Description

BSE announces movement of 8 securities across different GSM stages, including exits and escalations, with one security moving lower due to IBC Framework inclusion.

Summary

BSE has announced the movement of 8 securities across different stages of the Graded Surveillance Measure (GSM) framework. The list includes securities moving to various GSM stages (0 to IV), with Silveroak Commercials Ltd moving to Stage 0 (exit from GSM) due to inclusion in IBC Framework. Other securities are moving to Stages I through IV, indicating escalation in surveillance measures.

Key Points

  • 8 securities affected by GSM stage movements
  • Silveroak Commercials Ltd (512197) moved to Stage 0 due to IBC Framework inclusion
  • T.Spiritual World Ltd moved to GSM Stage I
  • 3 securities moved to GSM Stage II: Rsc International Ltd, Alan Scott Enterprises Limited, Easun Capital Markets Limited
  • 1 security moved to GSM Stage III: Aviva Industries Ltd
  • 2 securities moved to GSM Stage IV: Photon Capital Advisors Ltd, Kiran Print-Pack Ltd
  • Securities marked ($) move lower in GSM Framework due to IBC Framework inclusion
  • Securities marked (#) move lower in GSM Framework due to ESM Framework inclusion

Regulatory Changes

The circular implements BSE’s Graded Surveillance Measure framework, which applies progressive surveillance stages to securities based on specific criteria. Securities can move between stages or exit the framework based on compliance with regulations or inclusion in other frameworks like IBC (Insolvency and Bankruptcy Code) or ESM (Enhanced Surveillance Measure).

Compliance Requirements

  • Listed companies must comply with enhanced disclosure and surveillance requirements applicable to their respective GSM stages
  • Investors trading in these securities should be aware of the heightened surveillance and associated trading restrictions
  • Higher GSM stages typically involve stricter position limits, additional margins, and periodic call auctions
  • Stage IV represents the highest level of surveillance with maximum restrictions

Important Dates

  • Circular Date: January 28, 2026
  • Effective Date: Not explicitly mentioned in the circular content; typically effective from the date of announcement or next trading session

Impact Assessment

Market Impact: Medium - The movement affects 8 securities with varying liquidity profiles. Stage escalations typically reduce trading activity due to additional restrictions, while exit from GSM (Stage 0) provides relief to affected securities.

Trading Impact: Securities moving to higher GSM stages face increased trading restrictions including higher margins, position limits, and mandatory call auction sessions. Stage IV securities face the most stringent conditions.

Investor Impact: Investors holding these securities should review their positions considering the enhanced surveillance measures. Higher stages may result in reduced liquidity and increased margin requirements.

Operational Impact: Brokers and trading members must update their surveillance systems to apply appropriate restrictions and margin requirements for these securities based on their respective GSM stages.

Impact Justification

Affects 8 securities under surveillance framework with stage movements impacting trading conditions and investor perception