Description

BSE circular listing securities placed under the Graded Surveillance Measure (GSM) framework with applicable price bands and trading groups as of March 9, 2026.

Summary

BSE has published an updated list of securities under the Graded Surveillance Measure (GSM) framework as of March 9, 2026. The circular identifies 59+ securities subject to restricted price bands (ranging from 2% to 20%) and assigned to specific trading groups (X, Z, P, T, XT, ZP, B), reflecting heightened regulatory oversight for these scrips.

Key Points

  • 59+ securities are listed under the GSM framework with varying applicable price bands (2%, 5%, 10%, or 20%)
  • Securities are assigned to trading groups including X, Z, P, T, XT, ZP, and B, each with distinct trading restrictions
  • Scrip codes span multiple sectors and company sizes across BSE-listed entities
  • Price band of 2% applies to the most restricted securities (e.g., Aviva Industries Ltd – 512109, Oxford Industries Ltd – 514414)
  • Majority of securities carry a 5% price band, indicating Stage II or higher GSM classification
  • Notable inclusions: Noida Toll Bridge Company Ltd (532481) under Group B with 10% band; Arshiya Ltd (506074) under Group Z with 5% band

Regulatory Changes

  • Updated GSM list reflects reclassification or continuation of surveillance status for the listed securities
  • Group assignments (X, XT, Z, ZP, P, T, B) determine settlement and trading conditions applicable to each security
  • Price band restrictions limit intraday price movement to the specified percentage, curbing speculative activity

Compliance Requirements

  • Brokers and trading members must apply the specified price bands when executing trades in listed GSM securities
  • Investors in GSM-listed securities are subject to additional margin and settlement conditions per their assigned group
  • Market participants should review the full GSM list to ensure compliance with applicable restrictions before placing orders

Important Dates

  • Effective Date: March 9, 2026 (date of circular issuance)
  • No specific end date mentioned; GSM status is reviewed periodically by BSE

Impact Assessment

  • Investors: Restricted price bands limit daily trading range, reducing liquidity and potentially trapping positions in volatile scrips
  • Brokers: Must enforce correct price band and group-based margin requirements for all GSM securities
  • Companies: Inclusion in GSM signals regulatory concern over price/volume behavior; may affect investor sentiment and fundraising ability
  • Market: The broad list of 59+ securities underscores continued BSE vigilance over low-quality or manipulated scrips, supporting overall market integrity
  • Securities in Group Z and ZP face the most stringent settlement conditions, while Group B (Noida Toll Bridge) indicates a different surveillance rationale

Impact Justification

GSM framework directly restricts trading conditions for listed securities including price band limits and group reassignments, materially affecting tradability and investor access for all listed securities in the update.