Description

BSE announces movement of 8 securities across different stages of the Graded Surveillance Measure (GSM) framework, with one security moving out and seven moving into GSM stages.

Summary

BSE has announced changes in the Graded Surveillance Measure (GSM) classification for 8 securities effective December 15, 2025. One security (Ortel Communications Ltd) is moving out of GSM framework due to inclusion in IBC Framework, while six securities are entering GSM Stage I (Mardia Samyoung Capillary Tube, Oswal Yarns Ltd, Sunraj Diamond Exports Ltd, Shakti Press Ltd, Aris International Ltd, and Fraser And Company Limited), and one security (Kashyap Tele-Medicines Limited) is moving to GSM Stage IV.

Key Points

  • 1 security moving out of GSM framework (Stage 0): Ortel Communications Ltd (539015) - moved due to IBC Framework inclusion
  • 6 securities entering GSM Stage I: Mardia Samyoung Capillary Tube, Oswal Yarns Ltd, Sunraj Diamond Exports Ltd, Shakti Press Ltd, Aris International Ltd, Fraser And Company Limited
  • 1 security moving to GSM Stage IV: Kashyap Tele-Medicines Limited (531960)
  • Securities moving to lower GSM stages may be due to inclusion in ESM (Enhanced Surveillance Measure) or IBC (Insolvency and Bankruptcy Code) frameworks
  • Ortel Communications classification aligned with NSE

Securities Details

Moving Out of GSM (Stage 0)

  • Ortel Communications Ltd (539015, INE849L01019) - Moving out due to IBC Framework

Moving to GSM Stage I

  • Mardia Samyoung Capillary Tube (513544, INE277E01026)
  • Oswal Yarns Ltd (514460, INE670H01017)
  • Sunraj Diamond Exports Ltd (523425, INE459D01014)
  • Shakti Press Ltd (526841, INE794C01016)
  • Aris International Ltd (531677, INE588E01026)
  • Fraser And Company Limited (539032, INE184Q01010)

Moving to GSM Stage IV

  • Kashyap Tele-Medicines Limited (531960, INE108B01029)

Regulatory Changes

The Graded Surveillance Measure (GSM) framework applies enhanced surveillance and trading restrictions to securities based on various risk parameters. Movement to higher GSM stages typically results in:

  • Additional disclosure requirements
  • Trading restrictions (price bands, trade-for-trade settlement)
  • Increased margin requirements
  • Enhanced monitoring by the exchange

Securities may move to lower GSM stages when included in other surveillance frameworks like ESM or IBC.

Compliance Requirements

  • Market participants must note the revised GSM classifications for affected securities
  • Traders should be aware of applicable trading restrictions and additional margins for securities in GSM stages
  • Investors should exercise due diligence when trading in securities under surveillance measures
  • Brokers must ensure compliance with enhanced surveillance requirements for these securities

Important Dates

  • Effective Date: December 15, 2025

Impact Assessment

Market Impact: Medium - The movement of securities into different GSM stages affects liquidity and trading conditions. Stage I securities face initial surveillance measures, while Kashyap Tele-Medicines moving to Stage IV faces the most stringent restrictions.

Trading Impact: Securities in GSM stages typically experience reduced liquidity due to additional restrictions such as price-to-price delivery, higher margins, and reduced retail participation. The movement to Stage IV for Kashyap Tele-Medicines indicates heightened concerns requiring maximum surveillance.

Investor Impact: Investors holding these securities should be aware of enhanced surveillance measures and potential impact on liquidity and volatility. The inclusion of Ortel Communications in IBC Framework indicates insolvency proceedings, which has significant implications for shareholders.

Impact Justification

Affects 8 securities with varying levels of surveillance restrictions; GSM framework impacts trading conditions and investor participation but changes are routine surveillance actions