Description

BSE announces movement of 4 securities into different stages of Graded Surveillance Measure (GSM) framework effective January 5, 2026.

Summary

BSE has updated the Graded Surveillance Measure (GSM) framework, moving 4 securities into different GSM stages. Three securities (Rajasthan Tube Manufacturing Company Ltd, ANS Industries Ltd, and Karnawati Innovation Ltd) have been moved to GSM Stage I, while one security (Inland Printers Ltd) has been moved to GSM Stage III. This action is part of BSE’s ongoing surveillance mechanism to protect investor interests in securities exhibiting unusual price movements or trading patterns.

Key Points

  • 3 securities moved to GSM Stage I: Rajasthan Tube Manufacturing Company Ltd (530253), ANS Industries Ltd (531406), and Karnawati Innovation Ltd (531671)
  • 1 security moved to GSM Stage III: Inland Printers Ltd (530787)
  • Securities may move to lower GSM stages if included in ESM Framework or IBC Framework
  • GSM framework applies progressive surveillance measures based on security behavior

Regulatory Changes

No new regulatory changes introduced. This circular implements existing GSM framework provisions for periodic review and reclassification of securities based on trading patterns and market behavior.

Compliance Requirements

  • Trading members must ensure compliance with GSM stage-specific requirements for affected securities
  • Additional disclosures and risk warnings required for clients trading in GSM securities
  • Price bands and other trading restrictions applicable as per respective GSM stages
  • Investors must acknowledge additional risks before trading in GSM securities

Important Dates

  • Effective Date: January 5, 2026

Impact Assessment

The movement of these securities into GSM stages will result in enhanced surveillance and trading restrictions. Stage I securities face initial monitoring with potential additional disclosures, while Stage III securities (Inland Printers Ltd) face more stringent restrictions including tighter price bands and additional client confirmations. This may impact liquidity and trading volumes in these securities. Investors should exercise caution and be aware of the heightened risk profile associated with GSM securities.

Impact Justification

Affects 4 securities with enhanced surveillance measures that increase trading restrictions and investor awareness requirements