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BSE Issues Notice on Surveillance Actions for Certain Securities

Strategic Insights

— 1 min read

As part of its ongoing efforts to enhance market transparency and risk management, the BSE has issued a notice to its trading members regarding the movement of certain securities to their respective higher stages of the Graded Surveillance Measure (GSM) with effect from October 14, 2025. The securities listed in the attached Annexure will attract specific surveillance actions as per the provisions of the GSM Framework published on February 23, 2017. Trading members are advised to take adequate precautions when trading in these securities, as settlement will be done on a trade-to-trade basis with no netting off allowed.

Key Takeaways:

  • The BSE has issued a notice to its trading members regarding the movement of certain securities to their respective higher stages of the GSM.
  • The securities listed in the attached Annexure will attract specific surveillance actions with effect from October 14, 2025.
  • The surveillance actions include adjustments to margin rates, price bands, and additional surveillance deposits (ASD) based on the stage of the GSM.
  • Trading in these securities will be done on a trade-to-trade basis with no netting off allowed.
  • Members are requested to refer to the FAQ on GSM or contact BSE at bse.surv@bseindia.com for clarifications.
  • Sanjay Jain, Deputy Vice President of Surveillance, and Darshan Arwade, Assistant Vice President of Surveillance, are the key representatives mentioned in the notice.

Statistics:

  • The notice is dated November 17, 2023, and the securities will be moved to their higher stages of GSM with effect from October 14, 2025 (1 year, 2 months, and 3 weeks).
  • The attached Annexure lists the securities that will be affected by this notice.
  • Stage I surveillance actions include an applicable margin rate of 100% and a price band of 5% or lower as applicable.
  • Stage III surveillance actions include no upward movement, trading permitted once a week (every Monday/1st trading day of the week), and an ASD of 100% of trade value to be deposited by buyers.

Sources:

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

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