortel Communications Ltd) moving to Stage 0 due to inclusion in the IBC Framework, six securities moving to Stage I, and one security (Kashyap Tele-Medicines Limited) moving to Stage IV.

Key Points

  • 1 security moving to Stage 0: Ortel Communications Ltd (539015) - due to IBC Framework inclusion
  • 6 securities moving to Stage I: Mardia Samyoung Capillary Tube, Oswal Yarns Ltd, Sunraj Diamond Exports Ltd, Shakti Press Ltd, Aris International Ltd, and Fraser And Company Limited
  • 1 security moving to Stage IV: Kashyap Tele-Medicines Limited (531960)
  • Securities marked with ($) are moving lower in GSM Framework due to inclusion in IBC Framework
  • Securities marked with (#) are moving lower in GSM Framework due to inclusion in ESM Framework
  • Ortel Communications movement is as per NSE

Regulatory Changes

The GSM framework stages determine the level of surveillance and trading restrictions applied to securities based on various risk parameters. Movement to higher stages typically involves stricter surveillance measures and trading restrictions.

Compliance Requirements

  • Market participants should note the new GSM stage classifications for affected securities
  • Trading members must comply with applicable GSM stage-specific requirements for these securities
  • Enhanced due diligence may be required for securities in higher GSM stages

Important Dates

  • Circular Date: December 15, 2025
  • Effective Date: As specified by BSE (refer to circular for implementation timeline)

Impact Assessment

Securities Moving to Stage I (6 stocks): These securities will face initial surveillance measures including additional disclosure requirements and potential trading restrictions.

Security Moving to Stage IV (1 stock): Kashyap Tele-Medicines Limited faces the highest level of surveillance with significant trading restrictions, including potential additional surveillance deposit requirements and price bands.

Security Exiting to Stage 0 (1 stock): Ortel Communications Ltd moves out of regular GSM framework due to IBC (Insolvency and Bankruptcy Code) proceedings, which supersedes GSM framework applicability.

Investors in these securities should be aware of increased surveillance measures and potential impact on liquidity and trading conditions.

Impact Justification

Affects 8 securities with GSM stage changes impacting trading conditions and surveillance levels for these stocks