Description
BSE has moved 8 securities into their respective Graded Surveillance Measure (GSM) stages ranging from Stage 0 to Stage IV, including one security (Quadrant Televentures) moved lower due to IBC framework inclusion.
Summary
BSE has placed 8 securities under the Graded Surveillance Measure (GSM) framework, assigning them to stages ranging from Stage 0 to Stage IV effective from this circular. One security — Quadrant Televentures Ltd — has been moved to a lower GSM stage due to its inclusion in the Insolvency and Bankruptcy Code (IBC) framework. GSM is a regulatory tool used by exchanges to enhance market integrity for securities exhibiting abnormal price/volume behaviour.
Key Points
- 8 securities have been assigned to GSM stages (0, I, II, III, and IV)
- Quadrant Televentures Ltd (BSE: 511116, ISIN: INE527B01020) is placed at Stage 0 and marked with
$, indicating it is moving to a lower GSM stage due to inclusion in the IBC framework - 3 securities (Gujarat Lease Financing, V R Woodart, Clio Infotech) are placed at Stage II
- 2 securities (Peoples Investments Ltd, Nikki Global Finance Ltd) are placed at the most restrictive Stage IV
- Securities marked
#move lower in GSM due to ESM framework inclusion; securities marked$move lower due to IBC framework inclusion
Regulatory Changes
The following securities are now subject to GSM-stage-specific trading restrictions as per BSE/NSE GSM framework guidelines:
| Security Code | ISIN | Security Name | GSM Stage |
|---|---|---|---|
| 511116 | INE527B01020 | Quadrant Televentures Ltd$ (IBC) | 0 |
| 523519 | INE951C01012 | Universal Office Automation Ltd. | I |
| 500174 | INE540A01017 | Gujarat Lease Financing Ltd. | II |
| 523888 | INE317D01014 | V R Woodart Ltd. | II |
| 530839 | INE011B01017 | Clio Infotech Ltd. | II |
| 539405 | INE183R01010 | Decorous Investment And Trading Co. Ltd. | III |
| 501144 | INE644U01015 | Peoples Investments Ltd. | IV |
| 531272 | INE526C01012 | Nikki Global Finance Ltd. | IV |
Compliance Requirements
- Brokers and trading members must apply the GSM-stage-specific trading restrictions immediately for the listed securities
- Stage IV securities (Peoples Investments Ltd, Nikki Global Finance Ltd) face the most stringent restrictions, typically including trade-to-trade settlement with upfront margins
- Investors holding these securities should be made aware of the applicable stage-specific conditions before placing orders
- Securities under IBC framework (marked
$) are subject to the lower/earlier GSM stage as per exchange policy
Important Dates
- Circular Date: 2026-02-24
- Effective Date: As notified — GSM restrictions apply from the date of this circular or as separately communicated by BSE
Impact Assessment
High impact on affected stocks: Securities placed under GSM — especially Stages III and IV — face severely restricted trading conditions, including mandatory trade-to-trade settlement, 100% upfront margins, and possible price band restrictions. This significantly reduces liquidity for Peoples Investments Ltd and Nikki Global Finance Ltd (Stage IV).
IBC interaction: Quadrant Televentures Ltd being moved to Stage 0 under the IBC framework signals active insolvency proceedings, which further limits investor activity and may deter market participation.
Broader market: Minimal direct impact on indices or broader market; these are illiquid small/micro-cap securities. However, the action signals continued regulatory vigilance over low-liquidity and potentially manipulated counters.
Impact Justification
High impact on affected stocks as GSM placement imposes trading restrictions and enhanced surveillance; medium overall importance as this is a routine periodic surveillance action affecting 8 relatively illiquid small/micro-cap securities.