Description

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

Summary

BSE has announced the movement of six securities into various stages of the Graded Surveillance Measure (GSM) framework. Three securities are moving to Stage I (Nikki Global Finance Ltd., Boston Bio Systems Ltd., and Jindal Leasefin Limited), one security is moving to Stage II (Triliance Polymers Limited), and two securities are moving to Stage III (Photon Capital Advisors Ltd. and Premier Capital Services Ltd.). The circular also notes that securities may move to lower GSM stages if included in the ESM (Enhanced Surveillance Measure) or IBC (Insolvency and Bankruptcy Code) frameworks.

Key Points

  • Six securities are being placed under different stages of GSM
  • Stage I: Nikki Global Finance Ltd. (531272), Boston Bio Systems Ltd. (531458), Jindal Leasefin Limited (539947)
  • Stage II: Triliance Polymers Limited (509046)
  • Stage III: Photon Capital Advisors Ltd. (509084), Premier Capital Services Ltd. (511016)
  • Securities marked (#) may move lower in GSM framework due to ESM inclusion
  • Securities marked ($) may move lower in GSM framework due to IBC inclusion

Regulatory Changes

No new regulatory framework changes. This circular implements the existing Graded Surveillance Measure framework which applies progressively stringent monitoring and trading restrictions based on market behavior and corporate governance concerns.

Compliance Requirements

  • Listed companies affected must comply with the requirements of their respective GSM stages
  • Higher GSM stages typically involve stricter surveillance, additional disclosure requirements, and trading restrictions
  • Investors trading in these securities should be aware of the enhanced surveillance status
  • Market participants must note the stage-specific trading conditions applicable to these securities

Important Dates

  • Circular Date: January 19, 2026
  • Effective Date: Not explicitly specified in the circular content (typically effective immediately or from next trading session)

Impact Assessment

Market Impact: Medium - The securities moving into GSM stages will face increased scrutiny and potentially reduced liquidity. Stage III securities face the most stringent restrictions which may significantly impact trading volumes.

Investor Impact: Investors holding or trading these securities should be aware that GSM placement indicates concerns about price volatility, corporate governance, or compliance issues. Higher stages impose stricter trading conditions including potential price freeze, trade-to-trade settlement, and additional margins.

Operational Impact: Brokers and trading members need to update their systems to reflect the GSM stage changes and ensure appropriate risk management measures are applied to positions in these securities.

Impact Justification

Routine surveillance measure affecting six securities with varying stages of restrictions. Impacts trading conditions but follows established framework.