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BSE Issues Notice on Surveillance Actions for Certain Securities

Strategic Insights

— 2 min read

As of September 08, 2025, securities specified in the attached Annexure will be moved to their respective higher stages of Graded Surveillance Measure (GSM) and will attract specific surveillance actions. The BSE has requested all trading members to take necessary precautions while trading in these securities, as settlement will be done on a trade-to-trade basis with no netting off allowed. The notice references previous exchange notices, including one dated February 23, 2017, and indicates that members can refer to the FAQ on GSM or contact BSE at bse.surv@bseindia.com for clarifications.

Key Takeaways:

  • Securities listed in the attached Annexure will be moved to higher stages of GSM with effect from September 08, 2025.
  • The securities will attract surveillance actions as per the provisions of the GSM Framework published on February 23, 2017.
  • The surveillance actions include:

+ Stage I: 100% margin rate and a price band of 5% or lower as applicable.

+ Stage II: Trade for trade with a price band of 5% or lower as applicable, and an Additional Surveillance Deposit (ASD) of 50% of trade value to be deposited by the Buyers.

+ Stage III: Trade for trade with a price band of 5% or lower as applicable, and trading permitted once a week (Every Monday/1st trading day of the week) with an ASD (100% of trade value) to be deposited by the buyers.

+ Stage IV: Trade for trade with a price band of 5% or lower as applicable, and trading permitted once a week (Every Monday/1st trading day of the week) with an ASD (100% of trade value) to be deposited by the buyers with no upward movement.

  • Trading members are required to follow adequate precautions while trading in these securities.
  • The settlement of trades for these securities will be done on a trade-to-trade basis with no netting off allowed.

Statistics:

  • September 08, 2025: Date when securities will be moved to their respective higher stages of GSM.
  • February 23, 2017: Date when the GSM Framework was published.
  • 100%: Applicable margin rate for Stage I.
  • 5%: Price band as applicable for various stages.
  • 50%: Additional Surveillance Deposit as applicable for Stage II.
  • 100%: Additional Surveillance Deposit as applicable for Stage III and IV.
  • Every Monday: Trading permitted once a week for Stages III and IV.

Sources:

  • BSE (Bombay Stock Exchange) Notice dated November 17, 2023.
  • BSE (Bombay Stock Exchange) Notice dated February 23, 2017.
  • BSE (Bombay Stock Exchange) Notice dated March 03, 2017.
  • BSE (Bombay Stock Exchange) Notice dated July 20, 2018.
  • BSE (Bombay Stock Exchange) Notice dated November 29, 2019.

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