Description
NSE updates the list of 10 securities moving out of the GSM framework effective March 10, 2026, specifying new series and price bands for each security.
Summary
NSE has issued an update to circular NSE/SURV/73167 dated March 06, 2026, specifying the applicable series and price bands for 10 securities that will move out of the Graded Surveillance Measure (GSM) framework effective March 10, 2026.
Key Points
- 10 securities are being moved out of the GSM framework effective March 10, 2026
- The circular specifies the new trading series and price band (PB) for each security
- 4 of the 10 securities (ALPSINDUS, MARSHALL, SUULD, and ROLLT) are currently suspended
- Price bands of 5%, 10%, or 20% will apply depending on the security
- This circular is a follow-up to NSE/SURV/73167 dated March 06, 2026
Regulatory Changes
The following securities will exit the GSM framework on March 10, 2026 with the specified new series and price bands:
| Symbol | Security Name | ISIN | New Series | New Price Band |
|---|---|---|---|---|
| ALPSINDUS | Alps Industries Limited* | INE093B01015 | BE | 5% |
| ARSHIYA | Arshiya Limited | INE968D01022 | BZ | 5% |
| GAYAPROJ | Gayatri Projects Limited | INE336H01023 | BZ | 5% |
| MARSHALL | Marshall Machines Limited* | INE00SZ01018 | BZ | 5% |
| NOIDATOLL | Noida Toll Bridge Company Limited | INE781B01015 | EQ | 10% |
| ROLLT | Rollatainers Limited* | INE927A01040 | BE | 5% |
| SHRENIK | Shrenik Limited | INE632X01030 | BZ | 5% |
| SUULD | Suumaya Industries Limited* | INE591Q01016 | BZ | 5% |
| UNIINFO | Uniinfo Telecom Services Limited | INE481Z01011 | EQ | 20% |
| WILLAMAGOR | Williamson Magor & Company Limited | INE210A01017 | EQ | 20% |
*Suspended
Compliance Requirements
- NSE members should take note of the new series and price bands applicable to these securities from March 10, 2026
- Members with queries are requested to contact surveillance@nse.co.in
Important Dates
- March 06, 2026: Original GSM circular (NSE/SURV/73167) issued listing securities to be moved out
- March 09, 2026: This update circular issued with series and price band details
- March 10, 2026: Effective date for securities exiting GSM framework with new series and price bands
Impact Assessment
The exit of these 10 securities from the GSM framework reduces the additional surveillance restrictions previously applied. Securities in the EQ series (NOIDATOLL, UNIINFO, WILLAMAGOR) will have standard trading conditions with price bands of 10% or 20%, while those in BE and BZ series will have a tighter 5% price band. The 4 suspended securities (ALPSINDUS, MARSHALL, SUULD, ROLLT) will have limited immediate market impact until their suspensions are lifted. Overall, this is a positive development for investors holding these securities as it signals improved compliance or financial health as assessed by NSE surveillance.
Impact Justification
Affects 10 securities being released from GSM framework, impacting their tradability and price bands. Four of the ten securities are suspended, limiting immediate market impact.