Sub: Graded Surveillance Measure (GSM) – Updated list of companies
In continuation to Exchange notice no. 20170223-44 dated February 23, 2017 on introducing Graded Surveillance Measure (GSM) framework as an additional surveillance measure and notice nos. 20170707-22 dated July 07, 2017 and 20171017-12 dated October 17, 2017 and pursuant to joint meetings with SEBI and Stock Exchanges, it has been decided that:
i. Identification / review of securities for GSM shall be carried out based on latest available quarterly consolidated / standalone results filed by the companies as per preference opted by companies under the SEBI (LODR) Regulations, 2015, which are submitted within 45 days from end of quarter and in case of annual results, within 60 days from end of their financial year.
ii. Accordingly, tentative time schedule for publication of securities eligible for GSM framework applicable for next 4 quarters is given below:
In case date of notice falls on trading holiday, the notice shall be published on the following working day.
iii. Additional Surveillance Deposit (ASD) collected w.r.t. securities part of GSM Framework shall be retained for a period of 3 months (to be released on monthly basis on the 2nd calendar Monday of the 4th month) or until the exit of the security in the review of the Graded Surveillance stages (i.e. Quarterly review), whichever is earlier.
On this background, market participants may note following update:
a. Securities given in Annexure I have been identified for placing in GSM Framework and monitoring of these securities for action shall be initiated from w.e.f. Monday i.e. January 22, 2018.
b. Securities given in Annexure II shall continue to remain in GSM framework with their applicable stages.
c. Securities given in Annexure III shall move out of GSM Framework w.e.f. Monday i.e. January 15, 2018.
d. ASD collected on securities given in Annexure III and w.r.t. point no. iii above, ASD collected on securities during the month of August 2017 and September 2017, shall be released on Monday i.e. January 22, 2018.
Market participants may note that GSM framework shall be in conjunction with all other prevailing surveillance measures being imposed by the Exchanges from time to time.
Further, market participants please note that securities which are placed under GSM Stage VI based on SEBI direction vide Exchange notice no. 20170807-31 dated August 07, 2017, shall continue to remain in GSM Stage VI until further directions.
Trading Members are advised to exercise additional due diligence while trading in these securities either on own account or on behalf of their clients.
In case of any clarifications, members may contact on following numbers 022 2272 8792 / 8083 / 5093 / 5158.
For & On behalf of BSE Ltd.
Usha Sharma Rajesh Gandhi
Addl. General Manager Asst. General Manager
January 12, 2018
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