Leading bourses BSE and National Stock Exchange (NSE) would move two firms to Stage 3 of the Graded Surveillance Measure (GSM) from tomorrow. While BSE is moving VKS Projects to Stage 3 of the GSM, the NSE is transferring Farmax India apart from VKS Projects. Under Stage 3 of the enhanced surveillance, trading in securities is permitted once on the first trading day of the week. Besides, the scrip is moved to the "trade for trade" segment with the permitted price band of five per cent or lower as applicable and there is also a requirement for Additional Surveillance Deposit (ASD) of 100 per cent of trade value charged to the buyer. BSE said that trading in shares of VKS Projects "shall be made available for trading from April 24, 2017 onwards on a weekly basis". The bourses have asked members to take "adequate precaution" while trading in shares of these firms, as the settlement would be done on trade-to-trade basis and no netting off would be allowed.
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