National Stock Exchange of India Limited
Circular
Department: SURVEILLANCE
Download Ref No: NSE/SURV/74795
Date: June 19, 2026
Circular Ref. No: 460/2026
To All NSE Members,
Sub: Graded Surveillance Measure (GSM) - Updated list of companies
In continuation to Exchange circular no. NSE/SURV/34262 dated February 23, 2017 on introduction
of Graded Surveillance Measure (GSM) framework as an additional surveillance measure and circular
nos. NSE/SURV/38389 dated July 20, 2018; NSE/SURV/38638 dated August 17, 2018,
NSE/SURV/42790 dated November 29, 2019, NSE/SURV/59425 dated November 17, 2023,
NSE/SURV/64066 dated September 20, 2024 and NSE/SURV/74254 and dated May 15, 2026
pursuant to joint meetings with SEBI and Stock Exchanges, it has been decided that, GSM shall be
applicable on securities with price not commensurate with financial health and fundamentals like
Earnings, Book value, Fixed assets, Net worth, Market capitalization, P / E multiple, etc.
The quarterly 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 applicable
action and monitoring dates of these securities.
b) Securities given in Annexure II shall continue to remain in GSM framework.
c) Securities given in Annexure III shall move out of GSM framework w.e.f. June 23, 2026.
d) Additional Surveillance Deposit (ASD) collected on securities given in Annexure III w.r.t. point
no. c) above, shall be released on June 29, 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.
National Stock Exchange of India Limited
Page 2 of 2
Market participants may further note that securities which are placed under GSM Stage VI based on
SEBI directive vide circular download reference no. NSE/SURV/35548 dated August 07, 2017 and
NSE/SURV/45666 dated September 10, 2020, 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.
For more information on Graded Surveillance Measure please refer to our Frequently Asked
Questions (FAQs) - https://www.nseindia.com/regulations/graded-surveillance-measure
In case of any further queries, you may write to us at surveillance@nse.co.in
For National Stock Exchange of India Limited
Binoy Yohannan
Vice President
Surveillance
