Description
NSE announces periodic review results with 7 securities moving to lower GSM stages effective February 09, 2026, including series changes for 3 securities from BE to EQ.
Summary
NSE has conducted a periodic review of securities under the Graded Surveillance Measure (GSM) framework in coordination with other exchanges. Seven securities have been found eligible to move to lower GSM stages effective February 09, 2026. This relaxation indicates improved compliance or risk metrics for the affected securities. Three securities (SADBHAV, BLUECHIP, and GLFL) will also see their trading series upgraded from BE to EQ.
Key Points
- 7 securities eligible for lower GSM stages effective February 09, 2026
- Review conducted in coordination with other exchanges as per GSM framework provisions
- 3 securities moving from GSM Stage II to Stage I with series change from BE to EQ
- 4 securities moving down by one GSM stage (from Stage III to II, and Stage IV to III)
- Circular references previous GSM framework circulars dating back to February 2017
Regulatory Changes
No new regulatory changes introduced. This circular implements the existing periodic review mechanism under the GSM framework established through:
- NSE/SURV/34262 dated February 23, 2017 (GSM framework introduction)
- NSE/SURV/42790 dated November 29, 2019 (GSM update)
- NSE/SURV/59425 dated November 17, 2023 (GSM for SME Segment)
- NSE/SURV/64066 dated September 20, 2024 (GSM extension on PSU Companies)
Compliance Requirements
- Members should note the revised GSM stages for the 7 affected securities
- Updated surveillance parameters will apply from February 09, 2026
- For queries, members should contact surveillance@nse.co.in
- Members can refer to GSM FAQs at https://www.nseindia.com/regulations/graded-surveillance-measure
Important Dates
- Circular Date: February 06, 2026
- Effective Date: February 09, 2026 - New GSM stages become applicable
Impact Assessment
Positive Impact: Securities moving to lower GSM stages face reduced surveillance restrictions, potentially improving liquidity and investor sentiment. The series change from BE to EQ for SADBHAV, BLUECHIP, and GLFL represents a significant upgrade in trading status.
Securities Details:
- Stage II to I (with BE to EQ upgrade): SADBHAV ENGINEERING LIMITED, BLUE CHIP INDIA LIMITED, GUJARAT LEASE FINANCING LIMITED
- Stage III to II: SUPREME ENGINEERING LIMITED (Series BZ)
- Stage IV to III: GAYATRI PROJECTS LIMITED (Series BZ), GRAND FOUNDRY LIMITED (Series BE), UNIVA FOODS LIMITED (Series BE)
Lower GSM stages generally indicate reduced surveillance concerns and may result in lower Additional Surveillance Deposit (ASD) requirements and fewer trading restrictions for these securities.
Impact Justification
Positive development for 7 securities with reduced surveillance measures, indicating improved compliance or risk profile. Includes series upgrades for 3 stocks from BE to EQ, enhancing trading eligibility.