Description
Six securities are being moved to higher stages of the Graded Surveillance Measure (GSM) framework, including movements to Stages I through IV.
Summary
BSE has announced the movement of six securities into higher stages of the Graded Surveillance Measure (GSM) framework. The securities are being moved to Stages I, II, III, and IV based on surveillance criteria. GSM is a framework designed to enhance market surveillance and investor protection for securities that exhibit abnormal price movements or other risk indicators.
Key Points
- Six securities are being moved to higher GSM stages effective from the specified date
- Iykot Hitech Toolroom Ltd. is moving to GSM Stage I
- Photon Capital Advisors Ltd. is moving to GSM Stage II
- Peoples Investments Ltd. and Cresanto Global Limited are moving to GSM Stage III
- Avasara Finance Limited and Popees Cares Limited are moving to GSM Stage IV
- Securities marked (#) move to lower GSM stages due to inclusion in ESM Framework
- Securities marked ($) move to lower GSM stages due to inclusion in IBC Framework
Regulatory Changes
The affected securities will be subject to increased surveillance measures corresponding to their respective GSM stages. Higher GSM stages typically involve stricter trading restrictions, including:
- Additional disclosure requirements
- Trade-for-trade settlement (no intraday trading)
- 100% upfront margin requirements
- Price bands and other trading restrictions
- Enhanced reporting obligations for market participants
Compliance Requirements
- Trading members must ensure compliance with GSM stage-specific requirements for the affected securities
- Clients trading in these securities must provide 100% upfront margins as applicable
- Market participants should review their positions in these securities
- Enhanced due diligence required for transactions in Stage III and Stage IV securities
Important Dates
- Effective Date: As per BSE circular dated January 14, 2026
- The GSM stage changes will be implemented from the next trading session following the circular
Securities Affected
| 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 Assessment
Trading Impact: Securities moving to higher GSM stages will face increased trading restrictions, potentially reducing liquidity and trading volumes. Stage IV securities face the most stringent restrictions.
Investor Impact: Investors holding these securities should be aware of enhanced margin requirements and settlement obligations. Intraday trading may not be permitted depending on the stage.
Market Sentiment: Movement to higher GSM stages may negatively impact market sentiment for these securities as it signals heightened regulatory scrutiny and potential risk factors.
Broker Impact: Brokers must update their risk management systems to ensure compliance with stage-specific requirements and margin collection procedures.
Impact Justification
Movement to higher GSM stages increases trading restrictions and surveillance on affected securities, impacting liquidity and investor participation for six companies.