Graded Surveillance Measure Updated List of Companies
NSE circular NSE/SURV/76204 · 04 Sept 2026
Official title
Graded Surveillance Measure (GSM) - Updated list of companies
Official record
Open source pageSummary
Check the official recordWhat changed
The National Stock Exchange of India updates the list of securities under the Graded Surveillance Measure framework. This framework applies to securities with prices that do not match financial health or fundamentals. The Exchange identifies new securities for the framework, continues the status for existing securities, and removes specific securities from the framework. Trading members must exercise additional due diligence when trading these securities for themselves or their clients. The GSM framework operates alongside other existing surveillance measures. Securities in GSM Stage VI remain in that stage until further notice.
What you must do
- Trading members must exercise additional due diligence while trading in the identified securities.
Key dates
- Effective from
- 08 Sept 2026
Document text
[Image omitted. See the official document.]
[Image omitted. See the official document.]
National Stock Exchange of India Limited
Circular
| Department: SURVEILLANCE | |
|---|---|
| Download Ref No: NSE/SURV/76204 | Date: September 04, 2026 |
| Circular Ref. No: 689/2026 | |
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. September 08, 2026.
- d) Additional Surveillance Deposit (ASD) collected on securities given in Annexure III w.r.t. point no. c) above, shall be released on 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.
[Image omitted. See the official document.]
Continuation Sheet
National Stock Exchange of India Limited
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
Sareesh Koroth
Associate Vice President
Surveillance
Source details
- Source
- National Stock Exchange of India
- Type
- circular
- Published by source
- 04 Sept 2026
- Document number
- NSE/SURV/76204
- Issuing division
- SURVEILLANCE
- Effective date
- 08 Sept 2026
- Coverage area
- securities