BSE · Surveillance · Medium
BSE moves select stocks to higher GSM stages, curbing liquidity
Securities in BSE's Graded Surveillance Measure move to stricter stages from July 6, 2026, with higher margins, trade-for-trade settlement, and in some cases weekly trading only.
What changed
- Securities listed in the Annexure will move to higher GSM stages effective July 6, 2026.
- Restrictions include 100% margins, trade-for-trade settlement, and ASD up to 100%.
- Stage III and IV stocks trade only once a week; Stage IV also bans upward price movement.
The read
BSE is tightening surveillance on a batch of stocks by moving them to higher GSM stages. The restrictions escalate: from 100% margins and a 5% price band at Stage I, to trade-for-trade settlement with 50% or 100% Additional Surveillance Deposit, and weekly-only trading at Stages III and IV. The message is clear: these are stocks the exchange wants to cool down. Liquidity will dry up. For investors holding these names, the effective date is July 6, 2026 — after which exits become significantly costlier.
Annexure_GSMBSE
Primary source: official circular (PDF)