Description

BSE announces movement of 5 securities across different stages of Graded Surveillance Measure (GSM), including Tejassvi Aaharam moving to Stage 0, Sadbhav Engineering to Stage I, and others to higher stages.

Summary

BSE has announced the movement of 5 securities across different stages of the Graded Surveillance Measure (GSM) framework effective from the specified date. The movements include one security moving to Stage 0 (due to ESM framework inclusion), one to Stage I, one to Stage II, one to Stage III, and one to Stage IV, indicating varying levels of surveillance requirements.

Key Points

  • 5 securities are being moved across different GSM stages
  • Tejassvi Aaharam Ltd (531628) moving to 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 ($) would move to lower GSM stages due to IBC framework inclusion

Regulatory Changes

The GSM framework continues to apply differential surveillance measures based on security-specific risk profiles. Securities moving to higher stages face more stringent surveillance including additional disclosure requirements, higher margins, and trade-to-trade settlement.

Compliance Requirements

  • Trading members must note the GSM stage changes for affected securities
  • Enhanced margin requirements will apply based on respective GSM stages
  • Additional surveillance measures including price bands and trade restrictions may apply
  • Investors should be aware of the increased surveillance status when trading these securities

Important Dates

  • Effective Date: December 22, 2025 (as per circular date)

Impact Assessment

Trading Impact: Securities moving to higher GSM stages will face stricter trading conditions including higher margin requirements and potentially reduced liquidity. Stage IV placement of Sunraj Diamond Exports indicates highest surveillance concern.

Investor Impact: Investors holding these securities should expect increased volatility monitoring, potential liquidity constraints, and stricter price movement restrictions. Tejassvi Aaharam’s movement to Stage 0 due to ESM inclusion suggests serious regulatory concerns.

Market Impact: Limited broader market impact as only 5 securities are affected, but signals continued regulatory vigilance on securities exhibiting unusual price/volume patterns.

Impact Justification

Affects trading conditions for 5 securities with varying surveillance stage movements. One security moving to lower stage due to ESM inclusion indicates regulatory concern. Impacts investors and traders in these specific scrips.