Introduction

The Graded Surveillance Measure (GSM) is a regulatory framework introduced by the Securities and Exchange Board of India (SEBI) in collaboration with stock exchanges. Its primary goal is to enhance market integrity and safeguard the interests of investors by applying stricter trading norms to specific stocks.

The list of stocks under GSM can be tracked on the NSE GSM Report (WEB) and the BSE GSM Report (WEB) for detailed guidelines, refer to the NSE FAQ (PDF).

GSM Stages and Surveillance Actions

The GSM framework involves four stages of increasing surveillance intensity, depending on the stock’s risk profile:

Important Points to Note

1. Buying Restrictions:
   • Stocks in GSM Stage 2 and above are subject to buying restrictions.
   • For more information, see Why is buying restricted for GSM Stage 2 and above stocks?
2. Complementary Measures:
   SEBI has also introduced the Additional Surveillance Measure (ASM) to further strengthen investor protection. To learn more, see What is ASM (Additional Surveillance Measures)?

Did You Know?

Even in GSM, corporate actions like dividends, bonuses, or stock splits remain unaffected. Shareholders continue to receive these benefits regardless of the stock’s GSM status.

For the latest updates on GSM stocks, visit the NSE and BSE websites.