Description

BSE announces movement of securities into different GSM stages, with Integrated Capital Services Ltd moving to Stage I and Shri Niwas Leasing And Finance Limited moving to Stage IV.

Summary

BSE has announced the movement of two securities into their respective Graded Surveillance Measure (GSM) stages effective January 30, 2026. Integrated Capital Services Ltd (Security Code: 539149) is moving to GSM Stage I, while Shri Niwas Leasing And Finance Limited (Security Code: 538897) is moving to GSM Stage IV. The circular also notes that certain securities may move to lower GSM stages if they are included in ESM (Enhanced Surveillance Measure) or IBC (Insolvency and Bankruptcy Code) frameworks.

Key Points

  • Integrated Capital Services Ltd (ISIN: INE682B01023, Code: 539149) moved to GSM Stage I
  • Shri Niwas Leasing And Finance Limited (ISIN: INE201F01015, Code: 538897) moved to GSM Stage IV
  • Securities marked with (#) may move to lower GSM stages due to ESM Framework inclusion
  • Securities marked with ($) may move to lower GSM stages due to IBC Framework inclusion
  • Movement based on criteria as per NSE (*)

Regulatory Changes

The Graded Surveillance Measure is a framework implemented by stock exchanges to enhance market surveillance and investor protection. Securities are placed in different GSM stages based on specific criteria including price volatility, market capitalization, trading volumes, and corporate governance issues. Higher GSM stages indicate more stringent surveillance and may include additional trading restrictions such as circuit filters, higher margins, or trade-for-trade settlement.

Compliance Requirements

  • Investors and market participants should note the GSM stage classification of these securities
  • Trading members must ensure compliance with additional margin and settlement requirements applicable to securities in GSM stages
  • Enhanced due diligence required for transactions in these securities
  • Investors should be aware of potential trading restrictions and risk disclosures associated with GSM securities

Important Dates

  • Effective Date: January 30, 2026
  • Circular Issue Date: January 30, 2026

Impact Assessment

The movement of securities to GSM stages signals heightened regulatory scrutiny and potential concerns regarding trading patterns or corporate governance. For Integrated Capital Services Ltd entering Stage I, this represents the initial level of surveillance with moderate impact on trading. For Shri Niwas Leasing And Finance Limited moving to Stage IV, this indicates more serious concerns and will likely result in significant trading restrictions including higher margins, reduced price bands, and potential liquidity constraints. Investors holding these securities should exercise increased caution and be prepared for limited trading flexibility. The GSM framework aims to protect investors from excessive speculation and ensure orderly trading.

Impact Justification

Movement to GSM stages indicates enhanced surveillance and trading restrictions. Stage I is initial stage while Stage IV indicates more stringent measures, affecting trading activity and investor sentiment for these securities.