Description

BSE announces movement of 6 securities across different GSM stages, including SKIL Infrastructure, Welterman International, Sybly Industries, Kiran Print Pack, Ashoka Refineries, and Bharat Textiles & Proofing Industries.

Summary

BSE has announced the movement of 6 securities into various stages of the Graded Surveillance Measure (GSM) framework. The securities are moving to stages ranging from Stage I to Stage IV, with each stage representing increasing levels of surveillance and trading restrictions. The list includes SKIL Infrastructure moving to Stage I, Welterman International and Sybly Industries to Stage II, Kiran Print Pack to Stage III, and Ashoka Refineries and Bharat Textiles & Proofing Industries to Stage IV.

Key Points

  • 6 securities are being moved to different GSM stages
  • SKIL Infrastructure Ltd (539861) moving to GSM Stage I
  • Welterman International Ltd (526431) and Sybly Industries Ltd (531499) moving to GSM Stage II
  • Kiran Print Pack Ltd (531413) moving to GSM Stage III
  • Ashoka Refineries Ltd (526983) and Bharat Textiles & Proofing Industries Ltd (531029) moving to GSM Stage IV
  • Securities marked with special symbols may move to lower GSM stages due to inclusion in ESM or IBC frameworks
  • SKIL Infrastructure classification is as per NSE

Regulatory Changes

The GSM framework applies different levels of surveillance based on the stage:

  • Stage I: Initial surveillance measures
  • Stage II: Enhanced monitoring
  • Stage III: Stricter surveillance and trading restrictions
  • Stage IV: Highest level of surveillance with most stringent trading conditions

Securities may move to lower GSM stages if included in Enhanced Surveillance Measure (ESM) or Insolvency and Bankruptcy Code (IBC) frameworks.

Compliance Requirements

  • Investors should be aware of the GSM stage applicable to these securities before trading
  • Trading members must ensure compliance with additional surveillance requirements for securities in higher GSM stages
  • Price bands, margins, and settlement obligations may differ based on GSM stage classification
  • Enhanced due diligence required for securities in advanced GSM stages

Important Dates

  • Circular Date: January 20, 2026
  • Effective Date: As applicable per GSM framework guidelines

Impact Assessment

The movement of securities to higher GSM stages significantly impacts trading activity and investor behavior. Securities in advanced GSM stages face:

  • Reduced liquidity due to stricter trading conditions
  • Higher margins and surveillance deposits
  • Increased scrutiny from market participants
  • Potential impact on stock prices due to restricted trading
  • Stage IV placement (Ashoka Refineries and Bharat Textiles) indicates serious concerns requiring highest surveillance

Investors holding or considering positions in these securities should evaluate the implications of GSM classification on their investment strategy.

Impact Justification

GSM stage movement directly impacts trading restrictions and investor attention on these securities, with higher stages imposing stricter surveillance measures