Graded Surveillance Measure (GSM) - List of securities moving into their respective GSM Stages
BSE has announced that specific securities will be moved to higher stages of the Graded Surveillance Measure (GSM) framework effective August 5, 2026. Trading members are required to note the surveillance actions applicable to each stage, which include increased margin requirements, trade-to-trade settlement, and Additional Surveillance Deposit (ASD) obligations. Trading members must exercise caution when dealing in these securities, as settlement will occur on a trade-to-trade basis with no netting off permitted. The specific list of affected securities is provided in the annexure to the notice.
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BSE has announced that specific securities will be moved to higher stages of the Graded Surveillance Measure (GSM) framework effective August 5, 2026. Trading members are required to note the surveillance actions applicable to each stage, which include increased margin requirements, trade-to-trade settlement, and Additional Surveillance Deposit (ASD) obligations. Trading members must exercise caution when dealing in these securities, as settlement will occur on a trade-to-trade basis with no netting off permitted. The specific list of affected securities is provided in the annexure to the notice.
- Who is affected
- Trading members of the BSE
- Required action
- Trading members must take adequate precautions while trading in the specified securities due to trade-to-trade settlement and the prohibition of netting off.
- Key dates
- Effective date for movement of securities to higher GSM stages — 04 Aug 2026
- Thresholds
- Stage I: 100% margin rate and 5% or lower price band.
- Stage II: Trade for trade, 5% or lower price band, and 50% ASD of trade value for buyers.
- Stage III: Trade for trade, 5% or lower price band, trading once a week, and 100% ASD of trade value for buyers.
- Stage IV: Trade for trade, 5% or lower price band, trading once a week, 100% ASD of trade value for buyers, and no upward movement.
Source details
- Source
- BSE Ltd (Bombay Stock Exchange)
- Type
- notice
- Published by source
- 03 Aug 2026
- Document number
- 20260804-37
- Issuing division
- DOSS
- Effective date
- 04 Aug 2026
- Coverage area
- securities
Document text
NOTICE
| Notice No. | 20260804-37 |
| Notice Date | 04 Aug 2026 |
| Category | Trading |
| Segment | Equity |
| Department | DOSS |
| Subject | Graded Surveillance Measure (GSM) - List of securities moving into their respective GSM Stages |
| Attachments | Annexure_GSM |
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. 20191129-23 dated November 29, 2019 and Exchange notice no. 20231117-63 dated November 17, 2023 trading members are hereby requested to note that the securities as per attached Annexure shall be moved to their respective higher stages of GSM with effect from August 05, 2026 and shall attract following surveillance actions as per the provisions of GSM Framework published on February 23, 2017.
| Stage | Surveillance Actions |
|---|---|
| I | Applicable margin rate shall be 100% And price band of 5% or lower as applicable |
| II | Trade for trade with price band of 5% or lower as applicable and Additional Surveillance Deposit (ASD) of 50% of trade value to be deposited by the Buyers |
| III | Trade for trade with price band of 5% or lower as applicable and Trading permitted once a week (Every Monday/1st trading day of the week) And ASD (100% of trade value) to be deposited by the buyers |
| IV | Trade for trade with price band of 5% or lower as applicable and Trading permitted once a week (Every Monday/1st trading day of the week) And ASD (100% of trade value) to be deposited by the buyers with no upward movement. |
Further, trading members are requested to take adequate precautions while trading in the said securities, as the settlement shall be done on trade-to-trade basis and no netting off shall be allowed.
In case of any clarifications, members are requested to refer the FAQ as per the below link on GSM or may write to us at bse.surv@bseindia.com.
http://www.bseindia.com/markets/equity/EQReports/graded_surveil_measure.aspx?expandable=6
For & On behalf of BSE Ltd.
Sanjay Jain Deputy Vice President Surveillance
Arpita Joshi Manager Surveillance
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