What are the stages in ASM & GSM?

The ASM framework is typically implemented in stages, with each stage imposing progressively stricter measures to control trading activities. The stages may include:

1. Stage 1 (Initial Surveillance): Basic surveillance measures are applied, including additional monitoring of trading activity and price movements.
2. Stage 2 (Increased Surveillance): Higher scrutiny is applied, often involving increased margin requirements and restrictions on certain types of trades.
3. Stage 3 (Enhanced Surveillance): Further restrictions may be imposed, such as limitations on trading volumes or trading only on delivery basis.

GSM is implemented in stages, with each stage imposing progressively stricter surveillance measures. The stages are designed to gradually restrict trading activities and include:

1. Stage 0: Initial surveillance with basic monitoring of trading activities.
2. Stage 1: Higher surveillance with restrictions such as higher margin requirements for trading.
3. Stage 2: Further restrictions, including limitations on intraday trading and placing trades only via delivery-based purchases.
4. Stage 3 and Beyond: The most stringent measures, potentially including trading restrictions only once a week or complete suspension from trading.