Description

BSE announces movement of two securities into Graded Surveillance Measure (GSM) Stage I, namely Virya Resources Ltd (512479) and Sikozy Realtors Ltd (524642).

Summary

BSE has announced the movement of two securities into Graded Surveillance Measure (GSM) Stage I effective from the date of this circular. The affected companies are Virya Resources Ltd (BSE Code: 512479, ISIN: INE661K01010) and Sikozy Realtors Ltd (BSE Code: 524642, ISIN: INE528E01022). GSM is a regulatory framework designed to alert and protect investors from trading in securities exhibiting abnormal price/volume behaviour.

Key Points

  • Virya Resources Ltd (BSE: 512479, ISIN: INE661K01010) moved to GSM Stage I
  • Sikozy Realtors Ltd (BSE: 524642, ISIN: INE528E01022) moved to GSM Stage I
  • Securities marked with (#) are moved to a lower GSM stage due to inclusion in the ESM (Enhanced Surveillance Measure) Framework
  • Securities marked with ($) are moved to a lower GSM stage due to inclusion in the IBC (Insolvency and Bankruptcy Code) Framework
  • NSE data has been used where indicated with (*)

Regulatory Changes

Under the Graded Surveillance Measure (GSM) framework, securities placed in Stage I are subject to enhanced surveillance requirements. Trading in GSM-listed securities is permitted only on specified trade-for-trade settlement days, and additional margins may be levied. BSE periodically reviews and reclassifies securities across GSM stages based on price-volume metrics and other parameters.

Compliance Requirements

  • Brokers and trading members must ensure clients are informed of the GSM Stage I status of these securities before executing trades
  • Investors wishing to trade in these securities must comply with the additional surveillance conditions applicable to GSM Stage I, including trade-for-trade settlement
  • No short selling is permitted in GSM-listed securities
  • Applicable margins as prescribed under the GSM framework must be collected and maintained

Important Dates

  • Circular Date: March 5, 2026
  • GSM Stage I designation is effective as per the schedule communicated by BSE in conjunction with this circular

Impact Assessment

The placement of Virya Resources Ltd and Sikozy Realtors Ltd into GSM Stage I signals regulatory concern over the price or volume behaviour of these securities. Existing shareholders may face liquidity constraints due to trade-for-trade settlement and reduced trading frequency. Retail investors should exercise caution and conduct thorough due diligence before trading in these securities. The GSM framework is intended to serve as an early warning mechanism to protect market integrity and investor interests.

Impact Justification

GSM Stage I placement directly restricts trading in the affected securities, significantly impacting investors and traders holding positions in Virya Resources Ltd and Sikozy Realtors Ltd.