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BSE moves specific securities to higher Graded Surveillance Measure (GSM) stages effective November 12, 2026. Trading members must apply surveillance actions based on the assigned GSM stage. Stage I requires a 100% margin rate and a 5% or lower price band. Stage II requires trade-for-trade settlement, a 5% or lower price band, and a 50% Additional Surveillance Deposit (ASD) from buyers. Stage III and IV require trade-for-trade settlement, a 5% or lower price band, a 100% ASD from buyers, and trading only on the first trading day of the week. Settlement for these securities occurs on a trade-to-trade basis with no netting allowed. Members must take precautions when trading these securities.
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[Image omitted. See the official document.]
| Notice No. | 20261111-28 | | Notice Date | 11 Nov 2026 | | Category | Trading | | Segment | Equity | | Department | DOSS | | Subject | Graded Surveillance Measure (GSM) - List of securities moving into their respective GSM Stages | | Attachments | Annexure_GSM |
[Image omitted. See the official document.]
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 November 12, 2026 and shall attract following surveillance actions as per the provisions of GSM Framework published on February 27, 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
