Description

BSE announces movement of 11 securities across different GSM stages, with 2 securities moving out of GSM due to ESM Framework inclusion.

Summary

BSE has updated the Graded Surveillance Measure (GSM) framework, announcing the movement of 11 securities into their respective GSM stages. Two securities (Garware Synthetics Ltd and Gopal Iron & Steels Company Gujarat Ltd) are moving to Stage 0 due to inclusion in the Enhanced Surveillance Measure (ESM) Framework. Six securities are moving to Stage I, one to Stage II, and two to Stage III.

Key Points

  • 2 securities moving to GSM Stage 0 (moved lower due to ESM Framework inclusion)
  • 6 securities moving to GSM Stage I
  • 1 security moving to GSM Stage II
  • 2 securities moving to GSM Stage III
  • Securities marked with (#) are moving lower in GSM due to ESM Framework inclusion
  • Securities marked with ($) would move lower in GSM due to IBC Framework inclusion

Securities Moving to Stage 0 (ESM Inclusion)

  • Garware Synthetics Ltd (514400, INE340D01016)
  • Gopal Iron & Steels Company Gujarat Ltd (531913, INE641H01018)

Securities Moving to Stage I

  • Tamilnadu Steel Tubes Ltd (513540, INE176E01012)
  • Mardia Samyoung Capillary Tube (513544, INE277E01026)
  • Manraj Housing Finance Ltd (530537, INE948I01015)
  • Meyer Apparel Limited (531613, INE100C01024)
  • Mega Fin (India) Ltd (532105, INE524D01015)
  • Simplex Mills Company Ltd (533018, INE457H01027)

Securities Moving to Stage II

  • Sparkle Gold Rock Limited (530037, INE618F01010)

Securities Moving to Stage III

  • Adline Chem Lab Limited (524604, INE276T01018)
  • Santosh Fine-Fab Ltd (530035, INE612D01018)

Regulatory Changes

Securities are being reclassified under the GSM framework based on surveillance criteria. Securities moving to lower GSM stages due to ESM inclusion indicates a shift to more stringent surveillance mechanisms.

Compliance Requirements

  • Investors should be aware that securities in higher GSM stages face additional trading restrictions
  • Market participants must comply with applicable trading conditions for each GSM stage
  • Brokers should ensure clients are informed about the surveillance status of these securities

Important Dates

  • Effective Date: February 9, 2026 (circular date)

Impact Assessment

The movement of securities across GSM stages affects trading conditions, with higher stages typically imposing stricter requirements such as 100% upfront margin, periodic call auctions, or price bands. Securities moving to ESM Framework face even more stringent surveillance. Investors in these 11 securities should review the applicable trading restrictions and margin requirements for their respective stages.

Impact Justification

Routine surveillance measure affecting 11 securities with stage movements that impact trading conditions and investor access