Graded Surveillance Measure (GSM) - Securities Moving to Different GSM Stages

Description

BSE announces movement of 5 securities across different GSM stages, including Tejassvi Aaharam Ltd moving to Stage 0, Sadbhav Engineering Ltd to Stage I, and others to higher surveillance stages.

Summary

BSE has updated the Graded Surveillance Measure (GSM) framework status for 5 securities effective December 22, 2025. The circular specifies securities moving to different GSM stages, with Tejassvi Aaharam Ltd moving to Stage 0 (lower stage due to ESM framework inclusion), Sadbhav Engineering Ltd moving to Stage I, Galaxy Agrico Exports Ltd to Stage II, SW Investments Ltd to Stage III, and Sunraj Diamond Exports Ltd to Stage IV.

Key Points

• 5 securities are being moved to different GSM stages
• Tejassvi Aaharam Ltd (531628) moving to GSM Stage 0 due to inclusion in ESM Framework
• Sadbhav Engineering Ltd (532710) moving to GSM Stage I
• Galaxy Agrico Exports Ltd (531911) moving to GSM Stage II
• SW Investments Ltd (503659) moving to GSM Stage III
• Sunraj Diamond Exports Ltd (523425) moving to GSM Stage IV
• Securities marked with (#) are moving to lower GSM stages due to ESM Framework inclusion
• Securities marked with ($) are moving to lower GSM stages due to IBC Framework inclusion

Regulatory Changes

No new regulatory framework changes. This is a routine update of securities classification under the existing GSM framework. The circular implements the standard GSM stage movement process based on surveillance criteria.

Compliance Requirements

• Trading members must note the updated GSM stage classifications for affected securities
• Enhanced surveillance measures applicable as per respective GSM stage requirements
• Additional disclosure and reporting obligations may apply based on the GSM stage
• Members should implement appropriate risk management controls for securities in higher GSM stages

Important Dates

• Effective Date: December 22, 2025
• Circular Date: December 22, 2025

Impact Assessment

Market Impact: Medium - The movement of securities to different GSM stages will affect trading dynamics, with higher stages typically experiencing reduced liquidity and stricter trading controls. Stage IV securities face the most stringent surveillance measures.

Operational Impact: Trading members dealing in these securities must adjust their risk management and surveillance processes according to the new GSM stages. Higher stages require additional due diligence and may impact client trading activity.

Investor Impact: Investors holding or trading these securities should be aware that higher GSM stages indicate increased surveillance due to price volatility or other concerns. Stage progression may signal higher risk profiles.

Securities Details

Impact Justification

Affects trading conditions for 5 securities under GSM framework with varying surveillance stages; one security moving to lower stage due to ESM inclusion