Description

Three securities are being moved to various GSM stages: Shashwat Furnishing Solutions Limited to Stage I, while Oswal Yarns Ltd. and Sunraj Diamond Exports Ltd. are moving to Stage III.

Summary

BSE has announced the movement of three securities into different stages of the Graded Surveillance Measure (GSM) framework. Shashwat Furnishing Solutions Limited (Security Code: 543519, ISIN: INE0JMN01019) is being moved to GSM Stage I. Two securities are moving to GSM Stage III: Oswal Yarns Ltd. (Security Code: 514460, ISIN: INE670H01017) and Sunraj Diamond Exports Ltd. (Security Code: 523425, ISIN: INE459D01014).

Key Points

  • One security moving to GSM Stage I (early surveillance stage)
  • Two securities moving to GSM Stage III (advanced surveillance stage)
  • Total of three securities affected by this GSM movement
  • Securities can move to lower GSM stages if included in ESM Framework (marked #) or IBC Framework (marked $)
  • No securities in this circular are marked with # or $ indicators

Regulatory Changes

The GSM framework applies progressive surveillance measures to securities exhibiting abnormal price movements or other concerning trading patterns. Movement to higher GSM stages results in:

  • Additional disclosure requirements
  • Price bands and trading restrictions
  • Increased margin requirements for investors
  • Periodic review and monitoring by the exchange

Compliance Requirements

  • Trading members must inform clients about GSM classification of these securities
  • Enhanced due diligence required before executing trades in GSM securities
  • Clients must be made aware of the additional risks and restrictions
  • Brokers should ensure adequate margins are collected as per GSM stage requirements

Important Dates

  • Effective Date: December 19, 2025
  • The GSM stage movement applies from the date of this circular

Impact Assessment

The movement of securities into GSM stages indicates regulatory concerns about their trading patterns. Stage I (Shashwat Furnishing Solutions) represents initial surveillance with moderate restrictions. Stage III (Oswal Yarns and Sunraj Diamond Exports) involves more stringent controls including tighter price bands, higher margins, and reduced order limits. Investors in these securities will face increased trading costs, reduced liquidity, and greater difficulty in executing large orders. The GSM classification serves as a warning signal for market participants to exercise enhanced caution when trading these securities.

Impact Justification

GSM measures impose stricter surveillance and trading restrictions on identified securities, affecting liquidity and investor participation. Stage III represents more stringent controls than Stage I.