Description
NSE announces periodic review results for securities under GSM framework, with five securities eligible to move to lower surveillance stages effective October 13, 2025.
Summary
The National Stock Exchange of India has conducted a periodic review of securities under the Graded Surveillance Measure (GSM) framework in coordination with other exchanges. Based on this assessment, five securities have been found eligible for relaxation of surveillance actions and will move to lower GSM stages effective October 13, 2025. This includes three securities moving from Stage I to Stage 0 (normal trading), one security moving from Stage II to Stage I, and one security moving from Stage III to Stage II.
Key Points
- Periodic review conducted under GSM framework provisions in coordination with other exchanges
- Five securities eligible for surveillance action relaxation effective October 13, 2025
- EMAMI REALTY LIMITED, ORTEL COMMUNICATIONS LIMITED, and Varanium Cloud Limited moving from GSM Stage I to Stage 0 (removal from GSM)
- NOIDA TOLL BRIDGE COMPANY LIMITED moving from Stage II to Stage I with series change from BE to EQ
- YAARI DIGITAL INTEGRATED SERVICES LIMITED moving from Stage III to Stage II
- Members can refer to FAQs at https://www.nseindia.com/regulations/graded-surveillance-measure for more information
- Queries should be directed to surveillance@nse.co.in
Regulatory Changes
This circular implements the periodic review mechanism outlined in the GSM framework established through previous circulars (NSE/SURV/34262 dated February 23, 2017; NSE/SURV/42790 dated November 29, 2019; NSE/SURV/59425 dated November 17, 2023; and NSE/SURV/64066 dated September 20, 2024). The relaxation represents a reduction in surveillance intensity for qualifying securities.
Compliance Requirements
No specific compliance actions required from members. This is an informational circular regarding surveillance stage changes for specified securities. Members should note the updated GSM status of the listed securities for their trading operations.
Important Dates
- Circular Date: October 10, 2025
- Effective Date: October 13, 2025 - Securities move to lower GSM stages
Impact Assessment
Positive Impact on Affected Securities: Movement to lower GSM stages reduces trading restrictions and surveillance requirements. Securities moving from Stage I to Stage 0 are completely removed from heightened surveillance, while others see reduced restrictions.
NOIDA TOLL BRIDGE COMPANY LIMITED: Additional positive impact with series change from BE (Trade-to-Trade) to EQ (Normal Trading), allowing normal market operations.
Market Operations: Minimal broader market impact as this affects only five specific securities. Enhanced liquidity and reduced transaction costs expected for the affected stocks.
Trading Implications: Lower GSM stages typically mean removal or reduction of additional surveillance deposit requirements, price bands, and other trading restrictions imposed under the GSM framework.
Annexure Details
| Sr. No. | Symbol | Security Name | ISIN | Series | From Stage | To Stage |
|---|---|---|---|---|---|---|
| 1 | EMAMIREAL | EMAMI REALTY LIMITED | INE778K01012 | EQ | I | 0 |
| 2 | ORTEL | ORTEL COMMUNICATIONS LIMITED | INE849L01019 | BZ | I | 0 |
| 3 | CLOUD | Varanium Cloud Limited | INE0JOO01021 | SZ | I | 0 |
| 4 | NOIDATOLL | NOIDA TOLL BRIDGE COMPANY LIMITED* | INE781B01015 | EQ | II | I |
| 5 | YAARI | YAARI DIGITAL INTEGRATED SERVICES LIMITED | INE126M01010 | BE | III | II |
*Series change from BE to EQ
Impact Justification
Positive development for five securities moving to lower GSM stages, reducing trading restrictions. Medium impact as it affects specific stocks rather than broad market operations.