Description

BSE has updated the list of securities shortlisted under the Graded Surveillance Measure (GSM) framework, with 53+ companies being added effective March 16, 2026.

Summary

BSE has released an updated list of securities shortlisted under the Graded Surveillance Measure (GSM) framework, effective March 16, 2026. A total of 53+ companies have been added to the GSM list based on Criteria I and/or Criteria II. These securities will be subject to enhanced surveillance measures including trade-to-trade settlement and potential price band restrictions.

Key Points

  • 53+ securities have been shortlisted under the GSM framework effective March 16, 2026
  • Securities are classified under Criteria I, Criteria II, or both Criteria I & II
  • Companies span multiple sectors including finance, pharma, agriculture, chemicals, and manufacturing
  • GSM is a surveillance measure applied to securities exhibiting unusual price movements without corresponding fundamental changes
  • Investors holding these securities should be aware of enhanced trading restrictions

Regulatory Changes

The following securities are being added to the GSM framework effective March 16, 2026:

Scrip CodeScrip NameISINCriteria
538812Aanchal Ispat LtdINE322R01022Criteria I
530765Agarwal Fortune India LtdINE510B01018Criteria I & II
530889Alka India LtdINE061B01038Criteria I
531878Anjani Finance LtdINE283D01018Criteria II
511038Arco Leasing LtdINE955S01019Criteria I & II
524434Asian Petroproducts & Exports LtdINE810M01019Criteria II
543927Asian Warehousing LtdINE04Z101016Criteria II
524606Beryl Drugs LtdINE415H01017Criteria I & II
530249Bridge Securities LtdINE958C01025Criteria I
531235Citi Port Financial Services LtdINE494D01011Criteria I & II
506373Citurgia Biochemicals LtdINE795B01031Criteria I
531043Dhanvantri Jeevan Rekha LtdINE239F01015Criteria II
501945Dhenu Buildcon Infra LtdINE758D01027Criteria I
511636DJS Stock & Shares LtdINE234E01027Criteria I & II
508980Frontier Capital LtdINE977E01013Criteria I & II
513309Golkonda Aluminium Extrusions LtdINE327C01031Criteria I & II
539120Grameva LtdINE578R01011Criteria I
539224HCKK Ventures LtdINE345Q01017Criteria I & II
524590Hemo Organic LtdINE422G01015Criteria I & II
519574Hindustan Agrigenetics LtdINE092301014Criteria II
526761Howard Hotels LtdINE931B01016Criteria II
524458Indo Euro Indchem LtdINE319N01019Criteria II
505840Jaipan Industries LtdINE058D01030Criteria I & II
526001Jauss Polymers LtdINE593O01017Criteria I
530405Jindal Capital LtdINE356F01017Criteria II
531274Kinetic Trust LtdINE674M01019Criteria I & II
524748Link Pharma Chem LtdINE302F01011Criteria II
534422Looks Health Services LtdINE204N01013Criteria II
531441Lyons Corporate Market LtdINE100F01019Criteria II
544188Magenta Lifecare LtdINE0QZ901011Criteria II
511377Mehta Integrated Finance LtdINE240B01012Criteria II
535204Mukta Agriculture LtdINE160O01031Criteria II
517431Narmada Macplast Drip Irrigation Systems LtdINE060D01028Criteria I
511535NDA Securities LtdINE026C01013Criteria II
508867New Markets Advisory LtdINE800K01014Criteria I
539200Noble Polymers LtdINE203Q01026Criteria I
530127NPR Finance LtdINE446D01011Criteria II
511632Olympic Management & Financial Services LtdINE091N01014Criteria I
532340Omni AXs Software LtdINE369B01019Criteria II
513119Onix Solar Energy LtdINE173M01012Criteria I
531246Prima Industries LtdINE723N01012Criteria II
506975Rajasthan Petro Synthetics LtdINE374C01017Criteria I & II
531572Ranjit Securities LtdINE863D01017Criteria I & II
531033Regal Entertainment & Consultants LtdINE101E01010Criteria I & II
526075Rekvina Laboratories LtdINE092O01028Criteria I & II
500371Samtel India LtdINE538C01017Criteria I
521222Sanblue Corporation LtdINE602D01027Criteria II
539124Sarvottam Finvest LtdINE822Q01015Criteria II
512297Shantai Industries LtdINE408F01024Criteria I
532083Shri Kalyan Holdings LtdINE079N01019Criteria I
526877Siddheswari Garments LtdINE797C01019Criteria II
519604Suryo Foods & Industries LtdINE565E01016Criteria I & II
531885SVA India LtdINE763K01014Criteria I & II

Compliance Requirements

  • Trading members must note the updated GSM list and apply appropriate trading restrictions for these securities from March 16, 2026
  • Securities under GSM Criteria I are typically subject to trade-to-trade settlement with applicable price bands
  • Securities under GSM Criteria II face additional restrictions based on the graded level assigned
  • Investors in these securities should consult their brokers regarding applicable trading conditions
  • Companies listed under GSM should engage with BSE to understand requirements for removal from the GSM list

Important Dates

  • March 6, 2026: Circular issued by BSE
  • March 16, 2026: Effective date for inclusion of listed securities in the GSM framework

Impact Assessment

This circular has a high impact on investors and traders holding positions in the 53+ securities listed. GSM placement typically results in:

  • Reduced liquidity: Trade-to-trade settlement eliminates intraday trading, significantly reducing trading volumes
  • Price discovery impact: Price bands imposed under GSM restrict price movement, potentially trapping investors
  • Margin requirements: Enhanced margin requirements may apply to GSM securities
  • Investor sentiment: GSM listing signals regulatory concern about the fundamental-price disconnect, often causing further price decline
  • Sector concentration: The list spans finance, pharma, chemicals, agriculture, and manufacturing sectors, suggesting broad surveillance sweep rather than sector-specific concerns

Investors holding any of the 53+ listed securities should review their positions before March 16, 2026 and consult their brokers regarding the specific GSM stage and associated trading restrictions applicable to each security.

Impact Justification

This circular directly restricts trading conditions for 53+ listed securities under GSM framework effective March 16, 2026, impacting investors and traders holding these stocks with enhanced surveillance measures and potential trading restrictions.