Description

BSE announces movement of six securities across GSM stages I-IV under the Graded Surveillance Measure framework, effective from the specified date.

Summary

BSE has announced the movement of six securities into their respective Graded Surveillance Measure (GSM) stages. The list includes SKIL Infrastructure Ltd moving to Stage I, Welterman International Ltd and Sybly Industries Ltd moving to Stage II, Kiran Print Pack Ltd moving to Stage III, and Ashoka Refineries Ltd and Bharat Textiles & Proofing Industries Ltd moving to Stage IV.

Key Points

  • 1 security moving to GSM Stage I: SKIL Infrastructure Ltd (Security Code: 539861, ISIN: INE429F01012)
  • 2 securities moving to GSM Stage II: Welterman International Ltd (526431, INE662D01013) and Sybly Industries Ltd (531499, INE080D01042)
  • 1 security moving to GSM Stage III: Kiran Print Pack Ltd (531413, INE516D01011)
  • 2 securities moving to GSM Stage IV: Ashoka Refineries Ltd (526983, INE760M01016) and Bharat Textiles & Proofing Industries Ltd (531029, INE201N01019)
  • SKIL Infrastructure Ltd classification is as per NSE
  • Securities marked with special symbols may move to lower GSM stages due to inclusion in ESM or IBC frameworks

Regulatory Changes

No new regulatory changes introduced. This circular implements the existing GSM framework which imposes progressively stricter surveillance measures on securities based on their risk profile and market behavior.

Compliance Requirements

  • Trading members must ensure compliance with applicable GSM stage restrictions for these securities
  • Enhanced margin requirements and trade-for-trade settlement may apply depending on GSM stage
  • Members should inform clients about the surveillance status of these securities
  • Additional disclosure requirements may apply for trades in higher GSM stages

Important Dates

  • Circular Date: January 20, 2026
  • Effective Date: Not explicitly specified in the provided content

Impact Assessment

Market Impact: Medium - The movement to higher GSM stages typically results in reduced liquidity, higher trading costs due to increased margins, and potential restrictions on intraday trading. Stage IV being the highest level indicates significant surveillance concerns for Ashoka Refineries and Bharat Textiles & Proofing Industries.

Trading Impact: Securities in higher GSM stages face trade-for-trade settlement, 100% margin requirements, and periodic call auctions only, significantly impacting liquidity and trading flexibility.

Investor Impact: Investors holding these securities should be aware of increased trading restrictions and potential difficulty in exiting positions quickly. Higher stages indicate elevated risk levels as assessed by the exchange.

Impact Justification

Affects trading conditions for 6 securities across different GSM stages, impacting liquidity and trading parameters for these stocks