Description
NSE announces periodic relaxation of Graded Surveillance Measure (GSM) for 4 securities, moving them to lower surveillance stages effective April 13, 2026, including ANSALAPI and SUPREMEENG exiting GSM entirely.
Summary
NSE’s Surveillance department has conducted a periodic review of securities under the Graded Surveillance Measure (GSM) framework and identified 4 securities eligible for relaxation of surveillance actions. These securities will move to lower GSM stages effective April 13, 2026, with two securities (ANSALAPI and SUPREMEENG) exiting GSM completely (Stage I to Stage 0).
Key Points
- Circular Ref. No: 260/2026, issued April 10, 2026 by NSE Surveillance department
- 4 securities eligible to move to lower GSM stages effective April 13, 2026
- Review conducted in coordination with other Exchanges
- ANSALAPI and SUPREMEENG fully exit GSM framework (Stage I → Stage 0)
- GLFL also undergoes a series change from BE to EQ series alongside stage relaxation
- References GSM framework circular NSE/SURV/34262 (Feb 23, 2017) and updates through NSE/SURV/64066 (Sep 20, 2024)
Regulatory Changes
The following securities will move to lower GSM stages as part of the periodic relaxation:
| Symbol | Company | ISIN | Series | From Stage | To Stage |
|---|---|---|---|---|---|
| ANSALAPI | Ansal Properties & Infrastructure Limited | INE436A01026 | BZ | Stage I | Stage 0 (Exit GSM) |
| SUPREMEENG | Supreme Engineering Limited | INE319Z01021 | BZ | Stage I | Stage 0 (Exit GSM) |
| GLFL | Gujarat Lease Financing Limited* | INE540A01017 | EQ | Stage II | Stage I |
| BLUECHIP | Blue Chip India Limited | INE657B01025 | BE | Stage III | Stage II |
*GLFL also undergoes a series change from BE to EQ.
Compliance Requirements
- NSE members should note the revised GSM stages for the 4 listed securities
- Trading in these securities will be subject to the restrictions applicable to their new (lower) GSM stages from April 13, 2026
- Members with queries may contact surveillance@nse.co.in
- For detailed GSM framework rules and FAQs, refer to: https://www.nseindia.com/regulations/graded-surveillance-measure
Important Dates
- April 10, 2026: Circular issued
- April 13, 2026: Effective date for revised GSM stage classifications
Impact Assessment
This circular is positive for the 4 affected securities as it relaxes existing surveillance-based trading restrictions:
- ANSALAPI and SUPREMEENG fully exit the GSM framework, removing all associated trading restrictions and potentially improving liquidity and investor confidence.
- GLFL moves from Stage II to Stage I, reducing trading restrictions; additionally, the series change from BE to EQ may affect settlement mechanisms.
- BLUECHIP moves from Stage III to Stage II, partially easing the more stringent restrictions of Stage III.
Overall market impact is limited to these 4 securities. Investors and traders holding or tracking these stocks should be aware of the eased trading conditions from April 13, 2026.
Impact Justification
Relaxation of GSM stages benefits affected securities by easing trading restrictions, but impacts only 4 specific stocks; no new restrictions imposed.