BSE Issues Notice on Surveillance Actions for Certain Securities

Strategic Insights -

As of September 16, 2025, trading members are required to move securities listed in the attached Annexure to their respective higher stages of Graded Surveillance Mechanism (GSM) with corresponding surveillance actions. The notice, prompted by previous Exchange notices (Exchange notice no. 20170223-44, Exchange notice no. 20170303-29, Exchange notice no. 20180720-55, and Exchange notice no. 20191129-23) and dated February 23, 2017, lays out the surveillance actions and trading restrictions for these securities.

Key Takeaways:

  • Trading members are required to move the listed securities to their respective higher stages of GSM with effect from September 16, 2025.
  • The securities will attract the following surveillance actions:

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

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

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

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

  • Trading members are required to take adequate precautions while trading in the said securities, as settlement shall be done on a trade-to-trade basis with no netting off allowed.
  • In case of any clarifications, traders are requested to refer the FAQ on GSM or may write to bse.surv@bseindia.com.

Statistics:

  • Total number of securities to be moved to higher stages of GSM: (Note: This information is not provided in the source material.)
  • Stage I surveillance actions: Applicable margin rate of 100% and price band of 5% or lower as applicable.
  • Stage II surveillance actions: Trade for trade with price band of 5% or lower as applicable, and Additional Surveillance Deposit (ASD) of 50% of trade value to be deposited by buyers.
  • Stage III surveillance actions: Trade for trade with price band of 5% or lower as applicable, trading permitted once a week, and ASD (100% of trade value) to be deposited by buyers.
  • Stage IV surveillance actions: Trade for trade with price band of 5% or lower as applicable, trading permitted once a week, ASD (100% of trade value) to be deposited by buyers, with no upward movement.

Sources:

  • BSE (Bombay Stock Exchange) notice no. 20170223-44 dated February 23, 2017
  • BSE (Bombay Stock Exchange) notice no. 20170303-29 dated March 03, 2017
  • BSE (Bombay Stock Exchange) notice no. 20180720-55 dated July 20, 2018
  • BSE (Bombay Stock Exchange) notice no. 20191129-23 dated November 29, 2019
  • BSE (Bombay Stock Exchange) notice no. 20231117-63 dated November 17, 2023
  • GSM Framework published on February 23, 2017 (available at http://www.bseindia.com/markets/equity/EQReports/graded_surveil_measure.aspx?expandable=6)