Description
NSE announces periodic review results for securities under GSM framework, with 8 securities eligible to move to lower surveillance stages effective November 10, 2025.
Summary
NSE has conducted a periodic review of securities under the Graded Surveillance Measure (GSM) framework in coordination with other exchanges. Based on this assessment, 8 securities have been identified as eligible to move to lower stages of GSM surveillance effective November 10, 2025. This includes 2 securities moving from Stage I to Stage 0 (complete removal from GSM), 1 security moving from Stage II to Stage I, 1 security moving from Stage III to Stage II, and 4 securities moving from Stage IV to Stage III. INFOMEDIA PRESS LIMITED will also see its series changed from BE to EQ as part of the relaxation.
Key Points
- 8 securities eligible for GSM stage relaxation effective November 10, 2025
- 2 securities (LCCINFOTEC, NOIDATOLL) to be completely removed from GSM (Stage I to 0)
- 1 security (INFOMEDIA) moving from Stage II to Stage I with series change from BE to EQ
- 1 security (SUPREMEENG) moving from Stage III to Stage II
- 4 securities (BLUECHIP, GAYAPROJ, GFSTEELS, UNIVAFOODS) moving from Stage IV to Stage III
- Review conducted in coordination with other stock exchanges
- Circular references previous GSM framework circulars from 2017, 2019, 2023, and 2024
Regulatory Changes
No new regulatory changes introduced. This circular implements the existing periodic review mechanism under the GSM framework originally introduced in February 2017 and subsequently updated. The relaxation represents a routine assessment of securities’ compliance and risk profiles under the established framework.
Compliance Requirements
No new compliance requirements for members. The relaxation of surveillance stages reduces restrictions on the affected securities. Trading members should note:
- Updated GSM classification for the 8 securities from November 10, 2025
- INFOMEDIA PRESS LIMITED series change from BE to EQ
- Refer to NSE’s GSM FAQs at https://www.nseindia.com/regulations/graded-surveillance-measure for detailed framework information
- Contact surveillance@nse.co.in for any queries
Important Dates
- Circular Date: November 07, 2025
- Effective Date: November 10, 2025 - GSM stage relaxation becomes effective for all 8 securities
Impact Assessment
Positive Impact for Affected Securities: The relaxation to lower GSM stages indicates improved market quality parameters and reduced surveillance concerns. Securities moving to lower stages will face fewer trading restrictions, potentially improving liquidity and investor confidence.
Stage-wise Impact:
- Stage I to 0 (Exit from GSM): LCCINFOTEC and NOIDATOLL will no longer be subject to any GSM restrictions, representing full normalization of trading conditions
- Stage II to I: INFOMEDIA will face reduced restrictions and benefits from series upgrade to EQ from BE
- Stage III to II: SUPREMEENG will see relaxed surveillance measures
- Stage IV to III: BLUECHIP, GAYAPROJ, GFSTEELS, and UNIVAFOODS move one stage closer to normal trading conditions
Market Operational Impact: Minimal disruption expected as this is a routine periodic review process. The relaxation is implemented systematically across exchanges to ensure uniform treatment.
Securities Details
| Symbol | Security Name | ISIN | Series | From Stage | To Stage |
|---|---|---|---|---|---|
| LCCINFOTEC | LCC INFOTECH LIMITED | INE938A01021 | EQ | I | 0 |
| NOIDATOLL | NOIDA TOLL BRIDGE COMPANY LIMITED | INE781B01015 | EQ | I | 0 |
| INFOMEDIA | INFOMEDIA PRESS LIMITED* | INE669A01022 | EQ | II | I |
| SUPREMEENG | SUPREME ENGINEERING LIMITED | INE319Z01021 | BZ | III | II |
| BLUECHIP | BLUE CHIP INDIA LIMITED | INE657B01025 | BE | IV | III |
| GAYAPROJ | GAYATRI PROJECTS LIMITED | INE336H01023 | BZ | IV | III |
| GFSTEELS | GRAND FOUNDRY LIMITED | INE534A01028 | BE | IV | III |
| UNIVAFOODS | UNIVA FOODS LIMITED | INE275F01019 | BE | IV | III |
*Series change from BE to EQ
Impact Justification
Periodic relaxation of surveillance measures for 8 securities indicates improved compliance and reduced risk profile. Positive development for affected stocks as they move to lower GSM stages with reduced restrictions.