Description

Six securities are being moved to various stages of Graded Surveillance Measure (GSM) framework, with three entering Stage I, one moving to Stage II, and two advancing to Stage III.

Summary

BSE has announced the movement of six securities into various stages of the Graded Surveillance Measure (GSM) framework. Three companies are entering Stage I (initial surveillance), one company is moving to Stage II (increased surveillance), and two companies are advancing to Stage III (highest surveillance level). Securities under GSM face additional restrictions and monitoring due to concerns around price volatility, corporate governance, or compliance issues.

Key Points

  • Three securities moving to GSM Stage I: Nikki Global Finance Ltd. (531272), Boston Bio Systems Ltd. (531458), and Jindal Leasefin Limited (539947)
  • One security moving to GSM Stage II: Triliance Polymers Limited (509046)
  • Two securities moving to GSM Stage III: Photon Capital Advisors Ltd. (509084) and Premier Capital Services Ltd. (511016)
  • Securities can move to lower GSM stages if included in Enhanced Surveillance Measure (ESM) or Insolvency and Bankruptcy Code (IBC) frameworks
  • Higher GSM stages typically involve stricter trading conditions including reduced price bands and additional margin requirements

Regulatory Changes

The GSM framework imposes graded restrictions on securities based on surveillance concerns:

  • Stage I: Initial surveillance with basic restrictions
  • Stage II: Enhanced surveillance with tighter trading controls
  • Stage III: Maximum surveillance with strictest trading limitations

Securities marked with (#) can move to lower GSM stages if included in ESM Framework. Securities marked with ($) can move to lower GSM stages if included in IBC Framework.

Compliance Requirements

  • Investors trading in these securities must be aware of enhanced margin requirements and trading restrictions applicable to their respective GSM stages
  • Trading members must ensure compliance with additional surveillance measures for these securities
  • Position limits and price bands may be adjusted based on the GSM stage
  • Increased reporting and monitoring requirements apply to these securities

Important Dates

  • Circular Date: January 19, 2026
  • The GSM stage changes are typically effective from the next trading session following the circular announcement

Impact Assessment

Market Impact: High - Securities under GSM face reduced liquidity and investor participation due to enhanced restrictions. Movement to higher GSM stages often triggers selling pressure as institutional investors may reduce exposure.

Trading Impact: Investors holding these securities will face stricter trading conditions including potentially reduced price bands, higher margins, and limited derivative availability. Stage III securities face the most severe restrictions which may significantly impact liquidity.

Investor Impact: Existing shareholders should monitor these securities closely as GSM placement often indicates underlying concerns with the company’s operations, compliance, or market behavior. New investors face additional barriers to entry with higher margin requirements.

Impact Justification

Movement to GSM stages indicates heightened surveillance and trading restrictions for affected securities, directly impacting investors holding these stocks with potential liquidity constraints.