BSE puts Veronica Productions under third stage of GSM framework

The Bombay Stock Exchange (BSE) placed Veronica Productions Ltd under the third stage of the graded surveillance measure (GSM) framework after Sebi issued directions for shell companies. Trading in securities of the company will continue to remain suspended until further notice. The GSM framework has six stages, with surveillance action defined for each stage. Securities placed under it will be reviewed quarterly, and securities not meeting the inclusion criteria will be moved out of the framework. The GSM measures prevent abnormal rises in stock prices that are not commensurate with companies’ financial health.