Description

Three securities are moving to different GSM stages: Starsource Multitrade Limited and Quadrant Televentures Limited to Stage I, and Mena Mani Industries Limited to Stage III.

Summary

BSE has announced the movement of three securities into different stages of the Graded Surveillance Measure (GSM) framework effective from January 2, 2026. Two securities are being moved to GSM Stage I, while one security is moving to the more stringent GSM Stage III.

Key Points

  • Starsource Multitrade Limited (Security Code: 506365, ISIN: INE320M01019) moved to GSM Stage I
  • Quadrant Televentures Limited (Security Code: 511116, ISIN: INE527B01020) moved to GSM Stage I
  • Mena Mani Industries Limited (Security Code: 531127, ISIN: INE148B01033) moved to GSM Stage III
  • Securities may move to lower GSM stages if included in ESM Framework (marked with #) or IBC Framework (marked with $)
  • Some movements may be aligned with NSE actions (marked with *)

Regulatory Changes

The GSM framework applies staged surveillance measures to securities exhibiting abnormal price movements or volatility. Movement to higher stages typically involves:

  • Stricter price bands
  • Additional disclosure requirements
  • Enhanced margin requirements
  • Potential trade-for-trade settlement

Compliance Requirements

  • Trading members must ensure compliance with applicable GSM stage restrictions for affected securities
  • Investors should be aware of enhanced surveillance measures and associated trading conditions
  • Market participants must adhere to stage-specific margin and settlement requirements

Important Dates

  • Effective Date: January 2, 2026

Impact Assessment

Market Impact: Medium - The movement of three securities into GSM stages will result in stricter trading conditions for these stocks. Stage I securities face initial surveillance measures, while the Stage III security (Mena Mani Industries) will face more stringent restrictions including potentially higher margins and trade-for-trade settlement.

Investor Impact: Investors holding or trading these securities should be prepared for reduced liquidity, tighter price bands, and higher margin requirements. Stage III placement indicates significant concerns requiring heightened caution.

Operational Impact: Trading members need to update their systems and processes to ensure compliance with GSM stage-specific requirements for these securities.

Impact Justification

Movement of securities into GSM stages indicates heightened surveillance due to price volatility or other concerns. Stage I represents initial surveillance while Stage III represents stricter monitoring, affecting trading conditions for these securities.