Description
BSE has placed 10 securities into various stages of the Graded Surveillance Measure (GSM) framework effective March 11, 2026, including one security moved to Stage 0 due to ESM inclusion.
Summary
BSE has updated the Graded Surveillance Measure (GSM) list, moving 10 securities into their respective GSM stages effective March 11, 2026. The placements range from Stage 0 to Stage IV, with one security (Inland Printers Ltd) moved to a lower GSM stage due to its inclusion in the Enhanced Surveillance Measure (ESM) framework.
Key Points
- 10 securities have been moved into GSM stages ranging from Stage 0 to Stage IV
- Inland Printers Ltd (530787) is placed at Stage 0 due to concurrent ESM framework inclusion (marked #)
- 6 securities are placed at GSM Stage I: Tamilnadu Steel Tubes, Mardia Samyoung Capillary Tube, Adarsh Plant Protect, Vk Global Industries, Manraj Housing Finance, Geetanjali Credit And Capital, and Ace Men Engg Works
- Iykot Hitech Toolroom Ltd (522245) is placed at GSM Stage II
- Foundry Fuel Products Ltd (513579) is placed at the most restrictive GSM Stage IV
- Securities marked (#) are moved to a lower GSM stage due to ESM framework inclusion
- Securities marked ($) would be moved lower due to IBC framework inclusion (none in this circular)
Regulatory Changes
The following securities are newly placed under GSM stages:
| Security Code | ISIN | Security Name | GSM Stage |
|---|---|---|---|
| 530787 | INE055O01033 | Inland Printers Ltd | 0 (ESM overlap) |
| 513540 | INE176E01012 | Tamilnadu Steel Tubes Ltd. | I |
| 513544 | INE277E01026 | Mardia Samyoung Capillary Tube | I |
| 526711 | INE627D01016 | Adarsh Plant Protect Ltd. | I |
| 530177 | INE758B01013 | Vk Global Industries Limited | I |
| 530537 | INE948I01015 | Manraj Housing Finance Ltd. | I |
| 539486 | INE263R01010 | Geetanjali Credit And Capital Limited | I |
| 539661 | INE023R01018 | Ace Men Engg Works Limited | I |
| 522245 | INE079L01013 | Iykot Hitech Toolroom Ltd. | II |
| 513579 | INE617C01027 | Foundry Fuel Products Ltd. | IV |
Compliance Requirements
- Traders and brokers must note enhanced surveillance conditions applicable to each GSM stage before executing trades in these securities
- Higher GSM stages impose stricter trading restrictions, including trade-to-trade settlement, price limits, and mandatory additional margins
- Investors holding these securities should be aware of the reduced liquidity and stricter trading norms now applicable
- Market participants are advised to refer to BSE’s GSM framework circular for stage-specific restrictions
Important Dates
- Effective Date: March 11, 2026 — securities moved into their respective GSM stages
Impact Assessment
The placement of 10 securities under GSM will significantly affect their trading conditions. Stage IV placement of Foundry Fuel Products Ltd represents the most severe level of surveillance, typically involving trade-to-trade settlement and stringent price bands, which will sharply curtail liquidity. The 6 securities at Stage I will face moderately enhanced surveillance conditions. Inland Printers Ltd’s Stage 0 placement reflects its concurrent ESM inclusion, suggesting broader regulatory concerns about the stock. Retail and institutional investors in these securities face increased transaction costs and reduced market depth. The ESM-GSM overlap for Inland Printers indicates escalating regulatory scrutiny.
Impact Justification
GSM placement directly restricts trading conditions for affected securities, impacting investors and market participants holding these stocks. Stage IV placement (Foundry Fuel Products) represents the most severe restriction level.