Description
BSE announces movement of 10 securities into higher Graded Surveillance Measure (GSM) stages, with Sadbhav Engineering moving to Stage II and nine others moving to Stages III and IV.
Summary
BSE has announced the movement of 10 securities into higher stages of the Graded Surveillance Measure (GSM) framework. One security is moving to Stage II, two securities to Stage III, and seven securities to Stage IV. The GSM framework is applied to securities exhibiting abnormal price movements or other surveillance concerns.
Key Points
- 1 security moving to GSM Stage II: Sadbhav Engineering Ltd
- 2 securities moving to GSM Stage III: Procal Electronics India Ltd, KLG Capital Services Ltd
- 7 securities moving to GSM Stage IV: Kartik Investments Trust Ltd, Wardwizard Healthcare Ltd, N2N Technologies Ltd, Standard Shoe Sole and Mould (India) Ltd, Ace Engitech Ltd, Progrex Ventures Ltd, Advik Laboratories Ltd
- Securities in higher GSM stages face stricter surveillance and trading restrictions
- Movement may be adjusted if securities are included in ESM (Enhanced Surveillance Measure) or IBC (Insolvency and Bankruptcy Code) frameworks
Affected Securities
| Security Code | ISIN | Security Name | New GSM Stage |
|---|---|---|---|
| 532710 | INE226H01026 | Sadbhav Engineering Ltd | Stage II |
| 526009 | INE700B01015 | Procal Electronics India Ltd | Stage III |
| 530771 | INE929C01018 | KLG Capital Services Ltd | Stage III |
| 501151 | INE524U01019 | Kartik Investments Trust Ltd | Stage IV |
| 512063 | INE048E01013 | Wardwizard Healthcare Ltd | Stage IV |
| 512279 | INE043F01011 | N2N Technologies Ltd | Stage IV |
| 523351 | INE888N01013 | Standard Shoe Sole and Mould (India) Ltd | Stage IV |
| 530669 | INE035401020 | Ace Engitech Ltd | Stage IV |
| 531265 | INE421E01012 | Progrex Ventures Ltd | Stage IV |
| 531686 | INE537C01019 | Advik Laboratories Ltd | Stage IV |
Regulatory Changes
No new regulatory framework changes. This circular implements the existing GSM framework which applies progressive surveillance measures to securities based on market behavior and risk factors.
Compliance Requirements
- Market participants trading in these securities must be aware of the enhanced surveillance measures applicable to each GSM stage
- Trading in these securities may be subject to additional restrictions including price bands, trade-for-trade settlement, or other measures
- Investors should exercise increased caution when trading securities under GSM surveillance
Important Dates
- Effective Date: December 23, 2025 (date of circular issuance)
Impact Assessment
Market Impact: Medium - The movement of these securities to higher GSM stages will result in stricter trading conditions, potentially affecting liquidity and investor participation. Securities in Stage IV face the most stringent surveillance measures.
Investor Impact: Investors holding or trading these securities will face additional restrictions and should be aware that inclusion in GSM indicates heightened risk or abnormal market behavior.
Operational Impact: Brokers and trading members need to update their systems to reflect the new GSM classifications and ensure compliance with applicable trading restrictions for each stage.
Impact Justification
Movement to higher GSM stages indicates increased surveillance due to price volatility or other concerns, affecting trading conditions for these securities