Description
NSE announces periodic relaxation of Graded Surveillance Measure (GSM) for 7 securities, with 2 securities exiting GSM entirely and 5 moving to lower stages, effective March 11, 2026.
Summary
NSE has conducted a periodic review of securities under the Graded Surveillance Measure (GSM) framework in coordination with other exchanges. Following the review, 7 securities are eligible for relaxation of surveillance actions effective March 11, 2026. Two securities (SADBHIN, SKIL) will exit GSM entirely (Stage I to Stage 0), while the remaining five move to lower GSM stages.
Key Points
- 7 securities are moving to lower GSM stages effective March 11, 2026
- 2 securities — SADBHAV INFRASTRUCTURE PROJECT LIMITED (SADBHIN) and SKIL INFRASTRUCTURE LIMITED (SKIL) — are exiting GSM entirely (Stage I → Stage 0)
- 3 securities move from Stage II to Stage I: SANWARIA CONSUMER LIMITED, LCC INFOTECH LIMITED, and SUPREME ENGINEERING LIMITED
- 2 securities move from Stage IV to Stage III: GRAND FOUNDRY LIMITED (GFSTEELS) and UNIVA FOODS LIMITED (UNIVAFOODS)
- LCC INFOTECH LIMITED (LCCINFOTEC) also undergoes a series change from BE to EQ
- Review was carried out in coordination with other exchanges
Regulatory Changes
The relaxation is carried out under the existing GSM framework introduced via NSE/SURV/34262 (February 23, 2017), updated by NSE/SURV/42790 (November 29, 2019), extended to SME Segment via NSE/SURV/59425 (November 17, 2023), and further updated for PSU Companies via NSE/SURV/64066 (September 20, 2024). No new framework changes are introduced; this is a periodic stage revision under the existing rules.
Compliance Requirements
- NSE members should note the updated GSM stages for the 7 affected securities
- Trading in these securities will be subject to the restrictions applicable to their new (lower) GSM stages from March 11, 2026
- Members may refer to NSE FAQs on GSM at https://www.nseindia.com/regulations/graded-surveillance-measure for stage-wise trading conditions
- Queries can be directed to surveillance@nse.co.in
Important Dates
- Circular Date: March 10, 2026
- Effective Date: March 11, 2026 (new GSM stages apply)
Impact Assessment
| Sr. No. | Symbol | Security Name | ISIN | Series | From Stage | To Stage |
|---|---|---|---|---|---|---|
| 1 | SADBHIN | SADBHAV INFRASTRUCTURE PROJECT LIMITED | INE764L01010 | EQ | I | 0 (Exit GSM) |
| 2 | SKIL | SKIL INFRASTRUCTURE LIMITED | INE429F01012 | BZ | I | 0 (Exit GSM) |
| 3 | SANWARIA | SANWARIA CONSUMER LIMITED | INE890C01046 | BZ | II | I |
| 4 | LCCINFOTEC | LCC INFOTECH LIMITED* | INE938A01021 | EQ | II | I |
| 5 | SUPREMEENG | SUPREME ENGINEERING LIMITED | INE319Z01021 | BZ | II | I |
| 6 | GFSTEELS | GRAND FOUNDRY LIMITED | INE534A01028 | BE | IV | III |
| 7 | UNIVAFOODS | UNIVA FOODS LIMITED | INE275F01019 | BE | IV | III |
*LCCINFOTEC also has a series change from BE to EQ.
Securities exiting GSM (SADBHIN, SKIL) will no longer face GSM-related trading restrictions, potentially improving their liquidity. Securities moving from Stage II to I or Stage IV to III will face reduced surveillance restrictions, which may ease trading conditions. The impact is stock-specific and moderate in scale, affecting a small number of securities.
Impact Justification
Directly affects trading conditions for 7 specific securities with reduced surveillance restrictions; 2 securities fully exit GSM framework which may improve liquidity and trading activity for those stocks.