Description

NSE announces 8 securities moving out of GSM framework effective December 09, 2025, with updated series and price band information.

Summary

NSE has updated the list of securities moving out of the Graded Surveillance Measure (GSM) framework. Following circular NSE/SURV/71670 dated December 05, 2025, eight securities will exit GSM effective December 09, 2025. The circular specifies the applicable trading series and price bands for these securities post-removal. Three of the eight securities (Future Supply Chain Solutions Limited, Gangotri Textiles Limited, and Varanium Cloud Limited) remain suspended despite GSM removal.

Key Points

  • 8 securities to be removed from GSM framework effective December 09, 2025
  • Updated series and price band specifications provided for all securities
  • Price bands range from 5% to 20% depending on the security
  • Three securities marked as suspended: FSC, GANGOTRI, and CLOUD
  • Trading series include EQ (Equity), BE, BZ, and SZ segments
  • Circular is a follow-up to NSE/SURV/71670 dated December 05, 2025

Regulatory Changes

The securities listed will no longer be subject to GSM framework restrictions from December 09, 2025. GSM is a surveillance measure that places additional monitoring and trading restrictions on securities exhibiting abnormal price movements or other concerning characteristics. Removal from GSM indicates improved compliance or reduced surveillance concerns.

Securities Details

Securities Moving Out of GSM:

  1. BALKRISHNA - Balkrishna Paper Mills Limited (INE875R01011) - Series: EQ, Price Band: 20%
  2. DIGJAMLMTD - Digjam Limited (INE731U01028) - Series: EQ, Price Band: 5%
  3. EUROTEXIND - Eurotex Industries and Exports Limited (INE022C01012) - Series: BE, Price Band: 5%
  4. FSC - Future Supply Chain Solutions Limited (INE935Q01015) - Series: BZ, Price Band: 5% (Suspended)
  5. GANGOTRI - Gangotri Textiles Limited (INE670B01028) - Series: BZ, Price Band: 5% (Suspended)
  6. IBULLSLTD - Indiabulls Limited (INE126M01010) - Series: EQ, Price Band: 5%
  7. ARENTERP - Rajdarshan Industries Limited (INE610C01014) - Series: EQ, Price Band: 20%
  8. CLOUD - Varanium Cloud Limited (INE0JOO01021) - Series: SZ, Price Band: 5% (Suspended)

Compliance Requirements

  • NSE members must update their systems to reflect the removal of these securities from GSM
  • Trading parameters including series and price bands must be updated effective December 09, 2025
  • Members should note that three securities remain suspended despite GSM removal
  • For queries, members should contact surveillance@nse.co.in

Important Dates

  • December 05, 2025: Original GSM removal circular (NSE/SURV/71670) issued
  • December 08, 2025: Update circular (NSE/SURV/71691) issued
  • December 09, 2025: Effective date for GSM removal and new trading parameters

Impact Assessment

Positive Impact: Removal from GSM framework generally indicates improved market conduct and reduces trading restrictions, which can improve liquidity and investor sentiment for the affected securities. The wider 20% price band for BALKRISHNA and ARENTERP allows greater price discovery compared to the 5% band for other securities.

Trading Considerations: Three securities (FSC, GANGOTRI, CLOUD) remain suspended, indicating ongoing regulatory or compliance issues separate from GSM concerns. Investors in these securities should await suspension removal before trading can resume.

Market Operations: Members need to ensure system readiness for the December 09, 2025 implementation to avoid trading disruptions. The different series assignments (EQ, BE, BZ, SZ) indicate varying levels of trading access and investor eligibility.

Impact Justification

Positive development for 8 securities being removed from enhanced surveillance, allowing normal trading conditions with specified price bands. Three securities remain suspended despite GSM removal.