Graded Surveillance Measure Updated List of Companies
BSE notice 20260904-35 · 04 Sept 2026
Official title
Graded Surveillance Measure (GSM) – Updated list of companies
Official record
Open source pageSummary
Check the official recordWhat changed
BSE updates the list of securities under the Graded Surveillance Measure (GSM) framework. The exchange identifies new securities for inclusion in the framework. Certain securities continue in their current GSM stages. Other securities move out of the GSM framework effective September 08, 2026. The exchange releases the Additional Surveillance Deposit (ASD) for securities exiting the framework effective September 15, 2026. Securities in GSM Stage VI remain in that stage until further notice. Trading members must exercise additional due diligence when trading these securities for themselves or their clients. The exchange determines these measures based on financial health and fundamentals. The selection process uses XBRL submissions from listed companies.
What you must do
- Trading members must exercise additional due diligence when trading securities identified under the GSM framework.
Key dates
- Effective from
- 08 Sept 2026
Document text
[Image omitted. See the official document.]
NOTICE
| Notice No. | 20260904-35 |
|---|---|
| Notice Date | 04 Sep 2026 |
| Category | Trading |
| Segment | Equity |
| Department | DOSS |
| Subject | Graded Surveillance Measure (GSM) – Updated list of companies |
| Attachments | Annexure_September_2026 |
[Image omitted. See the official document.]
Content
In continuation to Exchange notice no. 20170223-44 dated February 23, 2017 and notice no. 20231117-63 dated November 17, 2023 on introduction of Graded Surveillance Measure (GSM) framework as an additional surveillance measure and notice no. 20180720-55 dated July 20, 2018, notice no. 20180817-37 dated August 17, 2018 & notice no. 20191129-27 dated November 29, 2019, notice no. 20231117-63 dated November 17, 2023, notice no. 20240920-63 dated September 20, 2024 and notice no. 20260515-37 dated May 15, 2026 pursuant to joint meetings with SEBI and Stock Exchanges, it has been decided that, GSM shall be applicable on securities of which price not commensurate with financial health and fundamentals like Earnings, Book value, Fixed assets, Net worth, Market capitalization, P/E multiple, etc.
Accordingly, review for identification of securities for placing in GSM Framework has been carried out and;
- a. Securities identified for placing in GSM Framework are given as Annexure I along with monitoring dates of these securities.
- b. Securities given in Annexure II shall continue to remain in GSM framework with their applicable stages.
- c. Securities given in Annexure III shall move out of GSM Framework w.e.f. September 08, 2026.
- d. ASD collected on securities given in Annexure III w.r.t. point no. c) above, shall be released w.e.f. September 15, 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.
Further, market participants may please note that, securities which are placed under GSM Stage VI based on SEBI direction vide Exchange notice no. 20170807-31 dated August 07, 2017, shall continue to remain in GSM Stage VI until further directions.
Trading Members are advised to exercise additional due diligence while trading in these securities either on own account or on behalf of their clients.
Note: Shortlisting of securities is based on the XBRL submission by the respective listed companies.
In case of any clarifications, members may write to us at bse.surv@bseindia.com
For & On behalf of BSE Ltd.
| Sanjay Jain | Arpita Joshi |
|---|---|
| Deputy Vice President | Manager |
| Surveillance | Surveillance |
Source details
- Source
- BSE Ltd (Bombay Stock Exchange)
- Type
- notice
- Published by source
- 04 Sept 2026
- Document number
- 20260904-35
- Issuing division
- DOSS
- Effective date
- 08 Sept 2026
- Coverage area
- securities