Notice No20210909-44Notice Date09 Sep 2021
SubjectGraded Surveillance Measure (GSM) – Updated list of companies

In continuation to Exchange notice no. 20170223-44 dated February 23, 2017 on introduction of Graded Surveillance Measure (GSM) framework as an additional surveillance measure and notice no. 20180720-55 dated July 20, 2018, notice no. 20180817-37 dated August 17, 2018 & notice no. 20191129-27 dated November 29, 2019 and pursuant to joint meetings with SEBI and Stock Exchanges, it has been decided that, GSM shall be applicable on securities of which price not commensurate with financial health and fundamentals like Earnings, Book value, Fixed assets, Net worth, Market capitalization, P/E multiple, etc.


Accordingly, review for identification of securities for placing in GSM Framework has been carried out and;


a.       Securities identified for placing in GSM Framework are given as Annexure I along with applicable action and monitoring dates of these securities.


b.      Securities given in Annexure II shall continue to remain in GSM framework with their applicable stages.   


c.       Securities given in Annexure III shall move out of GSM Framework w.e.f. September 14, 2021.


d.      ASD collected on securities given in Annexure III w.r.t. point no. c) above, shall be released w.e.f. September 20, 2021.


Market participants may note that, GSM framework shall be in conjunction with all other prevailing surveillance measures being imposed by the Exchanges from time to time.


Further, market participants may please note that, securities which are placed under GSM Stage VI based on SEBI direction vide Exchange notice no. 20170807-31 dated August 07, 2017, shall continue to remain in GSM Stage VI until further directions.


Trading Members are advised to exercise additional due diligence while trading in these securities either on own account or on behalf of their clients.


In case of any clarifications, members may contact on 2272 8518/ 2272 8497 /2272 5158.



For & On behalf of BSE Ltd.




Yogendra Daxini                                                                                Saji Sunilkumar

Asst. General Manager                                                                      Senior Manager

Surveillance                                                                                        Surveillance


Date: - September 09th, 2021


Annexure Sept 2021.xls