Graded Surveillance Measure Framework Update

NOTICE

This is with reference to the Exchange notice no. 20170223-44 dated February 23, 2017, Exchange notice no. 20170303-29 dated March 03, 2017, Exchange notice no. 20180720-55 dated July 20, 2018, Exchange notice no. 20180817-37 dated August 17, 2018, Exchange notice no. 20191129-23 dated November 29, 2019, Exchange notice no. 20231117-63 dated November 17, 2023, and Exchange notice no. 20240920-63 dated September 20, 2024.

Securities and Exchange Board of India (SEBI) and Exchanges in order to enhance market integrity and safeguard interest of investors, have been introducing various enhanced pre-emptive surveillance measures from time to time.

Pursuant to the Joint Surveillance Meeting of Exchanges and SEBI held on May 15, 2026, it has been decided to modify/remove following exclusions from the process of shortlisting of securities under GSM Framework, as detailed below:

A Modification in Exclusion

B Removal of Exclusions

1. Securities with Institutional holding greater than 10% only if the following conditions are met: a. If the promoter entity has not offloaded any share in the last 5 years.

   AND

   b. The current trading price of the security is within the range of High & Low price in last 3 years of the respective security.

2. Securities which have paid a dividend for each of the last three preceding years.

3. Securities listed through Scheme of Arrangement involving Merger / Demerger during last 1 year: a. In case of demerger, the following condition shall be applicable: i. If the parent company is under purview of GSM, the resultant demerged companies shall also attract GSM. ii. If the parent company is not under purview of GSM, the resultant demerged companies shall not be part of GSM at the time of demerger and shall be considered during the subsequent quarterly review. b. In case of merger of companies, if any of the securities at time of merger are under the purview of GSM, then the same shall be continued on the resultant entity.

The revised GSM framework is enclosed as Annexure. This revised framework shall be applicable from the next quarterly review scheduled on June 19, 2026 (w.r.t 'Quarter ended March 2026').

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.

In case of any further queries, you may write to us at bse.surv@bseindia.com.

For & On behalf of BSE Ltd.

Sanjay Jain
Deputy Vice President
Surveillance

Arpita Joshi
Manager
Surveillance