GSM Periodic Relaxation: 4 Securities Move to Lower Surveillance Stages

Fri, 10 Apr 2026 00:00:00 +0530

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.