Description
BSE announces lower revision of stages under the Graded Surveillance Measure (GSM) Framework, effective April 13, 2026, for eligible securities as listed in the attached Annexure.
Summary
BSE has announced a lower revision of stages under the Graded Surveillance Measure (GSM) Framework. Following a coordinated review with other exchanges, certain securities have been found eligible to move to lower GSM stages effective April 13, 2026. The specific securities are listed in the attached Annexure (Annexure_GSM_LOWER).
Key Points
- Securities eligible for lower GSM stage revision are listed in the attached Annexure
- The revision is effective from April 13, 2026
- The review was carried out in coordination with other Exchanges
- This notice references the original GSM Framework introduced via Notice No. 20170223-44 dated February 23, 2017
- An update on GSM was previously issued via Notice No. 20191129-23 dated November 29, 2019
Regulatory Changes
As part of the periodic review mechanism under the GSM Framework, selected securities are being moved to lower surveillance stages. A lower stage indicates reduced surveillance intensity, reflecting improved compliance or trading behavior of the concerned securities.
Compliance Requirements
- Members and market participants should review the Annexure to identify securities moving to lower GSM stages
- For clarifications, members may refer to the GSM FAQ available at: http://www.bseindia.com/markets/equity/EQReports/graded_surveil_measure.aspx?expandable=6
- Queries may also be directed to bse.surv@bseindia.com
Important Dates
- Notice Date: April 10, 2026
- Effective Date: April 13, 2026 (lower stage revision takes effect)
Impact Assessment
Securities moving to lower GSM stages will be subject to reduced trading restrictions, which may improve liquidity and price discovery for those scrips. Investors and traders holding or tracking these securities should review the Annexure to assess how the change in surveillance stage affects trading conditions such as applicable price bands, margin requirements, and settlement obligations. The impact is limited to securities specifically named in the Annexure.
Impact Justification
Routine periodic review of GSM stages affecting specific securities moving to lower surveillance stages; impacts only securities listed in the Annexure and does not represent a broad market policy change.