Description
BSE moves six securities to various GSM stages (I to IV) under the Graded Surveillance Measure framework for enhanced monitoring.
Summary
BSE has announced the movement of six securities into their respective Graded Surveillance Measure (GSM) stages effective January 14, 2026. The securities are being moved to stages ranging from Stage I to Stage IV, indicating varying levels of surveillance requirements based on market behavior and compliance parameters.
Key Points
- Six securities are being moved to different GSM stages
- Iykot Hitech Toolroom Ltd. (522245) moving to GSM Stage I
- Photon Capital Advisors Ltd. (509084) moving to GSM Stage II
- Peoples Investments Ltd. (501144) and Cresanto Global Limited (531207) moving to GSM Stage III
- Avasara Finance Limited (511730) and Popees Cares Limited (530565) moving to GSM Stage IV
- Securities marked with special symbols (#, $) may move to lower GSM stages due to inclusion in ESM or IBC frameworks
Regulatory Changes
The GSM framework applies graded levels of surveillance based on predefined criteria. Higher stages (III and IV) typically involve stricter trading restrictions including:
- Additional surveillance deposit requirements
- Trade-to-trade settlement
- Price bands
- Enhanced disclosure obligations
Compliance Requirements
- Investors trading in these securities must be aware of the applicable GSM stage restrictions
- Trading members should monitor and comply with stage-specific trading conditions
- Companies must meet enhanced disclosure and compliance standards applicable to their GSM stage
- Brokers need to update their systems to reflect the new GSM classifications
Important Dates
- Effective Date: January 14, 2026
- Circular issued: January 14, 2026
Impact Assessment
Market Impact: Medium - The movement to higher GSM stages may result in reduced liquidity and trading volumes for affected securities due to stricter trading conditions. Stage IV securities face the most stringent restrictions.
Investor Impact: Investors holding or trading these securities will experience modified trading conditions including potential additional margin requirements, reduced leverage, and enhanced monitoring.
Operational Impact: Trading members and market participants need to update their risk management systems and client communications to reflect the new surveillance classifications.
Securities Details
| Security Code | ISIN | Security Name | GSM Stage |
|---|---|---|---|
| 522245 | INE079L01013 | Iykot Hitech Toolroom Ltd. | Stage I |
| 509084 | INE107J01016 | Photon Capital Advisors Ltd. | Stage II |
| 501144 | INE644U01015 | Peoples Investments Ltd. | Stage III |
| 531207 | INE741C01017 | Cresanto Global Limited | Stage III |
| 511730 | INE759D01017 | Avasara Finance Limited | Stage IV |
| 530565 | INE149B01015 | Popees Cares Limited | Stage IV |
Impact Justification
Movement of securities to different GSM stages affects trading conditions and surveillance levels for six companies, requiring increased monitoring and compliance.