Description
NSE quarterly review adds SAHAJ and TARAPUR to GSM framework effective March 16, 2026, retains existing securities, and moves select securities out of GSM effective March 10, 2026.
Summary
NSE has completed its quarterly review under the Graded Surveillance Measure (GSM) framework. Two new securities — SAHAJ FASHIONS LIMITED and TARAPUR TRANSFORMERS LIMITED — will be placed under GSM effective March 16, 2026. Several securities will continue under GSM, while select securities will exit the framework effective March 10, 2026, with Additional Surveillance Deposits (ASD) released on March 16, 2026.
Key Points
- GSM framework applies to securities whose price is not commensurate with financial health and fundamentals (Earnings, Book Value, Fixed Assets, Net Worth, Market Cap, P/E multiple, etc.)
- Annexure I: 2 new securities added to GSM effective March 16, 2026
- Annexure II: Multiple securities retained under GSM framework
- Annexure III: Select securities to exit GSM effective March 10, 2026
- ASD collected on Annexure III securities will be released on March 16, 2026
- Securities placed under GSM Stage VI per SEBI directive (NSE/SURV/35548 dated August 07, 2017 and NSE/SURV/45666 dated September 10, 2020) remain in Stage VI until further directions
- GSM operates in conjunction with all other prevailing surveillance measures
Newly Added Securities (Annexure I — Effective March 16, 2026)
| Sr. No. | Symbol | Security Name | ISIN | Criteria |
|---|---|---|---|---|
| 1 | SAHAJ | SAHAJ FASHIONS LIMITED | INE013901017 | Criteria 1 / Criteria 2 |
| 2 | TARAPUR | TARAPUR TRANSFORMERS LIMITED | INE747K01017 | Criteria 1 |
Retained Securities (Annexure II — Partial List)
| Symbol | Security Name | ISIN | Criteria |
|---|---|---|---|
| ANKITMETAL | ANKIT METAL & POWER LIMITED | INE106I01010 | Criteria 1 / Criteria 2 |
| ANSALAPI | ANSAL PROPERTIES & INFRASTRUCTURE LIMITED | INE436A01026 | Criteria 1 |
| BILVYAPAR | BIL VYAPAR LIMITED | INE071A01013 | Criteria 1 / Criteria 2 |
| BLUECHIP | BLUE CHIP INDIA LIMITED | INE657B01025 | Criteria 1 / Criteria 2 |
| BLUECOAST | BLUE COAST HOTELS LIMITED | INE472B01011 | Criteria 1 |
| CELEBRITY | CELEBRITY FASHIONS LIMITED | INE185H01016 | Criteria 1 |
| CMICABLES | CMI LIMITED | INE981B01011 | Criteria 2 |
| COMPINFO | COMPUAGE INFOCOM LIMITED | INE070C01037 | Criteria 1 / Criteria 2 |
| CURAA | CURA TECHNOLOGIES LIMITED | INE117B01020 | Criteria (partial) |
Regulatory Changes
No new regulatory framework changes. This circular is issued in continuation of the existing GSM framework introduced via NSE/SURV/34262 (February 23, 2017) and subsequent amendments dated July 20, 2018; August 17, 2018; November 29, 2019; November 17, 2023; and September 20, 2024.
Compliance Requirements
- Trading Members must exercise additional due diligence while trading in GSM-listed securities, both on proprietary account and on behalf of clients.
- Members should note applicable action and monitoring dates for Annexure I securities.
- GSM framework restrictions apply concurrently with all other surveillance measures in force.
Important Dates
- March 10, 2026: Annexure III securities exit GSM framework
- March 16, 2026: Annexure I securities (SAHAJ, TARAPUR) placed under GSM framework
- March 16, 2026: ASD released for Annexure III securities
Impact Assessment
Trading members and investors holding or dealing in SAHAJ FASHIONS LIMITED and TARAPUR TRANSFORMERS LIMITED will face GSM-related trading restrictions from March 16, 2026, including potential price bands, trade-for-trade settlement, and additional surveillance deposits. Securities exiting the framework (Annexure III) will see eased trading conditions from March 10, 2026, with ASD refunds on March 16, 2026. The broad retention list (Annexure II) signals continued regulatory concern over fundamental mismatches in several small/mid-cap securities. Trading members are advised to review client positions in all affected securities and communicate applicable restrictions proactively.
Impact Justification
Directly affects tradability of multiple securities; new GSM placements, retentions, and removals with specific effective dates impact investors and trading members dealing in these stocks.