Description

BSE has moved two securities into Graded Surveillance Measure (GSM) stages. Golechha Global Finance Ltd. enters Stage I and Foundry Fuel Products Ltd. enters Stage II.

Summary

BSE has updated the Graded Surveillance Measure (GSM) framework by moving two securities into their respective GSM stages effective March 9, 2026. Golechha Global Finance Ltd. (Scrip Code: 531360) has been placed under GSM Stage I, and Foundry Fuel Products Ltd. (Scrip Code: 513579) has been placed under GSM Stage II.

Key Points

  • Golechha Global Finance Ltd. (ISIN: INE427D01011, Scrip Code: 531360) moved to GSM Stage I
  • Foundry Fuel Products Ltd. (ISIN: INE617C01027, Scrip Code: 513579) moved to GSM Stage II
  • GSM Stage II carries stricter trading conditions than Stage I
  • Securities marked (#) may move to a lower GSM stage due to inclusion in the ESM (Enhanced Surveillance Measure) Framework
  • Securities marked ($) may move to a lower GSM stage due to inclusion in the IBC (Insolvency and Bankruptcy Code) Framework

Regulatory Changes

The GSM framework is a surveillance mechanism implemented by BSE to protect investor interests by imposing additional trading restrictions on securities that exhibit abnormal price-volume behavior or other risk indicators. Movement into a GSM stage subjects the security to enhanced monitoring and trade-level controls.

Compliance Requirements

  • Brokers and trading members must be aware of the revised GSM classifications and apply the applicable trading restrictions for these securities
  • Investors holding or intending to trade in Golechha Global Finance Ltd. and Foundry Fuel Products Ltd. should note the applicable GSM conditions before executing trades
  • Additional margins and periodic call auction mechanisms may apply depending on the GSM stage

Important Dates

  • Effective Date: March 9, 2026 — securities are moved into their respective GSM stages as per this circular

Impact Assessment

Placement under GSM significantly restricts trading activity in the affected securities. GSM Stage I typically involves trade-to-trade settlement and price band restrictions, while GSM Stage II imposes stricter controls including periodic call auctions. Retail and institutional investors in Golechha Global Finance Ltd. and Foundry Fuel Products Ltd. will face reduced liquidity and stricter margin requirements. These restrictions are intended to curb speculative activity and protect market integrity.

Impact Justification

GSM placement imposes significant trading restrictions on affected securities, directly impacting investors and traders holding or dealing in these stocks.