Description

BSE announces 8 securities moving into various GSM stages (0 through IV), including companies under IBC and ESM frameworks, effective February 24, 2026.

Summary

BSE has announced the movement of 8 securities into their respective Graded Surveillance Measure (GSM) stages effective February 24, 2026. The securities span GSM Stage 0 through Stage IV, with higher stages imposing progressively stricter trading restrictions. One security (Quadrant Televentures Ltd) is moving to a lower GSM stage due to its inclusion in the IBC (Insolvency and Bankruptcy Code) framework.

Key Points

  • 8 securities are being moved into GSM stages ranging from Stage 0 to Stage IV
  • Quadrant Televentures Ltd (511116) is placed at GSM Stage 0 due to IBC framework inclusion (marked $)
  • Universal Office Automation Ltd (523519) moves to GSM Stage I
  • Gujarat Lease Financing Ltd (500174) and V R Woodart Ltd (523888) move to GSM Stage II
  • Clio Infotech Ltd (530839) also moves to GSM Stage II
  • Decorous Investment And Trading Co. Ltd (539405) moves to GSM Stage III
  • Peoples Investments Ltd (501144) and Nikki Global Finance Ltd (531272) move to the most restrictive GSM Stage IV
  • Securities marked (#) are placed at a lower GSM stage due to ESM framework inclusion
  • Securities marked ($) are placed at a lower GSM stage due to IBC framework inclusion

Regulatory Changes

Under the GSM framework, BSE places securities exhibiting abnormal price-volume behaviour or other risk indicators under enhanced surveillance. Each stage imposes increasingly stringent trading conditions:

  • Stage 0: Basic surveillance; price band restrictions may apply
  • Stage I: Additional margin requirements
  • Stage II: Trade-to-trade settlement; higher margins
  • Stage III: Periodic call auction; significantly restricted trading
  • Stage IV: Most restrictive — periodic call auction with maximum constraints and mandatory additional surveillance margins

Securities under IBC or ESM frameworks are moved to a lower (less restrictive) GSM stage accordingly.

Compliance Requirements

  • Brokers and members: Must ensure clients are informed of GSM status and applicable trading restrictions for affected securities
  • Investors: Should be aware that buying/selling in GSM-listed securities, especially Stage III and IV, may be subject to periodic call auctions, higher margins, and trade-to-trade settlement
  • Listed companies: Must continue to comply with all disclosure and listing obligations; GSM placement does not exempt companies from regulatory requirements
  • Investors in Peoples Investments Ltd and Nikki Global Finance Ltd (Stage IV) face the most restrictive trading conditions and should exercise heightened caution

Important Dates

  • Effective Date: February 24, 2026 — securities move into their respective GSM stages as announced

Impact Assessment

The placement of 8 securities under GSM stages will significantly impact liquidity and trading for investors holding these stocks. Stage IV placements (Peoples Investments Ltd and Nikki Global Finance Ltd) are particularly impactful, as these securities will face the most restrictive trading environment. Stage III placement of Decorous Investment And Trading Co. Ltd also imposes substantial restrictions. Retail investors should note that exiting positions in higher GSM-stage securities may be difficult due to reduced trading windows and higher margin requirements. The IBC-linked placement of Quadrant Televentures at Stage 0 reflects ongoing insolvency proceedings, adding further risk for holders.

Impact Justification

GSM placements directly restrict trading activity and impose additional compliance burdens on affected securities and their investors; 8 securities are impacted across multiple stages including the stricter Stage III and IV levels.